Business, 30.03.2020 19:15, valerieaj113
Valuation Account At the end of 2013, its rst year of operations, Beattie Company reported taxable income of $38,000 and pretax nancial income of $34,400. The difference is due to the way the company handles its warranty costs. For tax purposes, Beattie deducts the warranty costs as they are paid. For nancial reporting purposes, Beattie provides for a year-end estimated warranty liability based on future expected costs. Beattie is subject to a 30% tax rate for 2013, and no change in the tax rate has been enacted for future years. Based on veriable evidence, the company decides it should establish a valuation allowance of 60% of its ending deferred tax asset. Required:1. Prepare Beattie’s income tax journal entry at the end of 2013.2. Prepare the lower portion of the Beattie’s 2013 income statement.
Answers: 2
Business, 21.06.2019 20:20, staxeeyy767
If the government is required to balance the budget and the economy falls into a recession, which of the actions is a feasible policy response? cut taxes to encourage consumer spending invest in infrastructure increase government spending to stimulate the economy cut spending equal to the reduction in tax revenue what is a likely consequence of this policy? unemployment falls due to the economic stimulus. the negative consequences of the recession are magnified. consumer spending increases due to their ability to keep more of their after-tax income. there is hyperinflation due to an increase in aggregate demand.
Answers: 3
Business, 22.06.2019 02:00, camperangie3364
Jamie lee is reviewing her finances one month later. she has provided the actual amounts paid below. use the cash budget table below to her identify the variances in her budget. each answer must have a value for the assignment to be complete. enter "0" for any unused categories. actual amounts income: monthly expenses: gross monthly salary $2,315 rent obligation $260 net monthly salary $1,740 utilities/electricity $130 savings allocation: utilities/water $10 regular savings $130 utilities/cable tv $155 rainy-day savings $20 food $160 entertainment: gas/maintenance $205 cake decorating class $90 credit card payment $25 movies with friends $50 car insurance $75 clothing $145 budgeted amounts assets: monthly expenses: checking account $1,850 rent obligation $225 emergency fund savings account $4,300 utilities/electricity $75 car $5,200 utilities/water $35 computer & ipad $1,100 utilities/cable tv $120 liabilities: food $115 student loan $6,600 gas/maintenance $95 credit card balance $1,000 credit card payment $45 income: car insurance $45 gross monthly salary $2,155 clothing $45 net monthly salary $1,580 entertainment: savings allocation: cake decorating class $90 regular savings $130 movies with friends $50 rainy day savings $20
Answers: 2
Business, 22.06.2019 08:30, shauntleaning
Match the given situations to the type of risks that a business may face while taking credit. 1. beta ltd. had taken a loan from a bank for a period of 15 years, but its sales are gradually showing a decline. 2. alpha ltd. has taken a loan for increasing its production and sales, but it has not conducted any research before making this decision. 3. delphi ltd. has an overseas client. the economy of the client’s country is going through severe recession. 4. delphi ltd. has taken a short-term loan from the bank, but its supply chain logistics are not in place. a. foreign exchange risk b. operational risk c. term of loan risk d. revenue projections risk
Answers: 3
Valuation Account At the end of 2013, its rst year of operations, Beattie Company reported taxable i...