What is the main function of the federal deposit insurance corporation?.

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Thepotemich [5.8K]

Answer:

ur mom

im a free man in a free town in a country and a free world

8 0

3 years ago

For the year ended December 31, 2021, Fidelity Engineering reported pretax accounting income of $978,000. Selected information f

olchik [2.2K]

Answer:

1. Income tax payable for 2021 = (Pretax accounting income - Interest income on municipal governmental bonds - Depreciation + (Warranty expense reported - Actual Warranty) ) * Income Tax rate

= (978,000 - 32,000 - 58,000 + (26,000 - 10,000)) * 25%

= $226,000

Income tax expense for 2021 = (Pretax Income - Interest income on municipal governmental bonds) * 25%

= (978,000 - 32,000) * 25%

= $236,500

Deferred tax asset - Warranty

= (Warranty expense reported - Actual Warranty) * Income Tax rate

= (26,000 - 10,000)) * 25%

= $4,000

Deferred Tax liability

= Depreciation * Income Tax rate

= 58,000 * 25%

= $14,500

Journal entry

DR Income Tax Expense $236,500

Deferred Tax Asset $4,000

CR Income Tax Payable $226,000

Differed Tax liability $14.50

2. Net Income

= Pretax Accounting Income - Income tax expense

= 978,000 - 236,500

= $741,500

7 0

3 years ago

You should write down everything a speaker says when you take notes. Please select the best answer from the choices provided T F

bagirrra123 [75]

Answer:

the answer is false

Explanation:

it's tedious to copy everything a speaker says. you should paraphrase in your notes, and get the most important points.

8 0

3 years ago

Read 2 more answers

Alice and Harry Williams owned land in Clark County, Washington. They leased the land to to Whatcom Ltd. for use as a convenienc

mart [117]

Answer:

1) For seeking unpaid compensation.

2)Yes

3) by being proactive and ensuring that their documentation is in order and complies with the Act to protect against future mechanic's liens.

Explanation:

1) Mechanic’s liens are legal documents that essentially reserve the rights of the filer to seek unpaid compensation.

2) If the subcontractor or supplier (Donald in this case) isn't paid by the general contractor (whatcom in this case), the law allows the subcontractors to come after the house owner (Alice and harry) and the real property that was improved (which is often a house).

3) Property owners should be proactive from the start. Even before the construction process begins, owners should ensure that their documentation is in order and complies with the Act to protect against future mechanic’s liens. The Act affords great protection for owners when the Act is strictly adhered to. Even minor deviations from the Act by general contractors or subcontractors may declare a lien unenforceable.

Before the improvement starts, the property owner should have: a written construction contract with the general contractor, a contractor’s sworn statement, lien waivers, and an owner’s sworn statement.

8 0

4 years ago

The following information is available for Marin Inc. for three recent fiscal years. 2022 2021 2020 Inventory $565,000 $572,000

Nataly_w [17]

Answer:

Inventory turnover for 2022 = 1.25

Inventory turnover for 2021 = 1.3

Days Sales in Inventory for 2022= 145.10

Days Sales in Inventory for 2021= 180.044

Gross Profit Rate for 2022= 473750/1,895,000*100= 25%

Gross Profit Rate for 2021= 0.35 * 100= 35%

Explanation:

2022 2021 2020

Inventory $565,000 $572,000 $320,000

Net sales 1,895,000 1,784,000 1,360,000

Cost of goods sold 1,421,250 1,159,600 930,000

Inventory turnover= Cost Of Goods Sold/ Average Inventory

Inventory turnover for 2022 = 1,421,250/ $565,000 + $572,000

Inventory turnover for 2022 = 1,421,250/ 1137,000

Inventory turnover for 2022 = 1.25

Inventory turnover for 2021 = 1,159,600/$572,000 + $320,000

Inventory turnover for 2021 = 1,159,600/892,000

Inventory turnover for 2021 = 1.3

Days Sales in Inventory for 2022 = Ending Inventory/ Cost Of Goods Sold * 365

Days Sales in Inventory for 2022 =($565,000/1,421,250)*365

Days Sales in Inventory for 2022 =(0.3975)*365

Days Sales in Inventory for 2022= 145.10

Days Sales in Inventory for 2021 = Ending Inventory/ Cost Of Goods Sold * 365

Days Sales in Inventory for 2021 =$572,000 / 1,159,600 * 365

Days Sales in Inventory for 2021= 0.4933*365

Days Sales in Inventory for 2021= 180.044

Gross Profit Rate= Gross Profit/ Sales * 100

Gross Profit Rate= Sales - Cost Of Goods Sold / Sales * 100

Gross Profit Rate for 2022= 1,895,000-1,421,250/1,895,000* 100

Gross Profit Rate for 2022= 473750/1,895,000*100= 25%

Gross Profit Rate for 2021= 1,784,000 -1,159,600/ 1,784,000 * 100

Gross Profit Rate for 2021= 624,400/1,784,000 * 100

Gross Profit Rate for 2021= 0.35 * 100= 35%

6 0

4 years ago