Income tax expense could be described as what is calculated that the company owes in taxes according to accounting rules. They are reported on the income statement.

While Income tax payable is described as the actual amount the company owes in taxes based on the rules of tax code. They appear on the balance sheet of the company accounting documents until the bills are cleared off or paid.

The reason for understanding the difference is to know the amount of tax the business should pay from reported profit which is different from it's actual tax bill

6 0

3 years ago

Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Depar

Afina-wow [57]

The equivalent units of material is 2080, labor is 1560 and overhead is 1560.

What are equivalent units of materials, labor, and overhead ?

Equivalent units describe how important work has been done on a certain number of physical particulars.

To simply calculate Equivalent units, you can multiply the number of physical particulars by the chance of the work done on them. For two particulars that are 50 done, you would have one original unit ( 2 x 50 = 1).

Process going requires incompletely completed units in ending work- in- process force to be converted to the original completed units( called original units).

Equivalent units are calculated by multiplying the number of physical ( or factual) units on hand by the chance of completion of the units.

The whole unit is 2600,

and,

material = 80%, that is 2080

labor = 60%, that is 1560

overhead = 60%, that is 1560.

So, The equivalent units of material is 2080, labor is 1560 and overhead is 1560.

Learn more about equivalent units here:

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6 0

1 year ago

Which of the following will happen when the economy makes the transition from its short-run equilibrium to its long-run equilibr

Nesterboy [21]

Answer:

C. The equilibrium interest rate will rise.

Explanation:

According to the question, When the economy made the transition from the short run equilibrium to the long run equilibrium than there is a rise in the supply that results in rise in the nominal wages but the real wage would remain unchanged or constant

Therefore the option c is correct and the rest of the options are wrong

7 0

3 years ago