Business
Business, 18.02.2020 01:39, unicornsflyhigh

Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company’s records and related documents: On July 1, 2018, a two-year insurance premium on equipment in the amount of $840 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. At the end of 2018, the unadjusted balance in the Supplies account was $1,000. A physical count of supplies on December 31, 2018, indicated supplies costing $400 were still on hand. On December 31, 2018, YY’s Garage completed repairs on one of Brokeback’s trucks at a cost of $900. The amount is not yet recorded. It will be paid during January 2019. On December 31, 2018, the company completed a contract for an out-of-state company for $8,450 payable by the customer within 30 days. No cash has been collected and no journal entry has been made for this transaction. On July 1, 2018, the company purchased a new hauling van. Depreciation for July–December 2018, estimated to total $3,250, has not been recorded. As of December 31, the company owes interest of $600 on a bank loan taken out on October 1, 2018. The interest will be paid when the loan is repaid on September 30, 2019. No interest has been recorded yet. Assume the income after the preceding adjustments but before income taxes was $40,000. The company’s federal income tax rate is 20%. Compute and record income tax expense.

answer
Answers: 1

Other questions on the subject: Business

image
Business, 22.06.2019 07:00, glizbethh00
What is the state tax rate for a resident of arizona whose annual taxable income is $18,000?
Answers: 1
image
Business, 22.06.2019 09:20, swello1937
Which statement best explains the relationship between points a and b? a. consumption reaches its highest point, and then supply begins to fall. b. inflation reaches its highest point, and then the economy begins to expand. c. production reaches its highest point, and then the economy begins to contract. d. unemployment reaches its highest point, and then inflation begins to decrease.
Answers: 2
image
Business, 22.06.2019 13:40, nina1390
Determine if the following statements are true or false. an increase in government spending can crowd out private investment. an improvement in the budget balance increases the demand for financial capital. an increase in private consumption may crowd out private investment. lower interest rates can lead to private investment being crowded out. a trade balance in sur+ increases the supply of financial capital. if private savings is equal to private investment, then there is neither a budget sur+ nor a budget deficit.
Answers: 1
image
Business, 22.06.2019 20:50, aberiele1998
You are bearish on telecom and decide to sell short 100 shares at the current market price of $50 per share. a. how much in cash or securities must you put into your brokerage account if the broker’s initial margin requirement is 50% of the value of the short position? b. how high can the price of the stock go before you get a margin call if the maintenance margin is 30% of the value of the short position? (input the amount as a positive value. round your answer to 2 decimal places.)
Answers: 3
Do you know the correct answer?
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data...

Questions in other subjects:

Konu
Social Studies, 04.12.2020 16:50