At the end of May, the following adjustment data were assembled.
Analyze and use these data to complete Part 6.
a. Merchandise inventory on May 31$570,000
b. Insurance expired during the year12,000
c. Store supplies on hand on May 314,000
d. Depreciation for the current year14,000
e. Accrued salaries on May 31:
Sales salaries $7,000
Office salaries 6,60013,600
f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of merchandise sold.

Answers

Answer 1

Answer: Top line=debits, bottom line=credits

part 4

2019          

May 31  

(Debits) Cost of Merchandise Sold  13,950

       (Credits) Merchandise Inventory      13,950

         

May 31  

Insurance Expense   12,000

      Prepaid Insurance               12,000

     

May 31  (labels correct, dollar amount unknown)

Store Supplies Expense   ??

Store Supplies    ??  

     

May 31  

Depreciation Expense   14,000

Accumulated Depreciation

-Store Equipment             14,000

     

May 31  

Sales Salaries Expense   7,000

Office Salaries Expense   6,600  

Salaries Payable                         13,600

         

May 31  

Sales     60,000

    Customer Refunds Payable   60,000

         

May 31  

Estimated Returns Inventory   35,000  

              Cost of Merchandise Sold      35,000


Related Questions

RedRaider Corp's common stock has a beta of 0.99. If the risk free rate of return is expected to be 3.03% and the market risk premium is 6.93%, what is the cost of equity for RedRaider Corp's common stock

Answers

Answer:

9.89%

Explanation:

Please help me with this question....

Answers

Answer:

C. I Believe

Explanation:

In a traditional economy, decisions about which goods are produced are
based on:
O
A. what businesses believe will generate the most profits.
B. what the government decides is important for society.
ОО
C. what the local community has made for generations,
D. what goods are most likely to sell in international markets.

Answers

The answer is c because in the story it really tells u
Answer for your question is C

There is an investment with the discount rate of 6 %. What should be the present value of the investment if we want to get a net cash flow of $17500;
a) After 1 year
b) After 2 years
c) After 3 years

Answers

Answer:

a. $16,509.434

b. $15,574.94

c. $14,693.34

Explanation:

The calculation of the present value for the following cases is  

 we know that

Present Value = Future Value ÷ (1+ rate of interest)^number of years

a. After one year

= $17,500 ÷ (1 + 0.06)^1

= $16,509.434

b. After 2 years

= $17,500 ÷ (1 + 0.06)^2

= $17,500 ÷ 1.1236

= $15,574.94

c. After 3 years

= $17,500 ÷ (1 + 0.06)^3

= $17,500 ÷ 1.191016

= $14,693.34

Therefore, the present value after one year, 2 years and third year is $16,509.434 ,$15,574.94 and $14,693.34 respectively

In 2017, PetSmart agreed to acquire Chewy (a fast-growing pet food and product e-commerce company) for $3.4 billion. PetSmart paid a premium, which can be calculated as the amount by which the price offered for the acquisition of Chewy is more than the Group of answer choices comparable value of similar companies to Chewy within the same market. amount paid as a down payment for Chewy that was to be held in escrow until closing. difference between the amount that was offered for Chewy and the amount that was held in escrow to complete the deal. the market value of Chewy before the acquisition. market value of Chewy's competitors in the geographic locale of the company.

Answers

Answer:

PetSmart and Chewy

PetSmart paid a premium, which can be calculated as the amount by which the price offered for the acquisition of Chewy is more than the

comparable value of similar companies to Chewy within the same market.

Explanation:

In accounting, this excess price paid for the assets and liabilities is known as Goodwill.  It is specifically referred to as acquired or purchased Goodwill.  It is accounted for as an intangible asset. More specifically, goodwill is the excess of the purchase price over the sum of the net fair value of all of the acquired assets and the assumed liabilities in the acquisition process.

When a fast-moving consumer goods (FMCG) company faced bankruptcy, the company decided to encourage its employees to contribute their ideas toward organizational development and growth. The organization also asked its human resource team to assess the employees' levels of commitment toward organizational effectiveness. To improve the FMCG company's organizational performance, it is evident that the company most likely used _____. Group of answer choices

Answers

Answer:

Attitude surveys

Explanation:

Attitude surveys are used by employers to gauge how employees view the company and their role in it.

This type of survey exposes issues like lack of trust, low moral from employees, and dissatisfaction in the workplace.

In this instance the organization asked its human resource team to assess the employees' levels of commitment toward organizational effectiveness.

This will allow the FMCG company know how the bankruptcy challenge is being handled by the employees

When the quantity of coal supplied is measured in kilograms instead of pounds, the demand for coal becomes

Answers

Answer:

the quantity of coal becomes more elastic

hope this helps you ☺️☺️

Product A consists of two units of Subassembly B, two units of C, and one unit of D. B is composed of four units of E and two units of F. C is made of two units of H and three units of D. H is made of five units of E and two units of G. To produce 100 units of A, determine the numbers of units of B, C, D, E, F, G, and H required using the low-level coded product structure tree.
Level 0 100 units of A
Level 1 units of B
units of C
Level 2 units of F
units of H
units of D
Level 3 units of E
units of G

Answers

Answer:

[tex]B = 200\ units[/tex]    [tex]C = 200\ units[/tex]

[tex]F = 400\ units[/tex]    [tex]H = 400\ units[/tex]

[tex]D = 700\ units[/tex]     [tex]E = 2800\ units[/tex]

[tex]G = 800\ units[/tex]

Explanation:

Given

[tex]A = 100\ units[/tex]

See attachment for right presentation of question

Solving (a): The low level coded product structure tree

This is plotted by considering the hierarchy or level of each product item and their corresponding units.

See attachment (2)

Solving (b): The number of units of each.

To do this, we multiply the units of the given product by the number of unit the fall under.

So, we have:

Products B and C are directly under A, so we multiply their units by units of A.

[tex]B = 2 * A = 2 * 100[/tex]

[tex]B = 200\ units[/tex]

[tex]C = 2 * A = 2 * 100[/tex]

[tex]C = 200\ units[/tex]

Product F is directly under B, so we multiply its units by units of B.

[tex]F = 2 * B = 2 * 200[/tex]

[tex]F = 400\ units[/tex]

Product H is directly under C, so

[tex]H = 2 * C = 2 * 200[/tex]

[tex]H = 400\ units[/tex]

Product D has of 3 units of C and 1 unit of A. So:

[tex]D = 3 * C + 1 * A[/tex]

[tex]D = 3 * 200 + 1 * 100[/tex]

[tex]D = 700\ units[/tex]

Product E has of 4 units of B and 5 units of H. So:

[tex]E = 4 * B + 5 * H[/tex]

[tex]E = 4 *200 + 5 * 400[/tex]

[tex]E = 2800\ units[/tex]

Product G has 2 units of H.

So:

[tex]G = 2 * H = 2 * 400[/tex]

[tex]G = 800\ units[/tex]

Egan is very skilled at budgeting his money, he is very patient, he understands how to track his own financial records, and he keeps calm and collected during stressful occasions. In which Finance career would Egan be most successful?

Business Finance Management

Financial Investment Planning

Insurance Services

Banking and Related Services

Answers

Answer:

Business Finance Management

Explanation:

Business Finance Management is the best fit for this because of requires a lot of skill in planning and budgeting money.

Answer:

A)   Business Finance Management

Explanation:

just took the test

Beleaguered State Bank (BSB) holds $500 million in deposits and maintains a reserve ratio of 20 percent. Complete the following T-account for BSB.

Beleaguered State Bank
Assets Liabilities
Reserves million Deposits million
Loans million

Now suppose that BSB's largest depositor withdraws $25 million in cash from her account. BSB decides to restore its reserve ratio by reducing the amount of loans outstanding.

Complete BSB's new T-account after it has taken this action.

Beleaguered State Bank
Assets Liabilities
Reserves million Deposits million
Loans million

Because BSB is cutting back on its loans, other banks will find they have _____________ reserves, causing them to ______________ their loans. Which of the following ways represent an alternative for BSB to return to its original reserve ratio? Check all that apply.

a. Lend money
b. Borrow money from another bank
c. Borrow money from the Fed
d. Attract additional deposits

Answers

Answer:

1. See part 1 of the attached excel file for the T-account.

2. See part 2 of the attached excel file for the T-account.

3. Because BSB is cutting back on its loans, other banks will find they have lower reserves, causing them to reduce their loans. Which of the following ways represent an alternative for BSB to return to its original reserve ratio? Check all that apply.

4. The correct options are b. Borrow money from another bank and d. Attract additional deposits.

Explanation:

1. Beleaguered State Bank (BSB) holds $500 million in deposits and maintains a reserve ratio of 20 percent. Complete the following T-account for BSB.

Note: See part 1 of the attached excel file for the T-account.

In the attached excel, the following calculations are made:

Reserves = $500 million * 20% = $100 million

Loans = $500 - $100 = $400

2. Now suppose that BSB's largest depositor withdraws $25 million in cash from her account. BSB decides to restore its reserve ratio by reducing the amount of loans outstanding.

Note: See part 2 of the attached excel file for the T-account.

In the attached excel, the following calculations are made:

Deposits = $500 million - $25 million = $475 million

Reserves = $475 million * 20% = $95 million

Loans = $475 - $95 = $380

3. Because BSB is cutting back on its loans, other banks will find they have lower reserves, causing them to reduce their loans. Which of the following ways represent an alternative for BSB to return to its original reserve ratio? Check all that apply.

4. Which of the following ways represent an alternative for BSB to return to its original reserve ratio? Check all that apply.

The correct options are b. Borrow money from another bank and d. Attract additional deposits.

Janet Foster bought a computer and printer at Computerland. The printer had a $900 list price with a $100 trade discount and 2/10, n/30 terms. The computer had a $4,060 list price with a 25% trade discount but no cash discount. On the computer, Computerland offered Janet the choice of (1) paying $160 per month for 17 months with the 18th payment paying the remainder of the balance or (2) paying 8% interest for 18 months in equal payments.
a. Assume Janet could borrow the money for the printer at 8% to take advantage of the cash discount. How much would Janet save? (Use 360 days a year. Round your answer to the nearest cent.) Janet's savings $
b. On the computer, what is the difference in the final payment between choices 1 and 2? (Round your answer to the nearest cent.) Difference final payment

Answers

Answer:

Janet Foster

a. Janet could save $12.44 on the printer by borrowing $800 to take advantage of the cash discount.

b. On the computer, the difference in the final payment between choices 1 and 2 is $197.

It is advisable for Janet to choose the first option.

Explanation:

a) Data and Calculations:

Printer:

List price of printer = $900

Trade discount =          100

Purchase cost =        $800

Cash discount terms = 2/10, n/30

Cash discount = $16 ($800 * 2%)

Interest on loan to purchase printer = $3.56 ($800 * 8% * 20/360)

Savings if loan is borrowed = $12.44 ($16 - $3.56)

Computer:

List price = $4,060

Trade discount = 25% or $1,015 ($4,060 * 25%)

Purchase cost = $3,045

Payment options:

1) = $160 * 17 months = $2,720

Balance on 18th month    325

Total payment =           $3,045

2) = Payment with 8% interest for 18 months equal payment = $180.08

From an online financial calculator:

N (# of periods)  18

I/Y (Interest per year)  8

PV (Present Value)   $3,045

FV (Future Value)  0

P/Y (# of periods per year)  12

C/Y (# of times interest compound per year)  12

PMT made at the end of each period

Results

PMT = $180.08

Sum of all periodic payments $3,241.48

Total Interest $196.48

Difference in final payment:

Choice 1 , total payment =    $3,045

Choice 2, total payment =    $3,242

Difference in final payment = $197

Resources do not limit the number of needs and wants people
can
satisfy.
True or False

Answers

Answer:

False

Explanation:

Resources absolutely limit what can be accomplished and done. Just think of the timber industry. They want to cut down all trees they can to make a profit, but society needs to preserve natural forests so their cutting is limited.  

Answer:

false

Explanation:

resources is a source that is generate form nature. the resources satisfy the wants because is the will no resource like - chair , table, food( that we cook) etc. we can't survive in this world. some examples for reading in school tables, chair are made form wood, which is a source .

Which statement is CORRECT? Automatic stabilizers are risky to use and sometimes can get the economy destabilized. Discretionary fiscal policy shows automatic adjustments without any specific effort by policy makers. Discretionary fiscal policy indicates deliberate action by policy makers. Automatic stabilizers indicate deliberate action by policy makers.

Answers

Answer:

Discretionary fiscal policy indicates deliberate action by policy makers.

Explanation:

Automatic stabilizers are stabilizers that adjust the economy automatically without the intervention of external agents . examples include progressive tax and transfer payments

In an expansion, progressive tax increases the tax paid and this reduces disposable income

In a contraction, tax paid is reduced and this increases disposable income

Discretionary fiscal policies are deliberate steps taken by the government to stimulate the economy in order to cause the economy to move to full employment and price stability more quickly than it might otherwise.

Discretionary fiscal policies can either be expansionary or contractionary

Expansionary fiscal policy is when the government increases the money supply in the economy either by increasing spending or cutting taxes.

Contractionary fiscal policies is when the government reduces the money supply in the economy either by reducing spending or increasing taxes

2 Jodi owns 112 shares of stock selling for $16.20. How many more shares can she purchase after receiving a dividend of $0.80 por share? Round your answer to a whole number.​

Answers

Answer:

The number of new shares = 6

Explanation:

Dividend is the proportion of profit paid by a company to its shareholder as a form of return on their investment. Another form of return on share investment is the capital gain; which is the difference between the selling price of a share now and its cost when it was purchased.

For Jodi, we need to first calculate the amount of dividends earned on the total shares she owns. And then divide the result by the current purchase price of a share to arrive at the number of shares she can buy more. This is done as follows:

Total dividends =  112× 0.80 = $89.6

Current price of a share = $16.20

THe number of shares that can be purchased= 89.6/16.20=5.5

The number of new shares = 6

Consider two perfectly negatively correlated risky securities A and B. A has an expected rate of return of 12% and a standard deviation of 70%. B has an expected rate of return of 8% and a standard deviation of 40%. The global minimum variance portfolio that can be formed with the two securities will earn _____ rate of return.

Answers

Answer: 9.45%

Explanation:

To solve this question, we need to know the weights of securities A and B and this will be:

Weight of A = STD of B / (STD of A + STD of B)

= 40% / (70% + 40%)

= 40% / 110%

= 0.4/1.1

= 0.3636

Weight of security A = 0.3636

Weight of security B = 1 - 0.3636 = 0.6364

Then, the rate of return of risk free portfolio will be:

= (Return of A × Weight of A) + (Return of B × Weight of B)

= (12% × 0.3636) + (8% × 0.6364)

= 0.043632 + 0.050912

= 0.094544

= 9.45%

On the worksheet the adjusted balance of a contra asset account would be extended to:

Answers

Answer: the Balance Sheet Credit column.

Explanation:

A contra account is simply an asset account which has a credit balance, unlike the normal asset account that typically has a debit balance.

The two main types of contra account include the accumulated depreciation and the allowance for bad debt. We should note that on the worksheet the adjusted balance of a contra asset account would be extended to the credit column of the balance sheet.

All of the following statements about exit in monopolistic competition are true, except: Select the correct answer below: When economic losses induce firms to leave the industry, demand for the original firm decreases. As long as a monopolistic competitive firm is earning positive economic profits, new competitors will continue to enter the market, Even though a monopolistically competitive firm may earn positive economic profits in the short term, the process of new entry will drive down economic profits to zero in the long run. In an environment with monopolistic competition, economic losses induce firms to leave the industry.

Answers

Answer:

When economic losses induce firms to leave the industry, demand for the original firm decreases.

Explanation:

A monopolistic competition is when there are many firms selling differentiated products in an industry. A monopoly has characteristics of both a monopoly and a perfect competition. the demand curve is downward sloping. it sets the price for its goods and services.

An example of monopolistic competition are restaurants  

When firms are earning positive economic profit, in the long run, firms enter into the industry. This drives economic profit to zero

If firms are earning negative economic profit, in the long run, firms leave the industry.  This drives economic profit to zero

in the long run, only normal profit is earned

On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $21,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $12,860 of federal income taxes, $1,360 of medical insurance deductions, and $900 of union dues. No employee earned more than $7,000 in this first period.

Required:
Calculate the amounts for each of these four taxes of Regis Company.

Answers

Answer:

FICA-Social security = $5,121.20

FICA-Medicare = $1,197.70

FUTA = $495.60

SUTA = $4,130

Explanation:

Note: The four taxes of Regis Company required to be calculated as follows:

FICA-Social security

FICA-Medicare

FUTA

SUTA

Therefore, we have:

Total earnings = Office salaries + Sales salaries = $21,760 + $60,840 = $82,600

Tax = Total earnings * Tax rate ...................... (1)

Using equation (1), we have:

FICA-Social security = $82,600 * 6.20% = $5,121.20

FICA-Medicare = $82,600 * 1.45% = $1,197.70

FUTA = $82,600 * 0.60% = $495.60

SUTA = $82,600 * 5% = $4,130.00

he Hudson Corporation has 8,100 obsolete units of a product that are carried in inventory at a manufacturing cost of $162,000. If the units are remachined for $40,900, they could be sold for $73,000. Alternatively, the units could be sold for scrap for $28,100. The alternative that is more desirable and the total relevant costs for that alternative are:

Answers

Answer:

It is more profitable to re-process the units. Income will increase by $4,000.

Explanation:

Giving the following formula:

Number of units= 8,100

Re-process the units:

Total cost= $40,900

Selling price= $73,000

Sold as-is:

Selling price= $28,100

We will conduct an incremental analysis, therefore the first manufacturing costs should not be taken into account. They remain constant in both options.

Re process:

Effect on income= 73,000 - 40,900

Effect on income= $32,100 increase

Sold as-is:

Effect on income= $28,100 increase

It is more profitable to re-process the units. Income will increase by $4,000.

Factory Overhead Volume Variance Dvorak Company produced 5,100 units of product that required 3.5 standard hours per unit. The standard fixed overhead cost per unit is $2.50 per hour at 18,750 hours, which is 100% of normal capacity. Determine the fixed factory overhead volume variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

Answers

Answer:

$2,250 Favourable

Explanation:

Calculation to determine the fixed factory overhead volume variance

Fixed factory overhead volume variance=$2.50 × [18,750 hrs. – (5,100 units × 3.5 hrs.)]

Fixed factory overhead volume variance=$2.50×[18,750 hrs. – 17,850 hrs]

Fixed factory overhead volume variance=$2.50×900

Fixed factory overhead volume variance=$2,250 Favourable

Therefore the fixed factory overhead volume variance will be $2,250 Favourable

Joyce works hard and puts in many extra hours. For this, she can anticipate a pay raise, a promotion, or an expanded sales territory. However, getting a promotion is most important to Joyce. According to the useful guidelines of the ____ theory, Jim, her manager, must recognize that (1) she is putting in hard work and long hours to obtain a promotion, (2) what motivates Joyce will change over time, and (3) he must clearly show Joyce how to attain the desirable reward.

Answers

Answer:

Expectancy theory

Explanation:

Expectancy theory states that when an individual is faced with different choices they will be motivated in a certain way in choosing a particular option based on what they expect to be the result of the choice.

So behaviour is affected by perceived result or consequence of a particular choice.

In the given scenario Joyce works hard and puts in many extra hours, and getting a promotion is most important to Joyce.

So because of her expectations that manager must recognise that:

(1) she is putting in hard work and long hours to obtain a promotion,

(2) what motivates Joyce will change over time (if she does not get the promotion), and

(3) he must clearly show Joyce how to attain the desirable reward.

is an unlevered firm with a total market value of $3,900,000 with 60,000 shares of stock outstanding. The firm has expected EBIT of $220,000 if the economy is normal and $280,000 if the economy booms. The firm is considering a $975,000 bond issue with an attached interest rate of 6 percent. The bond proceeds will be used to repurchase shares. Ignore taxes. What will the earnings per share be after the repurchase if the economy booms

Answers

Answer:

Earnings per share= $3.58

Explanation:

Earnings per share(EPS) = Earnings attributable to share/Number of shares

Price per share = $3,900,000/60,000=$65 per share

The units of shares to be re-purchased with debt proceed

= The proceeds from debt/share price

=$975,000/$65= 15,000

The number of shares outstanding after repurchased = 60,000-15,000= 45,000 units

EBIT                                                     220,000

Less interest (6%×975,000)                 (58,500)

Earnings attributable to shares              151,500

Earnings per share                                151,500/45,000 units=$3.58

Earnings per share= $3.58

In 2020, Miranda records net earnings from self-employment of $158,500. She has no other gross income. Determine the amount of Miranda's self-employment tax and her for AGI income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is $fill in the blank 1 and sh

Answers

Answer:

Miranda's self-employment tax = $21,320

AGI income tax deduction = $10,660

Explanation:

Particulars                                                    Amount

Net Earnings from Self Employment          $158,500

Taxable Self employment Earnings           $146,374.75

(158,500*92.35%)

Social Security Tax ($137,700*12.4%)         $17,074.80

Medicare Tax ($146,375*2.9%)                   $4,244.88

Self employment Tax = Social Security tax + Medicare tax

Self employment Tax = $17,074.80 + $4,244.88

Self employment Tax = 21,320

Taxpayer are allowed a deduction for AGI of 50% of self-employment tax.

= $21,320*50%

= $10,660

Jack Hammer invests in a stock that will pay dividends of $2.00 at the end of the first year; $2.20 at the end of the second year; and $2.40 at the end of the third year. Also, he believes that at the end of the third year he will be able to sell the stock for $33. What is the present value of all future benefits if a discount rate of 11 percent is applied

Answers

Answer:

$29.47

Explanation:

Present value is the sum of discounted cash flows

Present value can be calculated using a financial calculator

To find the PV using a financial calculator:

Cash flow in year 1 = 2

Cash flow in year 2 = 2.2

Cash flow in year 3 = 2.4 + 33

I = 11

PV = 29.47

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

3. Press compute  

Wall Drugs offered an incentive stock option plan to its employees. On January 1, 2021, options were granted for 75,000 $1 par common shares. The exercise price equals the $5 market price of the common stock on the grant date. The options cannot be exercised before January 1, 2024, and expire December 31, 2025. Each option has a fair value of $1 based on an option pricing model. What is the total compensation cost for this plan

Answers

Answer:

the total compensation cost is $75,000

Explanation:

The computation of the total compensation cost for this plan is shown below:

Total compensation cost = option granted × fair value of each option

total compensation cost = 75000 × $1

total compensation cost = $75,000

Here to determined the total compensation cost we simply multiplied the option granted with the fair value of each option so that the correct amount could come

Therefore the total compensation cost is $75,000

Jamari conducts a business with the following results in 2020: Revenue $20,000 Depreciation on car 3,960 Operating expenses of car 3,100 Rent 6,000 Wages 8,200 Amortization of intangibles 680 Jamari estimates that due to a depressed real estate market, the value of land owned by the business declined by $5,200. a. Calculate the effect of Jamari's business on his AGI. Jamari's business has a of $fill in the blank d33155077fa8faf_2 which is reported on his tax return. b. How would your answer in part (a) change if the activity was a hobby

Answers

Answer:

A. Net loss; $1,940; For AGI

B. $20,000 ;$20,000; But Will Not Be Deductible

Explanation:

1. Calculation to determine what Jamari's business has and the amount which is reported on his tax return

Calculation for Net Income / (loss)

Revenue $ 20,000

Less:

Depreciation on Car ($3,960)

Operating Exp of car ($3,100)

Rent ($6,000)

Wages ($8,200)

Amortization of intangible ($ 680) ($21,940)

Net Income / (loss) $ -1,940

($20,000-$21,940)

Therefore Jamari's business has a NET LOSS of $1,940 which is reported FOR AGI (ADJUSTED GROSS INCOME) on his tax return

B . Based on the information given we were that the REVENUE is the amount of $20,000 which means that in a situation where the activity was a hobby Jamari will report $$20,000 as income. Of his expenses, $20,000 are ALLOWED BUT WILL NOT BE DEDUCTIBLE on his tax return.

A change in supply is illustrated by a movement along an existing supply curve


true or false

Answers

the correct answer is true.

Differences between pretax accounting income and taxable income were as follows during 2021: ($ in millions) Pretax accounting income $ 400 Permanent difference (34 ) 366 Temporary difference (26 ) Taxable income $ 340 The cumulative temporary difference as of the end of 2021 is $80 million (also the future taxable amount). The enacted tax rate is 25%. What is the deferred tax asset or liability to be reported in the balance sheet

Answers

Answer:

20 million

Explanation:

Calculation to determine the deferred tax asset or liability to be reported in the balance sheet

Using this formula

Deferred tax asset or liability=cumulative temporary difference as of the end of 2021 *tax rate

Let plug in the formula

Deferred tax asset or liability= $80 million *25%

Deferred tax asset or liability=20 million

Therefore the deferred tax asset or liability to be reported in the balance sheet is $20 million

Each of the following is a main source of web traffic EXCEPT:
banner ads
radio networks
affiliate networks
word of mouth

Answers

Answer:

I think radio networks

Explanation:

why because i never heard them talk about that stuff on the radio sorry if it was wrong

What to do most careers in Finance deal with?

a) real estate and education

b) assets and liabilities

c) assets and retail

d) real estate and retail

Answers

Answer:

b

Explanation:

B)

Answer: B would be the answer

Explanation: assist and liabilities

Other Questions
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