Taxable income and pretax financial income would be identical for Skysong Co. except for its treatments of gross profit on installment sales and estimated costs of warranties. The following income computations have been prepared.
Taxable income 2019 2020 2021
Excess of revenues over
expenses (excluding two
temporary differences) $154,000 $191,000 $88,100
Installment gross profit
collected 8,500 8,500 8,500
Expenditures for warranties (4,500) (4,500) (4,500)
Taxable income $158,000 $195,000 $92,100
Pretax financial income 2019 2020 2021
Excess of revenues over
expenses (excluding two
temporary differences) $154,000 $191,000 $88,100
Installment gross profit
recognized 25,500 -0- -0-
Estimated cost of
warranties (13,500) -0- -0-
Income before taxes $166,000 $191,000 $88,100
The tax rates in effect are 2019, 40%; 2020 and 2021, 45%. All tax rates were enacted into law on January 1, 2019. No deferred income taxes existed at the beginning of 2019. Taxable income is expected in all future years. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016, 2017, and 2018.
Answers: 3
Business, 22.06.2019 10:00, tiarafaimealelei
The solution set for -18 < 5x-3 iso-3х3< xо-3хo3 > x
Answers: 3
Business, 22.06.2019 21:00, mattsucre1823
Suppose either computers or televisions can be assembled with the following labor inputs: units produced 1 2 3 4 5 6 7 8 9 10 total labor used 3 7 12 18 25 33 42 54 70 90 (a) draw the production possibilities curve for an economy with 54 units of labor. label it p54. (b) what is the opportunity cost of the eighth computer? (c) suppose immigration brings in 36 more workers. redraw the production possibilities curve to reflect this added labor. label the new curve p90.
Answers: 2
Taxable income and pretax financial income would be identical for Skysong Co. except for its treatme...
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