The journal entry to record income taxes for 2024 is Income Tax Expense $550,000, Deferred Tax Asset $110,000 and Income Tax Payable $990,000
To prepare the journal entry to record income taxes for 2024, we need to take into account the deferred portion of the rent collected in 2024 and the income tax payable for the year.
The deferred portion of the rent collected in 2024 amounted to $440,000, which means that this amount was not recognized as revenue in 2024 for financial statement reporting purposes. However, it was collected in 2024 and is therefore taxable in that year for income tax reporting purposes.
The income tax payable for 2024 is $990,000, which is based on the taxable income earned in that year.
To record income taxes for 2024, we would make the following journal entry:
Income Tax Expense $550,000
Deferred Tax Asset $110,000
Income Tax Payable $990,000
In this entry, we would debit Income Tax Expense for $550,000, which represents the amount of income taxes owed for the year based on the taxable income earned.
We would then credit Deferred Tax Asset for $110,000, which represents the amount of deferred tax asset created as a result of the deferred rent revenue. Finally, we would credit Income Tax Payable for $990,000, which represents the amount of income taxes owed for the year based on the taxable income earned.
Overall, this journal entry records the income tax expense for the year, as well as the deferred tax asset created by the deferred rent revenue, and the income tax payable owed to the government.
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1. Which cost accumulation procedure is most applicable in continuous mass-production manufacturing environments?a. standardb. actualc. processd. job order
The most applicable cost accumulation procedure in continuous mass-production manufacturing environments is c. process.
This method is ideal for such environments because it deals with large-scale production of identical or homogeneous products. Process costing accumulates the costs for each manufacturing stage or process, and then allocates these costs evenly across all units produced within that process.
In comparison, standard costing involves the use of predetermined cost estimates, while actual costing applies actual costs incurred during production. Both of these methods are not as suitable for mass-production manufacturing environments, as they do not provide the same level of cost allocation accuracy as process costing.
Job order costing, on the other hand, is more appropriate for companies that produce unique, custom-made products or services, as it accumulates costs for each individual job or order. This method would not be efficient or effective in continuous mass-production scenarios due to the high volume of identical products being produced.
In summary, process costing is the most applicable cost accumulation procedure for continuous mass-production manufacturing environments, as it accurately and efficiently allocates costs across all units produced within a given process.
Therefore, the correct answer is c. process.
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Choose the option that best matches the description given.
I handle the basic management of our employees and am the face you see in the media.
a)shareholder
b)officer
c)board of directors
Answer:
I think c. board of directors
OFFICERRRRRRRRRRRRRRR
mutual life insurance companies specialize in the sale of nonparticipating policies.
true
false
The statement "Mutual life insurance companies specialize in the sale of nonparticipating policies" is false.
While mutual life insurance companies can offer both participating and nonparticipating policies, they are often associated with participating policies due to their structure as policyholders' owned organizations, where policyholders have a say in the company's management and may receive benefits such as dividends. Participating policies allow policyholders to share in the company's profits and receive dividends based on the company's financial performance. Nonparticipating policies, on the other hand, do not provide policyholders with these benefits and are typically simpler in nature. It is important to note that mutual life insurance companies offer a range of policy options to meet the diverse needs of their customers, and both participating and nonparticipating policies can be available depending on the company and the specific preferences of the policyholders.
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What is the message of the poem "We all need love"
Answer:
The poem talks about love and togetherness that love can bring in the lives of the human beings.
Explanation:
The poem "We all need Love" written by Maxim Muyu highlights the importance of love in the life of humans. The poem explains how 'love' can diminish bad vibes and create a whole new world of peace and brotherhood. Throughout the poem, the theme of loving each other has been highlighted. It is only by loving others that the evils like 'depression' and 'racism' can be eradicated in the society. The word 'Love' is very strong and meaningful. Love is the requirement of every individual and it helps the heart and the mind to come together.
Love is a feeling of attraction, care and affection towards someone.
An individual can either love someone or be loved by someone. Self love is very important because you need to learn to love yourself before you can extend it to someone else.The poem "We all need love" reiterate the importance of love in the family, among friends and the society. Love helps to promote unity and corporation.Existence of love promotes togetherness.
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.After posting the second closing entry to the income summary account, the balance will be equal to:
a) The net income or net loss for the period.
b) Revenues for the period.
c) Stockholders' equity.
d) Zero
Option a: The amount will equal the period's net income or (loss) after sending the second closing entry to the income summary account.
When temporary accounts are closed at the conclusion of each accounting period, they are transferred to the income summary account. In other words, the temporary accounts are debited for the value of each account in the income statement, which is subsequently added as a single value to the income summary account.
The income summary account has two sides: a credit side and a debit side. If the credit side exceeds the debit side, a corporation is said to have gained profits; if the debit side exceeds the credit side, a company is said to have lost money.
The money in each temporary account will be closed and transferred to the capital account for a sole proprietorship or to "retained earnings" for a corporation once all temporary accounts have been moved to the income summary account.
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Why is the automobile industry considered an oligopoly?
It offers little differentiation within the market.
It has significant barriers to entry.
It is controlled by companies that patent key technology.
It relies on price variation to attract customers.
It depends on brand loyalty and image to generate sales.
It is dominated by a few key players.
The reasons that the automobile industry is an oligopoly in market economics are because of B. It has significant barriers to entry and F. It is dominated by a few key players.
An oligopoly is a market condition where the possibility of firms colluding with each other exists.Firms in this market are interdependent, especially with regards to pricing.
Oligopolistic firms differentiate their products, and they have few producers.There are barriers to entry.
Thus, an oligopoly limits entries to a few key players who dominate the market.
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Answer:
B: It has significant barriers to entry.
E: It depends on brand loyalty and image to generate sales.
F: It is dominated by a few key players.
which essential pop component requires that an agency find tailor-made methods of resolving problems?
The essential pop component which requires that an agency find tailor-made methods of resolving problems is option E. evaluation and feedback
What is tailor-made methods of resolving problems?Tailor-made Solution is otherwise known as bespoke or custom software, this is a solution developed to resolve one's business needs and requirements basically.
Usually, consultatively delivered this option will provide you exactly what your business needs at that time with a minimum of maintenance of the system required due to it being fit for purpose from day one.
Therefore, the correct answer is as given above
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The complete question goes thus:
Which essential POP component requires that an agency find tailor-made methods of resolving problems?
◦ redefining problems
◦ customized or canned?
◦ take the offensive
◦ decision visibility
◦ evaluation and feedback
if ima has 10 of income to spend today and today at the market the price of coke is higher than the price of pepsi then ima's optimal bundle would be to
if ima has 10 of income to spend today and today at the market the price of coke is higher than the price of pepsi then ima's optimal bundle would be to 900 dollar.
The concept of income, which is often expressed in monetary terms, is the possibility for consuming and saving gained by an entity within a set period. [1] Income is a difficult concept to define, and different sectors could have different definitions. No such page For instance, a person's income might not match their income both legally and economically. A very important definition of income is Haig-Simons income, which identifies income as Consumption + Change in Net Worth and is frequently used in economics.For families and individuals in the United States, income is defined by tax law as a total that includes all wages, salaries, profits, interest payments, rent, or other forms of earnings earned in a calendar year.
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This activity is important because it covers important terms for effective money management. The goal of this exercise is to identify the best ways to manage your personal finances. Complete each statement with the correct term. Note not all terms will be used.
Remainder Part of the Question:
Build Your Financial Base Terms:
The ______ is one of the best places to put your money.
A _______ is one of the worst places to keep long-term investments.
You can use a _______ to keep track of purchases.
Your _______ is likely to be the largest of the most important investments you make.
It is wise to plan your financial future with _______.
Available Options are:
Credit Card, Bank Account, Home, Uncertainity, Excitement, car, insurance, stock market, payday loan.
Answers:
A. Stock market
B. Bank Account
C. Credit Card
D. Home
E. Insurance
Explanation:
A. The Stock Market is one of the best places to put your money.
Stock markets are the source of raising funds for investments by the companies. The stock market helps the investor to choose the investment with appropriate returns and risks. Furthermore the investor can also diversify its return by managing the portfolio of investments.
B. A Bank Account is one of the worst places to keep long term investment
The lowest returns are on saving accounts hence it is the worst place for long term investments.
C. You can use Credit Card to keep a track of your purchases.
Credit cards can be used for tracking all of purchases because monthly statement mailed to you includes all the spendings during the year.
D. Your Home is likely to be the largest of the most important investments you make
Buying home is considered as one of the largest investments as it takes substantial savings of the person to buy an house. A roughly estimate would be the savings of 3-4 years for a small house for a couple.
E. It is wise to plan your financial future with Insurance.
Because Insurance helps you to lower your financial risks. The risk is associated with life, home, car, and physical assets and thus the investor must use insurance facility.
1. Pilihan ganda30 detik1 ptQ. Finance is the business function that involves managingPilihan jawabanInformationMoneyMarketingProduction
Option e: Business description. A Business description. describes the nature of the company, the products it offers, and the company philosophy.
A business description is a written overview of a company and its products or services.
Describe your company's purpose, goals, and target audience. This description often includes information about the nature of the company, the products or services it offers, the company's history and philosophy, and the people involved in running the company.
A company description helps you have a clear understanding of what your company does, stands for, and wants to achieve. It serves as the basis for the company's marketing and financial planning and helps define the company's overall direction.
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Complete question:
Pilihan ganda30 detik1 ptQ. Which of the following describes the business type, the products offered and the philosophy of the business?
Pilihan jawaban
Marketing plan
Executive agenda
Financial plan
Business description
you are bidding in a second-price auction for a painting that you value at $800. you estimate that other bidders are most likely to value the painting at between $200 and $600. which of these is likely to be your best bid?
Your best likely bid is $600.
In a second-price auction, also known as a Vickrey auction, the bidder who offers the highest bid wins the item, but the price paid is the second-highest bid. In this case, you are bidding on a painting worth $800, and you believe that other bidders are likely to value it between $200 and $600.
Therefore, if you bid $600, you will almost certainly win the auction. If your valuation of $800 is correct, your payment will be less than the painting's value, implying that you have received a good deal.
Furthermore, since you believe that other bidders value the painting between $200 and $600, you can safely bid the maximum value you think other bidders will put on it. Therefore, your best bid is $600.
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9. The financial aid you receive is called
1) an award
2) a grace period
3) a renewable award
4) non-renewable award
If the market price per share is $60 and the price-earnings ratio is 3, then income is Select one: O a. $20 O b. $25 O c. $30 O d. Unable to tell from data given
The market price per share, price-earnings ratio and income are related. Let's find out how.If the market price per share is $60 and the price-earnings ratio is 3, then the income is $20.
What is the price-earnings ratio?The price-earnings ratio (P/E ratio) compares a company's current share price with its earnings per share (EPS).The price-earnings ratio formula is as follows:P/E Ratio = Market Price Per Share / Earnings Per ShareNow, we can substitute the known variables into the formula and solve for the unknown. Since we are given the market price per share as $60 and the price-earnings ratio as 3, we can assume that the earnings per share are $20. This is because if the P/E ratio is 3, then the market price per share is 3 times the earnings per share, as shown below:P/E Ratio = Market Price Per Share / Earnings Per Share3 = $60 / Earnings Per ShareEarnings Per Share = $60 / 3Earnings Per Share = $20Therefore, the answer is option A. $20.
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And employer has three employees who are each paid a salary of $1250 per month. He wants to give each of the three employees a $125 per month raise and he wants to hire an additional salaried employee. If the salary budget for these employees is $5325 per month, how much can he afford to offer the new employee?
Answer:
$1200
Explanation:
The three existing employees earn $1250 each. With an increase of $125, each will now earn $1,375.( $1250 + $125)
The new total for the three employees will be = $4,125
The employer has a budget of $5,325. After paying the three employees, the available balance will cater to the new employee.
The available balance will be $5,325 - $4,125
=$1200
which measure focuses on demand and market conditions in an industry? a. the c4 ratio b. the dansby-willig index c. the rothschild index d. the herfindahl-hirschman index
The measure that focuses on demand and market conditions in an industry is the Herfindahl-Hirschman Index (HHI). The HHI is a commonly used measure to assess the level of market concentration in an industry.
It is calculated by squaring the market share of each firm in the industry and adding up these values. The resulting HHI value ranges from 0 to 10,000, with higher values indicating higher concentration and lower levels of competition. The HHI takes into account the market share of all firms in the industry, making it a comprehensive measure of market concentration.
This means that it provides a good indication of the level of competition in the industry and can be used to assess the impact of market conditions on the industry. Other measures such as the C4 ratio, Dansby-Willig index, and Rothschild index are also used to assess market concentration, but they do not focus specifically on demand and market conditions in the industry.
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In 2018, Michael has net short-term capital losses of $1,500, a net long-term capital loss of $27,000, and other ordinary taxable income of $45,000. If an amount is zero, enter "0". A. Calculate the amount of Michael's deduction for capital losses on his tax return for 2018. $ b. Calculate the amount and nature of his capital loss carryforward. $ $ c. For how long may Michael carry forward any long-term unused loss?
The maximum amount that can be adjusted from the taxpayer's regular income is... $53,000 for a loss of 28%, $28,000 for a gain of 25%, and $24,000 for a loss of 0%, 15%, or 20%.
What does adjusted by mean?
to slightly alter something in order to improve its correctness, effectiveness, or suitability: You can adjust the chair if it's too high for you. You must modify your teaching strategies to meet the needs of slower learners. Synonyms, antonyms, and examples in a thesaurus. He adjusted his eyes to the darkness. He readjusted his glasses and went back to writing in his fishing log. He began walking down the side aisle as his eyes grew accustomed to the brightness.
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Jamal is about to start a new job. Given that he wants to make lots of new friends, he should choose the office that is located __________.
Answer:
he should join a job in the public expence or in a busy society
Explanation:
its like if he join a job in the public expence or in a busy society so he'll be able to make friends
What customers constitute the business market?
Answer:
The business market consists of four major categories of customers: producers, resellers, governments, and institutions. Producers-include profit-oriented organizations that use purchased goods and services to produce or incorporate into other products.
Explanation:
hope this helps
If you are unhappy about the current transportation system, which of the following politicians will you vote for?
A. Politicians who advocates going to war abroad
B. Politicians who wants to improve roads and highways
C. Politicians who aim to improve the educational system
D. Politicians who suggest increasing the sales tax
Answer:
It would be B because these politicians would improve the roads and the means of transportation
Shane's auto-parts orders 20 tires from tough tires inc. The truck delivering the tires to Shanes is in an accident and 10 of the tires are damaged. Shane's auto-parts
A) cannot reject the entire shipment
B) must still pay for all 20 tires at their original contract price
C) May inspect the tires and accept the shipment with the a deduction in price.
D) must reject entire shipment
Shane's auto-parts orders 20 tires from tough tires inc. The truck delivering the tires to Shanes is in an accident and 10 of the tires are damaged. Shane's auto-parts may inspect the tires and accept the shipment with a deduction in price. The option that represents the correct answer to the given scenario is C) May inspect the tires and accept the shipment with a deduction in price.
In case of partial or late delivery, there are different contractual remedies available to the buyer. One of the contractual remedies for the buyer in case of partial delivery is that the buyer can inspect the goods and accept the shipment with a deduction in price.Partial delivery means a situation where the seller delivers fewer goods than agreed upon in the contract or the order. In such cases, the buyer is entitled to some remedies. If the defect in the goods is not fundamental or the seller can remedy the defect, the buyer must grant the seller reasonable time to remedy the defect before asserting other remedies.
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In attempting
to satisfy customers, businesses must consider not only consumer's
immediate needs, but also
a) Consumers'
willingness to spend
b) Consumers'
buying power
c) Stockholder
s' wishes
d)
In attempting to satisfy customers, businesses must consider not only consumers' immediate needs, but also **b) consumers' buying power**.
While consumers' immediate needs are important to address, their buying power is a crucial factor for businesses to consider. Buying power refers to consumers' ability to purchase goods or services based on their financial resources and income. Understanding consumers' buying power helps businesses determine pricing strategies, affordability of products, and market demand. By considering consumers' buying power, businesses can tailor their offerings to meet the affordability and value expectations of their target market, ensuring that their products or services are accessible and appealing to customers within their financial means. This consideration is essential for businesses to establish a sustainable customer base and maintain long-term profitability.
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An increase in the riskiness of corporate bonds will ________ the yield on corporate bonds and ________ the yield on treasury securities, everything else held constant.
An increase in the riskiness of corporate bonds will increase the yield on corporate bonds and reduce the yield on Treasury securities, everything else held constant.
A corporate bond is a bond that a corporation issues to obtain money for a number of purposes, such as continued operations, mergers, and acquisitions, or business expansion. It usually refers to debt instruments with a minimum one-year maturity that are longer-term in nature.
The United States Department of the Treasury issues United States Treasury securities, often known as Treasuries or Treasurys, to support government spending as an alternative to taxation. Treasury securities are among the safest investments because they are supported by the full faith and credit of the United States government. Treasury securities' revenue could be free from municipal and state taxes but not from federal taxes.
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The question was incomplete. Check below the full question
An increase in the riskiness of corporate bonds will _____ the yield on corporate bonds and _____ the yield on Treasury securities, everything else held constant.
a. increase; increase
b. reduce; reduce
c. increase; reduce
d. reduce; increase
To what extent does woolworths have over the macro environment
Your brother has cooked the books and skimmed money because he has six kids, one ex-wife, and may lose his home. The corporation's ISP sues the corporation for defaulting on the Web design and hosting contract, which you signed, claiming that the corporation is a sham corporation. You and your mom are personally liable.
False
True
Answer
false (?)
Explanation
I have no explanation
True
Answer:
Explanation:
Did on Edg
_____ allows industries, organizations, and companies to approach business decisions from different perspectives. Arbitration Ergonomics Tolerance Workforce diversity
Answer:
Workforce diversity
Explanation:
Workforce diversity refers to similarities and differences between employers and employees in terms of their race, religion, gender, perspectives and opinions.
Diversity is important for every industry, organization, and company since people have different perspective and views, they approach business problems differently, leading to different solutions. Diversity leads to increase profits, creativity, wide range of skills e.t.c.
Which of the following is an example of the ethical issue of gift-giving in the
health care industry?
Answer:
Patient Privacy and Confidentiality. The protection of private patient information is one of the most important ethical and legal issues in the field of healthcare. ...
Transmission of Diseases. ...
Relationships. ...
End-of-Life Issues
etc.
Answer:
A doctor prescribes medication to patients after the pharmaceutical company present tickets to a basketball game to the doctor.
Explanation:
good luck with your homework <3
Hillman corporation reported a decrease in accounts receivable of $391,216. This is best defined as a _________ of cash on the _______________ segment on the statement of cash flows.
Answer: source of cash, operating activities
Source= asset
Accounts Receivable= asset
Explanation:
Which career is best suited for people who have a high school diploma?
- Administration and information support.
- Human resources.
- Business financial management and accounting.
- Business analysis.
Answer:
It should be Human resources because it is the least technical compared to the other three options.
The American car maker manufacturer, GM, manufactures a car in China for 42,000 RMB. This GM car sells for $10,000 in the USA.
(1) Calculate the profit in US dollars for each of the four scenarios (4 points)
1. Weak Dollar: 1 $ = 6 RMB
2. Strong Dollar: 1 $ = 7 RMB
3. Very Strong Dollar: 1 $ = 8 RMB
4. Very Weak Dollar: 1 $ = 5 RMB
The profit made by an American car manufacturer, GM, in US dollars for each of the four scenarios can be calculated as follows: 1) The profit made by GM in US dollars for this scenario is $3,000. 2) The profit made by GM in US dollars for this scenario is $4,000. 3) The profit made by GM in US dollars for this scenario is $4,750. 4) The profit made by GM in US dollars for this scenario is $1,600.
1. Weak Dollar: 1$ = 6 RMB The profit in US dollars can be calculated as follows:
Sale price of GM car in the USA = $10,000The cost of manufacturing the car in China = 42,000 RMB = 42,000/6 = $7,000 Profit in US dollars = Sale price - Cost price= $10,000 - $7,000= $3,000.
2. Strong Dollar: 1$ = 7 RMB The profit in US dollars can be calculated as follows:
Cost price of GM car = 42,000/7 = $6,000 Sale price of GM car in the USA = $10,000 Profit in US dollars = Sale price - Cost price= $10,000 - $6,000= $4,000
3. Very Strong Dollar: 1$ = 8 RMB The profit in US dollars can be calculated as follows:
Cost price of GM car = 42,000/8 = $5,250 Sale price of GM car in the USA = $10,000
Profit in US dollars = Sale price - Cost price= $10,000 - $5,250= $4,750Therefore, the profit made by GM in US dollars for this scenario is $4,750.
4. Very Weak Dollar: 1$ = 5 RMBThe profit in US dollars can be calculated as follows:
Cost price of GM car = 42,000/5 = $8,400Sale price of GM car in the USA = $10,000 Profit in US dollars = Sale price - Cost price= $10,000 - $8,400= $1,600.
The above calculations clearly indicate that when the dollar is stronger, GM earns a higher profit in US dollars. When the dollar is weaker, GM earns a lower profit in US dollars. Therefore, the exchange rate plays a vital role in the profit earned by a company. If the exchange rate is unfavorable, the company will earn lower profits in the domestic currency and vice versa.
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DO NOT ANSWER THIS QESTION
Answer: ok
Explanation: