That statement is false. Your financial decision will not decrease when you have become an adult,
Answer:
a) 2021 year income: 526,540
b) journal entries
income tax expense 225.660 debit
income tax deferred liability (*1) 49.650 debit
income tax payable 176.010 credit
Explanation:
Year Accounting Tax purpose Difference
2020 752200 586700 165500
2021 683500 444700 238800
2021
752,200 x 30% = 225,660
after tax income: 526.540
2022
683,500 x 30% = 205,050
after tax income: 478.450
We recognize the income tax expense n the accounting method of revenue/expense recognizition
while, the payable will use the goverment purposes.
Then, the differnce wi considered either income tax deferred.
*1 it is a liability as the company is paying lower taxes to day to pay more than before.
Answer:
Saving = National Income - Consumption - Taxes
Explanation:
Savings are the part of income that is not spent or paid in taxes. So it can be calculated by subtraction consumption from the national income.
National Income (Y) = C+ T + S
Therefore,
S= Y - C - T
That is the part of income that is not spent or paid in taxes is called savings.
National Income Consumption Taxes Savings
$11,400 $7,500 $800 $3,100
$11,800 $7,800 $800 $3,200
$12,200 $8,100 $800 $3,300
$12,600 $8,400 $800 $3,400
