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PSYCHO15rus [73]
3 years ago
12

Lance Lawn Services reports warranty expense by estimating the amount that eventually will be paid to satisfy warranties on its

product sales. For tax purposes, the expense is deducted when the warranty work is completed. At December 31, 2021, Lance has a warranty liability of $2 million and taxable income of $75 million. At December 31, 2020, Lance reported a deferred tax asset of $435,000 related to this difference in reporting warranties, its only temporary difference. The enacted tax rate is 25% each year.
Required:
Prepare the appropriate journal entry to record Lance.
Business
1 answer:
seropon [69]3 years ago
3 0

Answer:

Dr. Income Tax Expense $18,815,000

Cr. Deferred Tax Asset $65,000

Cr. Income Tax Payable $18,750,000

Explanation:

Preparation of appropriate journal entry to record Lance.

Dr. Income Tax Expense $18,815,000

($18,750,000+$65,000)

Cr. Deferred Tax Asset $65,000

[($2 million*25%)-435,000]

Cr. Income Tax Payable $18,750,000

($75,000,000*0.25)

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the answer is none of these

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Data were collected in twenty major urban areas on the percent of women in the labor force. Data were collected in 1968 and agai
garri49 [273]

Answer: Matched pairs design

Explanation:

A matched pairs design is a type of study used when 2 treaments are present in an experiment. The individuals in the design can be divided into pairs using a blocking variable, and each pair can then be allocated to treatments at random. This is thus a special type of randomized block design.

In this case the blocking variable can be the various urban areas as 1968 is matched against 1972. Each city can be compared based on 2 measurements. From their each individual can be grouped into pairs and allocated to different treatments.

6 0
3 years ago
If costs are 85% of sales (and profit is 15%), what is the amount of extra sales needed to equal $1,200 in profit from purchasin
attashe74 [19]

Answer:

$8,000

Explanation:

Given that

Profit = $1,200

Cost = 85% of sales

Profit = 15%

We know that

Sales = Cost + Profit

         = 85% + 15%

         = 100%

So sales percentage is 100%

Now we use the unitary method to find out the extra sales which would be

= Profit × sales percentage ÷ profit percentage

= $1,200 × 100% ÷ 15%

= $8,000

7 0
3 years ago
The following information relating to a company's overhead costs is available. Actual total variable overhead $ 73,000 Actual to
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Answer: $2,000 favorable

Explanation:

Total variable overhead variance = Budgeted variable overhead - Actual total variable overhead

Budgeted variable overhead = Budgeted machine hours allowed for actual output * Budgeted variable overhead rate per machine hour

= 30,000 * 2.50

= $75,000

Total variable overhead variance = 75,000 - 73,000

= $2,000 favorable

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6 0
2 years ago
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Answer:

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The opposite of this is the exclusive listing where the property owner only engages one agent to sell the property.

In the given scenario the builder feels that it is no longer necessary to have his onsite sales agent market these properties and decides to list the properties with a local brokerage firm. Thereby allowing all of the local firms to market these properties.

This is an open listing

5 0
2 years ago
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