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BaLLatris [955]
3 years ago
13

Identify what concept is represented in the following scenario, and explain why.

Business
1 answer:
LuckyWell [14K]3 years ago
8 0

This scenario describes a supply chain. A supply chain can be described as a complex sequence of commercial activities with the end goal of providing products and services for consumers. The aforementioned scenario demonstrates exactly this: a sequence starting at early T-shirt production and ending at the T-shirt being ready for sale.  

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Gallo Light began operations in 2021. The company sometimes sells used warehouses on an installment basis. In those cases, Gallo
Dvinal [7]

Answer and Explanation:

Before passing the journal entries we need to do following calculations

Particular Current year  Future taxable amounts ($ in 000s)

                        2021 2022      2023         2024  

Accounting

income         $824    

less: Permanent

difference ($34 )    

Temporary difference :      

less: installments

sales         ($570 )    $190       $190        $190  

Taxable

income          $220    

Multiply

Enacted tax rate 25%   25%          30% 30%  

Tax payable

currently      $55

Deferred tax liability        $47.5              $57       $57             $161.50

Less: Beginning balance                         $0

Change in balance : credit (debit )           $161.50

1. Now the journal entry is

On 2021

Income tax expense ($161.50 + $55) $216.50  

                        To  Deferred tax liability $161.50

                         To Income tax payable $55

(Being the income tax for 2021 is recorded)

2. And, the net income is

= Pre accounting income - income tax expense

= $824,000 - $216,500

= $607,500

3 0
3 years ago
3. True or False. An advance payment received in June 2019 by an accrual basis and calendar year taxpayer for services to be pro
stepladder [879]

Answer:

True

Explanation:

In this case, the advancement payment can help with the payment of the money owned by the taxpayer over a definite period of time. This enables a step-wise payment of the monies that will be owed over a flexible time period, in this case, the period of 36 months that translates to the three-year period. In this period, the tax can be paid in small amounts with an increment in the interest as applicable.

4 0
3 years ago
Rolfes Company purchased merchandise on account from a supplier for $7,500, terms 1/10, n/30. Rolfes Company returned $1,200 of
Blababa [14]

Answer:

$6,237

Explanation:

The computation of the cash required for the payment is shown below:

= Merchandise amount - return and allowances - discount

= $7,500 - $1,200 - $63

= $6,237

The discount = (Merchandise amount - return and allowances) × discount rate

= ($7,500 - $1,200) × 1%

= $63

Simply we consider the items i.e merchandise purchase amount, returned merchandise amount and the discount given amount

6 0
3 years ago
Computech Corporation is expanding rapidly and currently needs to retain all of its earnings; hence, it does not pay dividends.
sertanlavr [38]

Answer:

$9.687

Explanation:

Given:

Year 3 dividend = $1.00

Year4&5 growth rate = 17%

Constant rate = 7%

Required return rate = 16%

Year 4 dividend wil be:

D4 = 1.00 * 1+growth rate

= 1.00 * (1+0.17)

= $1.17

Year 5 dividend=

D5 = $1.17 * (1+0.17)

= $1.3689

Value of stock after year 5 will be given as:

\frac{D5 * (1+growth rate)}{required return - growth rate}

= \frac{1.3689*(1+0.07)}{0.16-0.07}

= $16.2747

For the current value of stock, we have:

Cv= Fd* Pv of discounting factor

Where Cv = current value of stock

Fd = future dividend

Pv = Present value of discounting factor

Therefore,

C_v = \frac{1.00}{1.16^3} + \frac{1.17}{1.16^4} + \frac{1.3689}{1.16^5} + \frac{16.2746}{1.16^5}

=$9.6871382455

≈ $9.687

The value of stock today =

$9.687

8 0
3 years ago
The phs regulations about financial conflict of interests require which party to disclose significant financial conflicts of int
nikitadnepr [17]
The PHS regulations about financial conflict of interest require INVESTIGATORS to disclose significant financial conflict of interest.  
The PHS requires that for each proposal submitted to that agency, the principal investigator and any other person regardless of their positions and titles, who are responsible for the conduct and the design of the experiment should certify that appropriate significant financial disclosure has been made.
8 0
3 years ago
Read 2 more answers
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