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2 years ago

Rein Inc. reported deferred tax assets and deferred tax liabilities at the end of 20X3 and at the end of 20X4.

Business

1 answer:

lilavasa [31]2 years ago

5 0

Answer: A

sum of the net changes in deferred tax assets and deferred tax liabilities.

Explanation:

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A company's unadjusted trial balance shows a debit balance in the allowance for doubtful accounts. This means that a. The compan

ELEN [110]

Answer:

d. Both a and b above are correct.

Explanation:

In the case when the company unadjusted trial balance reflect a debit balance of allowance for doubtful debts so this represent that the company would have more written off account receivable that would be shown in the beginning balance of the allowance. Also the company should record the bad debt expense as more as the debit balance of the non-adjusted allowance

Hence, the last option is correct

3 0

2 years ago

Equipment with a cost of $225,000 has an estimated salvage value of $15,000 and an estimated life of 4 years or 10,000 hours. It

elixir [45]

Answer:

The depreciation is $52,500

Explanation:

The formula to compute the depreciation under the straight-line method is shown below:

= $\dfrac{(original\ cost - salvage\ value )}{Number\ of\ years}$

= $\dfrac{(\$225,000 - \$15,000)}{4\years}$

= $52,500

Under the straight-line method, the depreciation expense should be the same for the remaining useful life. Life of the equipment or machine should always be expressed in years, not in hours.

So, these usage of hours should be ignored.

4 0

2 years ago

Which type of tax does the fedreal goverment collect

Elina [12.6K]

income tax majorly they depend majorly on income tax

4 0

2 years ago

In the balance sheet at the end of its first year of operations, Dinty Inc. reported an allowance for uncollectible accounts of

Vlada [557]

Answer:

The correct option is 2. $50,200

Explanation:

Please see below the required journals for the transactions that occurred:

Debit Allowance for doubtful accounts $31,800

Credit Accounts receivable $31,800

(To record write-off of accounts receivable)

Debit Accounts receivable $2,340,000

Credit Sales revenue $2,340,000

(To record credit sales during the year)

Debit Cash $1,910,000

Credit Accounts receivable $1,910,000

(To record collection on account)

The effect of the above journals on allowance for doubtful account is a reduction. Since Dinty already assessed its allowance for doubtful account to be $82,000, bad debt expense required will be $50,200 ($82,000 - $31,800).
The balance in accounts receivable will be $2,340,000 - $1,910,000 - $31,800 = $398,200.

7 0

2 years ago

On January 1, 2022, The Eighties Shop has 100,000 shares of common stock outstanding. The Eighties Shop incurred the following t

Anastasy [175]

Answer:

Date General Journal Debit Credit

March 1 Bank A/c $2,650,000

(53,000 × $50)

Share Capital A/c $53,000

(53,000 × $1)

Share Premium A/c $2,597,000

[53,000 × $49 ($50 - $1)}

(Being additional 53,000 issued shares for $50)

May 10 Treasury Stock A/c $254,400

(4,800 × $53)

Cash A/c (4,800 × $53) $254,400

(Being purchase of 4,800 treasury stock for $53 )

June 1 Retained Earning A/c $207,480

(1,53,000- 4,800) × $1.4

Dividend Payable A/c $207,480

[(153,000 - 4,800) × $1.4]

(Being cash dividend declared)

July 1 Dividend Payable A/c $207,480

Cash A/c $207,480

(Being cash dividend paid)

October 21 Cash A/c (2,400 × $58) $139,200

Treasury Stock (2,400 × $53) $127,200

Paid in Capital from treasury Stock $12,000

(2400 × $5)

(Being 2,400 Treasury Stock sold for $58)

8 0

2 years ago