Which nims management characteristic includes developing and issuing.

At the end of the prior year, Doubtful Inc. had a deferred tax asset of $18,500,000 attributable to its only timing difference,

iren [92.7K]

Answer:

Journal entries to record Doubtful's income tax expense for the current year.

No Account titles and Explanation Debit'$ Credit'$

1 Income tax expense 8,945,000

Deferred tax asset 3,800,000

[(42,000,000*35%) - 18,500,000]

Income taxes payable 5,145,000

[(14,700,000*35%)]

(To record tax expenses)

2 Income tax expense 1,270,000

Valuation allowance - deferred tax asset 1,270,000

(3,730,000 - 5,000,000

(To record valuation allowance)

7 0

3 years ago

Lacuna Inc. factors $12,000,000 of its accounts receivables with recourse for a finance charge of 3%. The finance company retain

Elena L [17]

Answer:

The loss on transfer of receivables is $960,000

Explanation:

Sales amount $12,000,000

Finance charge 3%*$12 million ($360,000)

Retention amount 10%*$12 million ($1,200,000)

Cash upfront $ 10,440,000

The recourse liability is $600,000,which means that additional liability of $600,000 would be incurred by Lacuna Inc, if the total amount from the receivables is not received owing to the fact that the factoring is with recourse.

The loss on transfer of receivables is shown as:

Finance charge $360,000

Recourse liability $600,000

total loss $960,000

5 0

3 years ago

A dollar in hand today is worth_______(less than/more than/equivalent) a dollar to be received in the future because if you had

Free_Kalibri [48]

Answer:

more than

earn interest

discount cash flow (DCF)

Explanation:

The concept of future value represents the amount that a lump sum or series of cash flows will achieve after a given period when compounded at an interest rate. This means that a dollar in hand today is worth more than a dollar to be received since it can be applied to earn interest.

The time value of money, which allows us to evaluate different investments, is also known as discount cash flow (DCF).

3 0

4 years ago

A company had an unadjusted Cost of Goods Sold of $1,690,000. The company closes its underapplied or overapplied overhead to Cos

lakkis [162]

Answer:

"$1,673,750" is the appropriate answer.

Explanation:

The given values in the question are:

Applied overhead,

= $666,250

Actual overhead,

= $650,000

Unadjusted cost,

= $1,690,000

Now,

The overapplied overhead will be:

= $Applied \ overhead-Actual \ overhead$

= $666,250-650,000$

= $16,250$ ($)

hence,

The goods sold's adjusted cost will be:

= $Unadjusted \ cost-Overapplied \ overhead$

= $1,690,000-16,250$

= $1,673,750$ ($)

8 0

3 years ago

Martha was promised a 10% raise if she wins a contract with the city government. Martha could use the money to pay off some debt

Vlad1618 [11]

Answer:

The answer is expectancy.

Explanation:

Expectancy theory is a concept developed by Victor H. Vroom in 1964, where he postulated, that the strength an individual has in terms of his or her motivation to do an action, would appear when three components are satisfied to a certain value: expectancy, instrumentality, and valence. The question above is relevant to the expectancy component, which is detailed as the belief that an individual has regarding their efforts would result in the individual choosing to perform an action. In the case of Martha, she wasn’t sure that her efforts in trying to win the contract would lead to her 10% raise (outcome, a component of instrumentality), and thus, she decided not to try.

3 0

3 years ago