The choice that does not describe the balance sheet is D. The balance sheet contains only assets and liabilities sections.
Balance sheet is one of a company's financial statement. It is also known as the statement of financial position. It represents the the company's financial position at the end of a specified date.
The assets, liabilities, and owner's equity sections of the balance sheet reflects the results of multiple transactions creating an image of a business in financial terms.
Answer:
The correct answer is letter "B": 180.
Explanation:
During the first year a business operates, companies can elect to deduct up to $5,000 from their costs. If the costs are higher than $50,000, the deduction of $5,000 will be reduced by the exceeding amount. However, that exceeding amount can be amortized for up to 15 years (180 months).
Answer: $68,000
Explanation:
Let us assume that we are given a tax rate of 34% to use in computing the question. Therefore, Purple Rose's current income tax expense or benefit will be:
Pre-tax book income = $500,000
Less: Tax depreciation = $300,000
Net Income = $500,000 - $300,000 = $200,000
Current income tax expenses at 34% will then be:
= 34% × Net income
= 34/100 × $200,000
= $68,000
Answer:
The following sets of percentages would be used to calculate the correct number of equivalent units in the ending work-in-process inventory:
D. Materials, 100%; conversion cost, 60%.
Explanation:
<em>The above is actually the best option which would be used to calculate the correct number of equivalent units in the ending work-in-process inventory.</em>
