Answer:
a. 2 years
b. 1 year
c. 12 times
Explanation:
Interest period is the duration of the deposit. It is the length of time the money would remain in deposit. This is 2 years according to the question
Compounding period = number of times interest would be paid. In the question, this is a year. So interest would be paid every year
The compounding frequency - it is the number of times the deposit would be compounded. It is 12 months
The future value of the deposit can be determined using this formula :
FV = P (1 + r/m)^nm
FV = Future value
P = Present value
R = interest rate
N = number of years
m = number of compounding
Range of reaction asserts that our genes set the boundaries within which we can operate and our environment interact with our genes
Explanation:
Range of reaction is that the characteristics that are expressed in the individuals are the results of the change in the both genetic characters and the changes that occur in the environment
They are also influenced by other factors like that the things to which they are exposed and the rate at which they occur if the father is a foot ball player the child is also automatically exposed to that environment which alters the phenotype of the child
Answer and Explanation:
The Journal entry is shown below:-
Amount should be capitalized for new vehicle = Cost + Painting and new logo cost + Deluxe Roof rack and trailer hitch
= $15,600 + $6,600 + $2,900
= $25,100
We took the cost of painting and deluxe roof and trailer hitch costs into account as they are supposed to increase the vehicle's future benefits.
Depreciation = (Cost - Salvage Value) ÷ Number of Years
= ($25,100 - $6,300) ÷ 5
= $3,760 per year
In the year 2022 vehicle is used only for 6 months (July to Dec), depreciation expense for the year ended December 31, 2022 is
= $3,760 × 6 ÷ 12
= $1,880
So, the Journal entry is
Depreciation expense Dr, $1,880
To Accumulated Depreciation $1,880
(Being depreciation provided for the year 2022 is recorded)
Therefore for recording the depreciation provided for the year 2022 we simply debited the depreciation expenses while we credited the accumulated depreciation.
Answer:
Retained earnings at the beginning of the year;
Equity = Common stock + Retained earnings
Retained earnings = Equity - Common stock
Equity = Assets - Liabilities
= 700,000 - 210,000
=$490,000
Retained earnings = 490,000 - 200,000
=$290,000
........................................................Maria Queen..................................................
.....................................Statement of Retained Earnings..................................
.........................................For the year ended 2022..........................................
Opening Balance...............................................................................$290,000
Add:
Net Profit .............................................................................................$220,000
Less:
Dividends.............................................................................................($120,000)
Retained Earnings, 31 Dec 2022............................................$390,000
Answer:
a. $10,311
b. $0
c. $9,546.95
Explanation:
a. Deferred tax asset account:
= Deferred tax asset 2019 + Deferred tax asset 2020
Deferred tax asset 2019 = Bad debt for book purposes * tax rate
= 196,400 * 21%
= $41,244
Deferred tax asset 2020 = Bad debt for tax purposes * tax rate
= 147,300 * 21%
= -$30,933
Deferred tax account balance = 41,244 + (- 30,933)
= $10,311
b. Deferred tax liability account = $0
From the given details there are no tax liabilities.
c. Cost to Mini;
= Deferred tax asset * Present value factor
= 10,311 * 0.9259
= $9,546.95
