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levacccp [35]
2 years ago
5

In 2020, Indigo Corporation had pretax financial income of $175,000 and taxable income of $130,000. The difference is due to the

use of different depreciation methods for tax and accounting purposes. The effective tax rate is 20%. Compute the amount to be reported as income taxes payable at December 31, 2020.
Business
1 answer:
Rom4ik [11]2 years ago
7 0
What’s the question
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Mijka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1
yaroslaw [1]

Answer:

Mijka Company

a. Journal Entries

Debit Cash $30,400

Credit Service Revenue $30,400

To record the proceeds for services provided.

Debit Expenses $13,800

Credit Cash $13,800

To record the payment of cash for services.

Debit Dividend $2,100

Credit Cash $2,100

To record the payment of cash dividend.

b. Income Statement for the year ended December 31, 2018:

Service Revenue     $30,400

Expenses                   13,800

Net Income             $16,600

Dividends                   (2,100)

Retained earnings $14,500

Statement of Changes in Stockholders' Equity as of December 31, 2018:

Retained Earnings    $14,500

Balance Sheet as of December 31, 2018:

Assets:

Cash                       $14,500

Equity:

Retained Earnings $14,500

Explanation:

a) Data and Calculations:

Cash revenue $30,400

Cash expense  (13,800)

Cash dividend    (2,100)

Cash balance  $14,500

5 0
2 years ago
The auditors' count of the client's cash should be coordinated to coincide with the
Savatey [412]
The auditor's count of the client's cash should be coordinated to coincide with the ''count of investment securities'' since both mean counting/managing money.
6 0
2 years ago
In order to compete well and gain market share, contemporary businesses are changing to be more _______________. customer-driven
MaRussiya [10]
The answer to this problem is the first item in the choices which is the "Customer - driven". This will complete gain market share, an investment which focuses not only on the price of the product but on how the buyers and customers feel the satisfaction of the value of the product or services.
5 0
3 years ago
Nieto Company’s budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $ 2
inn [45]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Budgeted Sales:

January $ 237,400

February 251,400

March 336,600

Nieto’s sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible.

Cash collection March:

Cash sales= 336,600*0.3= 100,980

Credit Sales March= (336,600*0.7*0.1)= 23,562

From February= (251,400*0.7*0.5)= 87,990

From January= (237,400*0.7*0.36)= 59,824.8

Total= 272,356.8

4 0
3 years ago
discuss and record what global warming is and what greenhouse gases are. How does this connect to our research topic?​
Juliette [100K]

Answer:

Global warming describes the current rise in the average temperature of Earth’s air and oceans. Global warming is often described as the most recent example of climate change.

Greenhouse gases, such as carbon dioxide, methane, nitrous oxide, and certain synthetic chemicals, trap some of the Earth's outgoing energy, thus retaining heat in the atmosphere. This heat trapping causes changes in the radiative balance of the Earth—the balance between energy received from the sun and emitted from Earth—that alter climate and weather patterns at global and regional scales.

So I am not sure what is your topic about but this is the definition of global warming and greenhouse gases

7 0
3 years ago
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