hut co. has temporary taxable differences that will reverse during the next year and add to taxable income. these differences relate to noncurrent assets. deferred income taxes based on these temporary differences should be classified in hut's balance sheet as a
Answers
Hut Co. should classify deferred income taxes based on temporary differences that will reverse during the next year and add to taxable income in its balance sheet as a current liability.
Deferred income taxes arise from temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and their respective tax bases. In this case, the temporary differences relate to noncurrent assets, indicating that they will reverse within the next year. Since the reversals are expected to result in additional taxable income, the deferred income taxes should be classified as a current liability in Hut Co.'s balance sheet.
The classification of deferred income taxes as a current liability reflects the expectation that the tax liability will be settled within a relatively short period, typically within one year. By presenting it as a current liability, Hut Co. provides a clear indication to investors, creditors, and other stakeholders that this tax obligation is expected to be fulfilled in the near term. It also ensures proper alignment with accounting principles and helps in providing an accurate representation of Hut Co.'s financial position.
To learn more about current liability here brainly.com/question/19286258
#SPJ11
Related Questions
If your liquid assets equal $15,000 and your total current debts equal $50,000, your liquidity ratio is:
Answers
Invoices are comparable to bills.
True
False
Answers
In a balanced balance sheet, if liabilities are $2,000 and owner’s equity is $3,300, what must assets be ____?
$5,300
$2,000
Not enough information to determine assets
$3,300
Answers
Answer:
5300
Explanation:
assets=equitys +liabilities
Provide 10%interest on capital value rs 2 lakh
Answers
Answer:
show time at first there
The international agency that administers trade agreements, facilitates trade negotiations, and helps to resolve trade disputes, is
Answers
where do you go to access quickbooks online training materials for your clients?
Answers
Answer:
go to the ProAdvisor menu then select the Benefits tab and go to the Training section. Select and expand the QuickBooks Online training materials for your clients' section.
Explanation:
Go to the ProAdvisor menu in QuickBooks Online Accountant. Go to the Training area by selecting the Benefits tab. The QuickBooks Online training resources for your clients section can be selected and expanded. Select Download.
How can I get training for QuickBooks Online?Select ProAdvisor Training after logging into QuickBooks Online Accountant. Access training materials and certification tests directly from QuickBooks Online Accountant's ProAdvisor tab.
What can a client see on the QuickBooks Online dashboard?The customer list includes information about your clients, including the name of their head accountant. You can also check the progress of tasks like tax returns and tax preparation. Select a client's name to view additional information. You can see what QuickBooks products they have, documents you've emailed them, and tax return information by clicking on the tabs on their profile.
Are QuickBooks courses offered?For both the online and desktop versions of QuickBooks, self-paced online courses are available. Users can start and end the course as their schedule permits using on-demand training. The video courses are available for as many viewings as you'd like, and live classes are also offered.
Learn more about QuickBooks Online: https://brainly.com/question/20734390
#SPJ4
Which of the following is not a way to finance your new business.
A. loans from family/friends
B.your own money
C.loan from a bank
D.sweat equity
Answers
Answer:
sweat equity
Explanation:
Hope this helps! Can I have the crown thingy
prepare the journal entries necessary to make the company’s book balance of cash equal to the reconciled cash balance as of july 31.
Answers
To make the company's book balance of cash equal to the reconciled cash balance as of July 31, journal entries should be made to adjust any discrepancies between the two balances.
The process of reconciling the book balance of cash with the reconciled cash balance involves identifying and correcting any differences between the two. These differences can arise due to various reasons, such as timing discrepancies, bank fees, outstanding checks, or deposits in transit.
To adjust the book balance of cash, several journal entries may be required. The specific entries will depend on the nature of the discrepancies identified during the reconciliation process. For example, if outstanding checks were not recorded in the book balance, an entry would be made to decrease the book balance by the amount of the outstanding checks. Conversely, if deposits in transit were not recorded, an entry would be made to increase the book balance by the amount of the deposits in transit.
By making the necessary journal entries to adjust the book balance of cash based on the reconciled cash balance, the company can ensure that the two balances are in alignment and accurately reflect the actual cash position as of July 31.
Learn more about Journal entry here:
https://brainly.com/question/30499005
#SPJ11
What refers to the study of your strengths and weakness and the identification of your area of interest?
Answers
Answer:
Personality inventory
Explanation:
Write donw the financial statement that shows the firm's bottom line that is, whether it has made a profit or is operating at a loss?
Answers
The financial statement that shows whether a firm has made a profit or is operating at a loss is the income statement, also known as the profit and loss statement.
This statement provides a summary of a company's revenues, expenses, and net income over a specific period of time, typically a quarter or a year. If the net income is positive, it indicates that the firm has made a profit. Conversely, if the net income is negative, it means that the firm is operating at a loss. The income statement is an essential tool for investors, creditors, and other stakeholders to assess a company's financial health and performance. The Income Statement provides a clear view of a firm's financial performance over a specific period, revealing whether it is profitable or operating at a loss.
Learn more about income here:
https://brainly.com/question/30462883
#SPJ11
TRUE/FALSE. When no par value stock does not have a stated value, the entire proceeds from the issuance of the stock become legal capital
Answers
The given statement "When no par value stock does not have a stated value, the entire proceeds from the issuance of the stock become legal capital" is false because when no par value stock does not have a stated value, the entire proceeds from the issuance of the stock do not become legal capital.
When a company issues no par value stock, it means that the stock does not have a predetermined value assigned to it. In such cases, the proceeds from the issuance of the stock are not automatically considered legal capital. Legal capital refers to the minimum amount of capital that a company must maintain to protect the interests of its creditors.
In the absence of a par value, the company needs to allocate the proceeds to different accounts, such as additional paid-in capital or retained earnings, based on the specific legal requirements of the jurisdiction in which it operates. Therefore, the entire proceeds from the issuance of no par value stock do not automatically become legal capital.
You can learn more about legal capital at
https://brainly.com/question/13226111
#SPJ11
Discuss the best way to receive constructive criticism from a superior.
Answers
Answer:
Stop Your First Reaction. ... Remember the Benefit of Getting Feedback. ... Listen for Understanding. ... Say Thank You. ...
Explanation:
Select the correct answer.
Why are borrowing and lending money important in the United States?
A.
They ensure that people and businesses can buy what they need.
B.
They ensure that money is distributed equally and fairly to all.
C.
They ensure that the government's financial regulations are followed.
D.
They ensure that the nation can avoid an economic recession.
Answers
Answer:
A.
They ensure that people and businesses can buy what they need.
Explanation:
Borrowing involves requesting and receiving a huge sum of money in a lump sum. Households and firms borrow from lenders to finance business expansion or domestic consumption.
In the economy, borrowing is significant as it facilitates the acquisition of start-up capital, capital goods, and household developments. Without borrowing and lending, these investments and consumption would not be possible as they require large sums of money to initialize. If firms and households depended on savings for capital and consumption expenditure, the rate of economic growth would be very slow. It would take many years to achieve the substantial amount needed for expansion and development projects.
Answer:
A. They ensure that people and businesses can buy what they need.
Hope this helps!
Explanation:
Which line from utopia is an example of an anecdote, a brief story or account of an event used to make a larger point?.
Answers
The line from Utopia which is an example of an anecdote, a brief story or account of an event used to make a larger point is I never saw a clearer instance of the opposite impressions that different customs make on people than I observed in the ambassadors of the Anemolians, who came to Amaurot when I was there.
What is anecdote?An anecdote can be described as the story with a point which is used in communicating an abstract idea about a person, place, and it is usually a short narrative .
Hence, anecdote can be described as short story , and can be seen in making an account as regards a past events which was used in the question to describe the impression that the custom have on the people as it was seen in the lifestyle of the ambassador.
Learn more about anecdote from
https://brainly.com/question/23945436
#SPJ1
Answer: C
Explanation:
Please help, I'm so behind. How is net pay different from gross pay?
Answers
Answer:
Quantity
Explanation:
gross is the total with no type of changes. Net is your total deductions such as tax or anything like that.
A company has a poor impression with the public. Who might they hire to make it better?
A.
A graphic designer
B.
An advertising agent
C.
A public relations manager
D.
A quality assurance professional
Answers
Answer:
c
Explanation:
,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Explain why you think Americans can do yo ensure workers have decent working conditions and pay?
Answers
Answer:
Americans are expected to make sure that discrimination in the workplace is avoided.
Do you think large multinational corporations in general like Wal-Mart, Apple, McDonalds and Frito Lay are good or bad for the world? Is "globalization" another word for “Americanization”? Why or why not? (3 points) Explain using complete sentences.
Answers
Answer:
I think multinational corporations in like these are bad. Because even people on diets or trying to diet, and people buy it for them not knowing its hard for them to say no.
Explanation:
Hope this helps!
Briefly explain the laws that apply to the promotion of this product/service.
Answers
Explanation:
Product promotion is the act of advertising a good or service with the goal of increasing sales. Many companies use different techniques to promote their products through a vast array of communication media.
A business makes products that involve many different departments in their
production. What type of cost accounting system is best for this purpose?
A. Process costing
B. Activity-based costing
C. Job order costing
D. Product costing
Answers
what was the objective of the 1933 securities act? multiple choice it set forth accounting and disclosure requirements for initial offerings of securities. it provided for the regulation of auditors and the types of services they furnish to clients. it paved the way for the creation of the public company accounting oversight board. it created a government agency, the securities and exchange commission (sec).
Answers
The objective of the 1933 securities act was to set forth accounting and disclosure requirements for initial offerings of securities, provided for the regulation of auditors and the types of services they furnish to clients, and created a government agency, the Securities and Exchange Commission (SEC).
What was 1933 Securities Act Objective?The 1929 stock market crash and the subsequent Great Depression prompted the 1933 Securities Act, sometimes referred to as the Securities Exchange Act. Its primary goal was to improve the securities market's transparency and disclosure in order to safeguard investors against fraud and manipulation. The Securities and Exchange Commission (SEC) was created under the Act to carry out its mandate and oversee the securities industry. Additionally, it mandated that businesses give investors comprehensive information about their financial situation and activities in addition to registering their securities with the SEC prior to issuing them to the general public. It also controlled the operations of securities professionals like brokers and investment advisers and created accounting and auditing standards for publicly traded corporations.
To know more about 1933 Securities Act Objective visit:
https://brainly.com/question/30371864
#SPJ4
Calvin purchased 2 fish bowls full of goldfish and 3 goldfish in a single bag. Each bowl had 6 fish in it. How many goldfish did Calvin buy? Calculate the number of fish in 1 bowl and in the bag together. Divide that number by the number of bowls. Calculate how many goldfish are in 2 fish bowls. Add that number to the number of fish in the bag. Calculate how many more goldfish are in a bowl than the bag. Multiply that number by the number of bowls. Calculate how many fish bowls there are. Add that number to the number of fish in the bag.
Answers
Answer:
How many goldfish did Calvin buy?
(2 bowls x 6 goldfish) + 3 goldfish in a bag = 15 goldfishCalculate the number of fish in 1 bowl and in the bag together.
(1 bowls x 6 goldfish) + 3 goldfish in a bag = 9 goldfishDivide that number by the number of bowls.
9 goldfish / 2 bowls = 4.5 goldfishCalculate how many goldfish are in 2 fish bowls.
2 bowls x 6 goldfish = 12 goldfishAdd that number to the number of fish in the bag.
12 goldfish + 3 goldfish = 15 goldfishCalculate how many more goldfish are in a bowl than the bag.
6 goldfish - 3 goldfish = 3 goldfish more in a bowl than in a bagMultiply that number by the number of bowls.
3 goldfish x 2 = 6 goldfishCalculate how many fish bowls there are.
2 fish bowlsAdd that number to the number of fish in the bag.
2 + 3 = 5What Economic Issue arises in this graphic due to the Max Price being below Equilibrium?
Answers
As u asked in ur question which food we should have before exercise : ANSWER is - Option (B)
cross check if u have doubt it's correct..
Johnston, Inc., engaged in the following transactions involving treasury stock.
Feb. 10 Purchased for cash 17,000 shares of treasury stock at a price of $31 per share.
June 4 Reissued 6,000 shares of treasury stock at a price of $34 per share.
Dec. 22 Reissued 4,000 shares of treasury stock at a price of $22 per share.
a. Prepare general journal entries to record these transactions.
Answers
Answer and Explanation:
The journal entries are shown below
On Feb 10
Treasury stock Dr (17,000 shares × $31) $527,000
To cash $527,000
(Being the treasury stock purchased for cash is recorded)
On June 4
Cash (6,000 shares × $34) $204,000
To Treasury stock (6,000 shares × $31) $186,000
To Additional paid in capital - Treasury stock (6,000 shares × $3) $18,000
(being the reissuance of the treasury stock is recorded)
On Dec 22
Cash (4,000 shares × $22) $88,000
Additional paid in capital - Treasury stock (4,000 shares × $9) $36,000
To Treasury stock (4,000 shares × $31) $124,000
(being the reissuance of the treasury stock is recorded)
The current spot exchange rate is S 0 $/ $ =$1.5/€, and the one-year forward rate is F 1 $/ϵ=$1.55/ϵ. The interest rate in the United States in USD is 7 percent. a. What is the interest rate in euros (i ϵ ) if the internatiotial parity conditions hold? b. If this annual forward premium persists into the future, what should be the euro's value in five years? c. Suppose interest rates in euros are currently 3 percent (i ϵ =0.03 ). How much profit can you generate through covered interest arbitrage? Remember that arbitrage means that you make a profit with zero investment and zero risk. Zero investment means that you need to borrow money in order to initiate the arbitrage. Suppose you initiate the arbitrage strategy borrowing 1 million monetary units of the appropriate currency.
Answers
a. To determine the interest rate in euros (iϵ), we can use the interest rate parity condition, which states that the interest rate differential between two currencies should be equal to the forward premium or discount on the exchange rate.
Given that the interest rate in the United States (i$) is 7 percent and the one-year forward rate (F1$/ϵ) is $1.55/ϵ, we can calculate the interest rate in euros as follows:
iϵ = (1 + i$) × (F1$/ϵ / S0 $/ϵ) - 1
iϵ = (1 + 0.07) × ($1.55/ϵ / $1.5/ϵ) - 1
iϵ = 1.07 × 1.0333 - 1
iϵ ≈ 0.1059 or 10.59%
Therefore, the interest rate in euros is approximately 10.59% if the international parity conditions hold.
b. If the annual forward premium of $1.55/ϵ persists into the future, the euro's value in five years can be calculated by multiplying the current spot exchange rate by the compounded forward premium:
Euro's value in five years = S0 $/ϵ × (1 + Forward premium)^5
Euro's value in five years = $1.5/ϵ × (1 + $1.55/ϵ - $1.5/ϵ)^5
Simplifying the calculation will give you the euro's value in five years.
c. To calculate the profit through covered interest arbitrage, we need to compare the returns from investing in each currency. If the interest rate in euros (iϵ) is 3 percent, and we borrow 1 million monetary units of the appropriate currency, we can invest it in the United States at the higher interest rate (i$ = 7 percent).
Profit from covered interest arbitrage = (1 + i$) × (F1$/ϵ / S0 $/ϵ) - (1 + iϵ)
Profit = (1 + 0.07) × ($1.55/ϵ / $1.5/ϵ) - (1 + 0.03)
Profit = 1.07 × 1.0333 - 1.03
Profit ≈ 0.072 or 7.2%
Therefore, through covered interest arbitrage, you can generate a profit of approximately 7.2% with zero investment and zero risk by borrowing 1 million monetary units of the appropriate currency.
Learn more about Euros from the given link:
https://brainly.com/question/32793413
#SPJ11
Which situation is an ethical dilemma?
A. reporting the actions of a supervisor regarding his use of a company car for personal errands
B. launching a new product catering to the elite section of society
C. hiring female employees for top management jobs in the company
D.opening a new plant that offers jobs to the economically weaker sections of society
Answers
Answer:
The answer is A. reporting the actions of a supervisor regarding his use of a company car for personal errands
Explanation:
Trust me, I just took the quiz. This is the correct answer.
On Wednesday, your boss asks you if you'd be willing to work an
extra day on Saturday. You agree to come to work. On Friday,
your best friend invites you to go to the beach the next day.
Should you go to work or to the beach on Saturday? Why?
Answers
Answer:
Explanation:
I would go to work on Saturday as it has been agreed upon before my friend invited me to the beach.
Why does the United States have an advantage over other countries in producing many different products for export?
Consumption greater than production
O Abundance of natural resources
O Lowest unemployment rate
O Mandatory education
Answers
Due to its wealth in natural resources, the United States has an advantage over other nations in creating a wide range of items for export.
Natural resources include any biological, mineral, or aesthetic asset provided by nature unaided and capable of being used for some sort of advantage, whether tangible (economic) or intangible. It has changed over time and from one community to another what is seen as a export "resource" (or, for that matter, "natural"). In addition to energy resources (like petroleum, natural gas, and heated water [that is, geothermal energy] contained within layers of rock), forests, surface water, groundwater, fertile lands, or the soil and minerals within them (rather than the crops that grow on them), are natural resources examples of assets that can be considered natural resources.
Natural resource management is a practice that takes into account how civilizations control the availability of or access to the natural resources that are essential to their existence and economic growth. According to natural resources certain definitions, management is only necessary for natural resources that can regenerate on their own and whose use export depends on this ability. For instance, oil is not typically seen as a topic of natural resource management.
Learn more about natural resources here
https://brainly.com/question/13954163
#SPJ4
Why is it important to file your federal incomes taxes every year?.
Answers
Answer:
Avoid losing future refunds.
Explanation:
Part or all of any refund is first used to pay any back taxes owed. Safeguard credit. If the IRS files a tax lien against a taxpayer, it could affect credit scores and make it harder to get a loan.
Which statement is an example of inflation?
Answers
Answer:
The price level of many things you buy increases over time.
Explanation:
The question itself was a bit confusing, like there was going to be options, but i did what i could with what i was given, and found you a good example. I hope this helps! Great to be of service to you! ⚔