Timber and Petroleum can be classified as a land factor of production
Land is part of the four factors of production. The other three factors are Capital, Labour and Entrepreneur.
Let understand clearly that Land refers to anything that comes from the land and serves as resources used to produce goods and services.Capital is the factor that provides the money needed to run the business operation. The reward is Interest.Labour is the factor that helps the business run its day to day operation and this includes workers, staff etc. The reward for labor is Wages and salary.Entrepreneur is the factor that control and manage the other three factor of production. The reward for entrepreneur is Profit.
In conclusion, Petroleum and Timber are part of land and they serves as resources used to provide refined fuel, furniture and so on.
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The Reserve Company had 606 million shares of common stock outstanding at January 1, 2016. The following activities affected common shares during the year: There are no potential common shares outstanding. 2016 Feb. 27 Purchased 18 million shares of treasury stock. Oct. 30 Sold the treasury shares purchased on February 27. Nov. 29 Issued 72 million new shares. Dec. 31 Net income for 2016 is $1,200 million. 2017 Jan. 14 Declared and issued a 2 for 1 stock split. Dec. 31 Net income for 2017 is $1,200 million. Required: 1. Determine the 2016 EPS. 2. Determine the 2017 EPS. 3. At what amount will the 2016 EPS be presented in the 2017 comparative financial statements
Answer:
1. $2.00
2. $0.88
3. $1.00
Explanation:
1. Calculation to determine the 2016 EPS
First step is to calculate the Total Movement of shares and WACSO
Date Movement of shares Ratio WACSO(no. of shares * Ratio)
1-Jan-16 $606 million*12/12 =$606 million
28-Feb-16 (18 million)*10/12=(15 million)
31-Oct-16 18 million*2/12=3 million
30-Nov-16 72 million*1/12=6 million
Total 678 million 600 million
Now let calculate 2016 EPS
Net income $1,200 million
÷Divided by WACSO 600 million
=EPS $2.00
($1,200 million/600 million)
Therefore 2016 EPS will be $2.00
2. Calculation to determine 2017 Earnings per share
First step is to calculate the No. of shares outstanding after stock split
No. of shares outstanding as of 2017 678 million
*Stock split 2
=No. of shares outstanding after stock split 1,356 million
(678 million*2)
Now let calculate 2017 EPS
Net income $1,200 million
÷Divided by WACSO 1,356 million
=EPS 0.88
($1,200 million/1,356 million)
Therefore 2017 EPS will be $0.88
3. Calculation to determine At what amount will the 2016 EPS be presented in the 2017
First step is calculate No. of shares outstanding after stock split
Wacso based on item no. 1 600 million
*Stock split 2
=No. of shares outstanding after stock split 1200 million
(600 million*2)
Now let calculate the 2016 EPS be presented in the 2017
Net income 1200 million
÷Divided by WACSO 1200 million
=EPS 1.00
(1200 million/1200 million)
Therefore At what amount will the 2016 EPS be presented in the 2017 will be $1.00
Identify two employment laws which might affect
easyJet plc's business activities.
Answer:
EasyJet Plc is the eighth largest airline in the world and the second biggest in Europe, . The business generated revenue per passenger of £58 compared with a cost per seat . The return on capital employed was just under 12% in 2017. regarding Brexit which might impact on both revenue and costs going forward.
Explanation:I dont have one
Vella owns and operates an illegal gambling establishment. In connection with this activity, he has the following expenses during the year: Rent $43,500 Bribes 65,250 Travel expenses 4,350 Utilities 26,100 Wages 274,250 Payroll taxes 21,750 Property insurance 2,175 Illegal kickbacks 39,150 What are Vella's total deductible expenses for tax purposes
Answer:
$372,125
Explanation:
Calculation to determine Vella's total deductible expenses for tax purposes
Rent $43,500
AddTravel expenses 4,350
Add Utilities 26,100
Add Wages 274,250
Add Payroll taxes 21,750
Add Property insurance 2,175
Total deductible expenses $372,125
Therefore total deductible expenses for tax purposes will be $372,125
Rodriguez Corporation issues 18,000 shares of its common stock for $174,800 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. The stock has a $8 par value. The stock has neither par nor stated value. The stock has a $4 stated value.
Answer:
a.
Date Account Title Debit Credit
Feb. 20 Cash $174,800
Common stock $144,000
Paid-In Cap. in excess of par $30,800
Working
Common stock = 18,000 * 8
= $144,000
Paid-in cap. = 174,800 - 144,000
= $30,800
b.
Date Account Title Debit Credit
Feb. 20 Cash $174,800
Common stock $174,800
c.
Date Account Title Debit Credit
Feb. 20 Cash $174,800
Common stock $72,000
Paid-In Cap. in excess of par $102,000
Working
Common stock = 4 * 18,000 = $72,000
Paid in cap = 174,000 - 72,000 = $102,000
the impact of inflation in businesses
Answer:
Rapidly rising prices not only affect the price consumers pay, they also affect the cost businesses have to pay for materials and inventory. When replacement inventory costs more than the inventory you just sold, it can lead to inventory shortages.
Explanation:
I hope it helped
If a check correctly written and paid by the bank for $646 is incorrectly recorded on the company's books for $664, the appropriate treatment on the bank reconciliation would be to deduct $646 from the book's balance. deduct $18 from the bank's balance. subtract $18 from the book's balance. add $18 to the book's balance.
Answer:
See below
Explanation:
Bank reconciliation occurs basically when there is a difference between the bank statement balance and cash. With regards to the above, the error should be treated thus in the bank reconciliation.
Since the check written and paid by the bank is $646, while it is written in the company's book as $664 , then a book balance of $18 is added which is the difference between $664 and $646
Kelsey is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for merchandise for the next three months follow. Budgeted July August September Sales $ 62,700 $ 81,300 $ 49,300 Cash payments for merchandise 43,000 32,300 33,100 Sales are 15% cash and 85% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $13,600 in cash; $50,000 in accounts receivable; $5,800 in accounts payable; and a $3,300 balance in loans payable. A minimum cash balance of $13,300 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 2% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (5% of sales), office salaries ($5,300 per month), and rent ($7,800 per month). (1) Prepare a cash receipts budget for July, August, and September. (2) Prepare a cash budget for each of the months of July, August, and September.
Answer:
(1)Total cash receipts:
July = $59,405
August = $65,490
September = $76,500
2-a. Ending Cash Balance:
July = $13,300
August = $26,371
September = $54,206
2-b. Loan Balance End of Month:
July = $2,896
August = $0
September = $0
Explanation:
(1) Prepare a cash receipts budget for July, August, and September.
Note: See part (1) of the attached excel file for the cash receipts budget for July, August, and September.
From the attached excel file, we have:
Total cash receipts:
July = $59,405
August = $65,490
September = $76,500
(2) Prepare a cash budget for each of the months of July, August, and September.
Note: See part (2) of the attached excel file for the cash budget for July, August, and September.
In the attached excel file, the following calculation is made:
July loan repayment = July preliminary cash balance - Minimum cash balance required = $13,704 - $13,300 = $404
From the attached excel file, we have:
2-a. Ending Cash Balance:
July = $13,300
August = $26,371
September = $54,206
2-b. Loan Balance End of Month:
July = $2,896
August = $0
September = $0
Learning involves changes in an individual's behavior resulting from previous experiences and information.
t or f
It is a true statement that Learning involves changes in an individual's behavior resulting from previous experiences and information.
What is a Learning?It refers to when we acquire knowledge or skills through personal study, experience, lesson, lecture etc
Hence, this process creates changes in an individual's behavior resulting from previous experiences and information as they tends to manifest in the learners action.
Therefore, it is a true statement
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Which of these statements is true?
O Simple interest percentages must be lower than compound interest percentages
O Compound interest will lead to a larger sum of money than a comparable simple interest payment
O Simple interest payments equal compound interest payments if invested over 10 years
all of these
Answer:
Compound interest will lead to a larger sum of money than a comparable simple interest payment.
Explanation:
The true statement is that compound interest will lead to a larger sum of money than a comparable simple interest payment because the interest are compounded for a certain number of times such as daily, weekly, quarterly or annually while simple interest isn't compounded at all.
To find the future value, we use the compound interest formula;
[tex] A = P(1 + \frac{r}{n})^{nt}[/tex]
Where;
A is the future value.
P is the principal or starting amount.
r is annual interest rate.
n is the number of times the interest is compounded in a year.
t is the number of years for the compound interest.
Mathematically, simple interest is calculated using this formula;
[tex] S.I = \frac {PRT}{100} [/tex]
Where;
S.I is simple interest.
P is the principal.
R is the interest rate.
T is the time.
Pulmonary Company's perpetual inventory records indicate that $237,390 of merchandise should be on hand on June 30, 2016. The physical inventory indicates that $211,280 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Pulmonary Company for the year ended June 30, 2016. Assume that the inventory shrinkage is a normal amount.
Answer:
Dr Cost of Merchandise Sold $26,110
Cr Merchandise Inventory $26,110
Explanation:
Preparation of the adjusting entry for the inventory shrinkage for Pulmonary Company for the year ended June 30, 2016.
June 30 2016
Dr Cost of Merchandise Sold $26,110
Cr Merchandise Inventory $26,110
($237,390 – $211,280=$26,110)
(Being to record inventory shrinkage)
A fee charged by a mutual fund is
Answer:
Sometimes these fees are called: expense ratio, management fee or an operating expense. Hope this helps!
Which of the following statements is CORRECT?
a. A portfolio with a large number of randomly selected stocks would have more market risk than a single stock that has a beta of 0.5, assuming that the stock's beta was correctly calculated and is stable.
b. If a stock has a negative beta, its expected return must be negative.
c. If the returns on two stocks are perfectly positively correlated (i.e., the correlation coefficient is 1.0) and these stocks have identical standard deviations, an equally weighted portfolio of the two stocks will have a standard deviation that is less than that of the individual stocks.
d. According to the CAPM, stocks with higher standard deviations of returns must also have higher expected returns.
e. A portfolio with a large number of randomly selected stocks would have less market risk than a single stock that has a beta of 0.5.
Answer:
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The last dividend paid by Wilden Corporation was $3.50. The dividend growth rate is expected to be constant at 1.5% for 2 years, after which dividends are expected to grow at a rate of 8.0% forever. The firm's required return (rs) is 12.0%. What is the best estimate of the current stock price? Select the correct answer. a. $87.92 b. $83.66 c. $82.24 d. $85.08 e. $86.50
Answer:
b. $83.66
Explanation:
The computation of the best estimated price of the current stock price is shown below:
But before that following calculations need to be done
Dividend at year 0 = $3.50
Dividend at year 1 = $3.50 × 1.015 = $3.5525
Dividend at year 2 = $3.5525 × 1.015 = $3.6058
Dividend at year 3 = $3.6058 × 1.08 = $3.8943
Now price at year 2 is
= $3.8943 ÷ (12% - 8%)
= $97.3563
Now the current stock price is
= $3.5525 ÷ (1.12) + ($3.6058 + $97.3563)÷ (1.12)^2
= $3.1719 + $8.4863
= $83.66
The joint processing costs in this operation: should be ignored in determining whether to sell at split-off or process further. should be allocated to products to determine whether they are sold at split-off or processed further. should be ignored in making all product decisions. are never included in product cost, as they are misleading to all management decisions.
Answer:
Should be ignored in determining whether to sell at split-off or process further
Explanation:
In the given situation, the joint processing cost should be ignored while calculating it for sell at the split off point or process further because we can see whether it would provide the additional advantage or it should not be split off or it should be further processed
Therefore the first option is correct
ou invest $1,000 in stocks. Would a macroeconomist call this an investment? Why or why not? An economist would say no, because you are just buying an existing asset without creating any new productive capacity in the economy. yes, because you are purchasing something that may yield more value later. yes, because there is a concensus amongst Wall St. that this is considered an investment. no, because the minimum threshold for a stock purchase to be considered an investment is $10,000.
Answer:
An investment of $1,000 in stocks:
yes, because you are purchasing something that may yield more value later.
Explanation:
While Macroeconomics tries to explain aggregate phenomena such as economic growth, business cycles, unemployment, inflation, etc., this does not preclude this branch of economics from agreeing with a fact. An investment remains an asset which the investor purchases in order to generate more future income.
For calendar year 3, Clark Corp. had depreciation of $300,000 on its income statement. On its Year 3 tax return, Clark had depreciation of $500,000. Clark's income statement also included $50,000 accrued warranty expense that will be deducted for tax purposes when paid in a future year. Clark's enacted tax rates was 25% for all years. These were Clark's only temporary differences. The total deferred tax expense for year 3 should be:
Answer:
Clark Corp.
The total deferred tax expense for year 3 should be:
= $62,500.
Explanation:
a) Data and Calculations:
Accounting depreciation expense = $300,000
Tax depreciation expense = $500,000
Temporary Difference = $200,000 ($500,000 - $300,000)
Accrued Warranty Expense 50,000
Total temporary differences = $250,000
Clark's enacted tax rate = 25%
Total deferred tax expense = $62,500 ($250,000 * 25%)
The Brital Company processes unprocessed milk to produce two products, Butter Cream and Condensed Milk. The following information was collected for the month of June:Direct Materials processed:33,000 gallonsThe costs of purchasing the of unprocessed milk and processing it up to the split-off point to yield a total of 33,000 gallons of saleable product was $55,000.Production Butter cream 13000 gallons condensed milk 20000 gallonsSales Butter cream 12500 gallons condensed milk 19500 gallonsSales Butter cream 2.50 $ per gallon condensed milk $ 9.00 per gallonsSeparable costin Butter cream 14500 gallons condensed milk 36000 gallonsThe company uses constant gross-margin percentage NRV method to allocate the joint costs of production. Which of the following statements is true of Brital?A) The gross profit percent of condensed milk is lower than the gross profit of butter cream.B) The gross margin is same for both products because constant gross margin percentage NRV method ignores profits earned before the split-off point.C) The gross profit of condensed milk is lower than the gross profit of butter cream.D) The gross margin is allocated to the joint products in order to determine the joint-cost allocations.
Answer:
The Brital Company
A) The gross profit percent of condensed milk is lower than the gross profit of butter cream.
Explanation:
a) Data and Calculations:
Direct Materials processed = 33,000 gallons
Joint cost for 33,000 gallons of saleable product = $55,000
Butter Cream Condensed Milk Total
Production 13,000 gallons 20,000 gallons 33,000
Sales 12,500 gallons 19,500 gallons 32,000
Sales $2.50 per gallon $ 9.00 per gallons
Separable cost 14,500 gallons 36,000 gallons 50,500
Sales revenue $31,250 ($2.50*12,500) $175,500 $206,750
Sales revenue
based on separable
cost $36,250 $324,000 $360,250
Joint cost allocation $5,534 $49,572 $55,106
($0.153*$36,250) ($0.153*$324,000)
Gross profit $25,716 $125,928
Gross profit % 80.6% 71.8%
You are the manager of a small hotel with 40 rooms in Niagara. Your business has dropped almost 90% in recent months. Your cash remaining is enough to run the business for 3 more months.
Apply the 6 thinking hats approach, what would you recommend to do if you were:
1. wearing a blue hat?
2. wearing a white hat?
3. wearing a green hat?
4. wearing a red hat?
5. wearing a yellow hat?
6. wearing a black hat?
After considering the views from different perspectives, what is your recommendation?
Fundamental analysis is likely to yield best results for _______. Group of answer choices stocks with very few analysts following NYSE stocks stocks with many analysts following stocks that are frequently in the news stocks of firms that have recently announced earnings
Answer:
stocks with very few analysts following
Explanation:
Fundamental analysis is chosen to yield for the best result for those stocks that are followed by a very less analyst also it would be helpful for maximizing the rate of return by seeing the stock undervaluation in the case when there is a difference in the price and that cannot be seen so this represent that these stocks would have the maximum rate of return
hence, the first option is correct
You have been retained to testify as a damages expert at a binding arbitration about the financial loss your client sustained when a supplier shipped it defective raw materials. Several days before the arbitration proceeding, you discovered that the arbitrator is a member of your country club who occasionally plays golf with you.
a. Do you have a conflict of interest in testifying under oath on behalf of your client?
b. Should you discuss this case with the arbitrator if you see him at the country club?
c. Does the arbitrator have a conflict of interest?
If investing $1,000 for a year, how frequently is simple interest paid on the principal investment?
daily
annually
never
hourly
Answer:
your intrest is probally 5% or 0.5%
Explanation:
Free contract is the _____.
Lucy is trying to sell her CyberPowerPC Gamer Xtreme MSAAG1000 Gaming PC; however, none of the potential buyers is willing to pay the price Lucy desires. Lucy's friend Zeynep, an economist, thinks this might be due to a lack of information on the part of buyers. Zeynep uses the concept of __________ to explain to Lucy why she cannot sell her computer at the price she is asking
Answer: Adverse selection
Explanation:
From the above, we can deduce that Zeynep uses the concept of adverse selection to explain to Lucy why she cannot sell her computer at the price she is asking.
Adverse selection simply refers to a situation whereby there is information failure or asymmetric information. In this situation, the seller have more information than the information that the buyers about the product and this led to the situation whereby none of the potential buyers was willing to buy the product.
Assume that you manage a risky portfolio with an expected rate of return of 15% and a standard deviation of 30%. The T-bill rate is 10%. Suppose that you have a client that prefers to invest in your risky portfolio a proportion (y) of his total investment budget so that his overall portfolio will have an expected rate of return of 15%. What is the investment proportion
Answer:
The proportion of the investment is 100%.
Explanation:
This can be calculated using the following formula:
Rportfolio = (y * Rrisky) + ((1 - y) * Ttbill) ..................... (1)
Where;
Rportfolio = Overall portfolio expected rate of return = 15%. or 0.15
Rrisky = risky portfolio expected rate of return = 15%, or 0.15
Ttbill = T-bill rate = 10%, or 0.10
Substituting the values into equation (1) and solve for y, we have:
0.15 = (y * 0.15) + ((1 - y) * 0.10)
0.15 = 0.15y + 0.10(1 - y)
0.15 = 0.15y + 0.10 - 0.10y
0.15 - 0.10 = 0.15y - 0.10y
0.05 = 0.05y
y = 0.05 / 0.05
y = 1.00, or 100%
Therefore, the proportion of the investment is 100%.
Cost pools are: A. costs that are accumulated before being allocated to cost objects on some common basis. B. costs that are relevant to decision-making but irrelevant to financial reporting. C. product costs that are assigned to cost objects using direct labor or machine hours. D. accounts in the product life cycle from research and development to customer service.
Answer:
A. costs that are accumulated before being allocated to cost objects on some common basis.
Explanation:
Cost pools are costs that are accumulated before being allocated to cost objects on some common basis.
Consider a consumer who is contemplating a new automobile purchase. She has narrowed her decision down to two brands, Brand X and Brand Y. She has identified gas mileage, price, warranty, and styling to be important attributes to consider in her decision. Her evaluative ratings (e) for each attribute and her beliefs of how each brand performs on a given attribute (b) are given below: Brand X Brand Y Attribute e b b Mileage 2 6 4Low Price 3 2 2Warranty -1 1 3Design 1 10 5 Refer to the Automobile Scenario. Based on the attitude toward-the-object model, what is the consumer's overall attitude o toward Brand Y? a. 23 b. 16 c. 17d. 11e. 27
Answer:
27
Explanation:
Case A.
Kapono Farms exchanged an old tractor for a newer model. The old tractor had a book value of $16,500 (original cost of $37,000 less accumulated depreciation of $20,500) and a fair value of $9,900. Kapono paid $29,000 cash to complete the exchange. The exchange has commercial substance.
Case B.
Kapono Farms exchanged 100 acres of farmland for similar land. The farmland given had a book value of $545,000 and a fair value of $790,000. Kapono paid $59,000 cash to complete the exchange. The exchange has commercial substance.
Required:
a. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new tractor?
b. Assume the fair value of the old tractor is $23,000 instead of $9,900. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new tractor?
c. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new land?
d. Assume the fair value of the farmland given is $436,000 instead of $790,000. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new land?
e. Assume that the exchange lacked commercial substance. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new land?
Answer:
Kapono Farms
Case A:
a. The loss that Kapono would recognize on the exchange is:
= $6,600.
The initial value of the new tractor is:
= $38,900.
b. The gain that Kapono would recognize on the exchange is:
= $6,500.
The initial value of the new tractor, if cash payment of $29,000 was made, would be:
= $52,000.
Case B:
c. The amount of gain that Kapono would recognize on the exchange is:
= $245,000.
The initial value of the new land is:
= $790,000.
d. The amount of the loss that Kapono would recognize on the exchange of land is:
= $109,000.
The initial value of the new land is $495,000, if payment of $59,000 is made.
e. If the exchange lacked commercial substance, there is no gain or loss.
The initial value of the new land would be the book value of the old farmland, which is:
= $545,000.
Explanation:
a) Data and Calculations:
Book value of old tractor = $16,500 $16,500
Fair value of old tractor = 9,900 23,000
Loss from the exchange = $6,600 -6,500
Value of new tractor
Fair value of old tractor = $9,900 $23,000
Cash payment to complete 29,000 29,000
Value of new tractor $38,900 $52,000
Case B:
Book value of farmland = $545,000 $545,000
Fair value of farmland = 790,000 436,000
Gain from exchange = $245,000 $109,000
Value of New Farmland:
Fair value of old farmland $790,000 $436,000
Cash payment to complete 59,000 59,000
Value of new farmland = $849,000 $495,000
explain how to use informal assessment to effectively prepare for an examination
Answer:
we can practice by using informal assessment to effectively prepared for a exam in the following ways ,when writing a informal assessment we can see where we went wrong and how to correct it ,we ask for help with understanding the informal assessment so when it comes to the examination we know and understand and ace that paper with better results
Explanation:
A Rhode Island company produces communion wafers for churches around the country and the world. The little company produces a lot of wafers, several hundred million per year. When in production, the process produces wafers at the rate of 112 per second. During this production process, the wafers must spend 12 minutes passing through a cooling tube.
Required:
How many wafers does the cooling tube hold on average when in production?
Answer:
80,640 wafers
Explanation:
Calculation to determine How many wafers does the cooling tube hold on average when in production
Using this formula
I = R x T
Where,
R = 112 wafers per second x 60
R = 6720 wafers per minute
T = 12 minutes
Let compute for I using the formula aboi
I = 6720 x 12
I = 80,640 wafers
Therefore How many wafers does the cooling tube hold on average when in production are 80,640 wafers
The information that follows pertains to Esther Food Products: At December 31, 2018, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation $ 70,000 Prepaid expenses 30,000 Warranty expenses (12,000 ) b. No temporary differences existed at the beginning of 2018. c. Pretax accounting income was $115,000 and taxable income was $27,000 for the year ended December 31, 2018. d. The tax rate is 45%. Required: Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2018. x Tax Rate = Tax $ Recorded as: Pretax accounting income $ 112,000 Permanent differences x =Income subject to taxation x =Temporary Differences x =Income taxable in current year x =Record 2021 income tax
Answer:
1. Income taxable in current year $27,000.00 45% $12,150 Income Tax Payable
2. 31-Dec-18
Income tax expense Dr $17,250
Deferred tax assets Dr $12,150
Cr To Income taxes payable $12,150
Cr To Deferred tax liability $17,250
Explanation:
1. Computation of the given table to record income taxes for 2018
Particulars Amount Rate of Tax Tax Recorded as
Pretax accounting income $115,000.00
Permanent difference $0.00
Income subject to taxation
$115,000.00 45% $17,250 Income tax expense
TEMPORARY DIFFERENCE:
Depreciation -$70,000.00 45% -$31,500 Deferred tax liability
Prepaid Expenses -$30,000.00 45% -$13,500 Deferred tax liability
Warranty expense $27,000.00 45% $12,150 Deferred tax assets
Income taxable in current year $27,000.00 45% $12,150 Income Tax Payable
2. Preparation of the appropriate journal entry to record income taxes for 2018.
31-Dec-18
Income tax expense Dr $17,250
Deferred tax assets Dr $12,150
Cr To Income taxes payable $12,150
Cr To Deferred tax liability $17,250
(To record income tax expense)
Answer:
..............
......
..