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A company has a provision for long service leave of $150,000. This amount was recognised as an expense when the provision was created but is deductible for income tax purposes when the leave is taken. If an employee takes long service leave and is paid an amount of $30,000 (and the company income tax rate is 30%), the following entry should be made:
A Dr Deferred Income Tax Expense $9 000 Cr Deferred Tax Asset $9 000
B Dr Deferred Tax Asset $9 000 Cr Deferred Income Tax Expense $9 000
C Dr Deferred Tax Liability $9 000 Cr Income Tax Payable $9 000
D Dr Income Tax Payable 9 000 Cr Deferred Tax Liability $9 000
Carslberg has fixed costs of $250,000 per month and a contribution margin ratio of 35%. Tuborg has fixed costs of $400,000 per month and a contribution margin ratio of 65%. At what sales volume would the two stores have equal profits?
The core values for this course are integrity and excellence. Applying the values of integrity and excellence, discuss ethical considerations of accounting for business combinations in a manner that prevents misunderstanding in the questions below. B..
question identify an appropriate cost driver for tracing costs related with the various levels of activities to the
Which structure would you recommend to the directors and why?. What additional information, if any would you like to have before making your recommendation
Find the most recent annual financial statement information for the Safeway Corporation and the General Electric Corporation (GE). Ascertain whether Safeway and GE use the direct or indirect method of presenting operating activities.
Describe the advantages of a sole proprietorship and a limited liability corporation
Assume that Berkshire Corporation decided to use the double-declining-balance method of depreciation. What is the effect on assets and income relative to if Berkshire had used the straight-line method of depreciation?
Agale Combines, Inc. has $40,000 of ending finished goods inventory as of December 31, 2014. If beginning finished goods inventory was $25,000 and cost of goods sold was $75,000, how much would Agale report for cost of goods manufactured?
Reducer Company had a cash balance per books of $6,304. The statement from Nashotah State Bank on that date showed a balance of $7,854.80.
Allison's Engines started operations on January 1, 2012. During the Month the following events occurred: Materials costing $6500 were purchased on account, Direct materials costing $3000 were placed in process
Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2017. The company does not make entries to accrue interest except at December 31.
Determine the accounting rate of return on this investment for the first year. Assume straight-line depreciation. Based on this analysis, would the investment be made? Explain your answer.
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