Answer:
$2,800
Explanation:
Particulars Amount
Favorable temporary difference at the end of 20X2 $7000
* Income tax rate <u> 40% </u>
Deferred tax asset account at the end of 20X2 <u>$2,800</u>
Answer:
The journal entry to be recorded for the payment of the note on date of maturity is shown below:
Explanation:
The journal entry to be recorded for the payment of the note on date of maturity is as follows:
Notes Payable A/c..........................Dr $9,000
Interest expense A/c......................Dr $148
Cash A/c..........................................Cr $9,148
Being payment of the note payable is reported on the maturity date
As on the day of the payment, the cash is going out of the business which means assets is decreasing and any decrease in assets is credited. Therefore, the cash account is credited. And the notes payable is paid so the notes payable account is debited and interest expense account will also be debited.
Working Note:
Interest expense = $9,000 × 10% × 60/ 365
Interest expense = $148
The physical property that may be able to provide a
beneficiary for metal pots as a source of good cooking is its heat conductivity
of which allow this material to be conducted to heat and allows the food to be
cooked thoroughly making it good for cooking.
The notion that developing countries can catch up or converge with developed countries is one of the key insights of a branch of economics called <u>development</u> economics.
Economics is the observation of scarcity and its implications for the use of assets, manufacturing of products and services, growth of manufacturing and welfare over time, and an outstanding form of other complicated issues of crucial problems to society.
Economics is the social science that researches the manufacturing, distribution, and intake of products and services. Economics specializes in the behavior and interactions of financial agents and how economies work.
Economics, at its very heart, is the study of people. It seeks to give an explanation for what drives human behavior, decisions, and reactions when confronted with difficulties or successes. Economics is an area that combines politics, sociology, psychology, and records.
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