Answer:
b.$0
Explanation:
As we know that
When there is a temporary discrepancy between financial income and taxable income a deferred tax benefit or liability occurs. Temporary difference means an benefit or cost with respect to treatment that has just a timing gap.
Moreover, the Premium on officer's life insurance is tax deductible i.e $15,000 as it is paid by the company due to which difference arise between the financial and taxable income.
And,
Interest received on municipal bonds $20,000 are mostly exempt from federal income tax.
Therefore, it shows no such difference as it indicates the permanent difference
Answer:
$5,055,000 TOTAL CURRENT ASSETS
$2,435,000 TOTAL CURRENT LIABILITIES
$4,691,000 Retained Earnings
Explanation:
2017 Balance Sheet
$875,000 Cash
$2,095,000 Accounts Receivable
$2,085,000 Inventories
$5,055,000 TOTAL CURRENT ASSETS
$7,566,000 Property, plant, and equipment
$600,000 Accounts Receivable
$8,166,000 TOTAL NONCURRENT ASSETS
$13,221,000 TOTAL ASSETS
$1,761,000 Accounts Payable
$20,000 Deferred Income Tax Liability
$654,000 Income Tax Payable
$2,435,000 TOTAL CURRENT LIABILITIES
$65,000 Deferred Income Tax Liability
$65,000 TOTAL NONCURRENT LIABILITIES
$2,500,000 TOTAL LIABILITIES
$2,350,000 Common Stock
$3,680,000 Paid in Capital
$4,691,000 Retained Earnings
$10,721,000 TOTAL EQUITY
$13,221,000 TOTAL EQUITY + LIABILITIES
Income Statement 2021
Sales $13.560,000
Cost and Expenses -$11.180,000
Net Income Before Taxes and Int $2.380,000
Interest Expenses -$1.179,000
Net Income Before Taxes $1.201,000
Answer:
jury of executive opinion.
Explanation:
The forecasting technique that pools the opinions of a group of experts or managers is known as jury of executive opinion.
For example, when XYZ manufacturing company decides to conduct a series of strategic meetings for its forecasting by involving its key employees such as directors, analysts, managers etc to discuss (gathering opinions, ideas, perspectives and views) before reaching a forecasting consensus. This is simply a jury of executive opinion.
The forecasting technique that combines the opinions of a group of experts or managers is known as the 'jury of executive opinion'. It leverages collective expertise for prediction in complex decision-making situations or when there's a lack of sufficient hard data.
The forecasting technique that gathers and combines the views and opinions of a group of experts or managers is called the Jury of executive opinion. This technique relies on the collective knowledge, experience, and intuition of a group of high-level managers to predict future events or outcomes. It's often used in situations where decision-making is complex, or when there aren't enough hard data available. For instance, a group of corporate executives could use their combined expertise to make forecasts about trends in their industry, the potential impact of significant new legislation, or the likely behavior of their competitors.
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Answer:
B) salesmen have granted customers an extension of credit terms.
Explanation:
receivables turnover ratio = net sales / average accounts receivable
A low receivables turnover ratio is usually a bad thing, since most companies sell on credit, i.e. their accounts receivable should be important. A high receivables turnover ratio means that the company is collecting its accounts receivable efficiently and its customers are good payers.
The key point here is average accounts receivable. What can result in a company having very high accounts receivable (compared to its total sales)? The answer is simple, their customers are not paying on time or the company had to extend their credit terms in order to attract more customers.
b. What is the source of the data?
c. What is the reason for collecting the data?
d. Is it possible to make decisions without collecting data?
Answer:
d. Is it possible to make decisions without collecting data?
Explanation:
There is no need for such a question since you are already requested to begin developing a data collection plan.
However, questions related to who will be responsible for collecting the data are important as they enable you to properly plan. Also, knowing the source of the data and the reason for collecting the data are important questions.
Data collection plan is used to collect data in order to make decision while collecting the data, one should not ask whether the decision can be taken without collecting data.
It is a thoughtful approach used to collect the baseline data as well as data which guides to the root cause. The plan includes questions like: How, When, Where and From whom the data is collected.
The questions not asked while developing a data collection plan is whether it's possible to make decisions without collecting data.
Therefore, option d appropriately describes the above statement.
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For your chosen career, identify the certification or licensing required. Develop a strategy to prepare for certification.
Task 3: Information Technology and Interpersonal Skills
For your chosen career, describe the skills you will need to learn and develop.
For Task 1, I have chosen the career of a financial analyst in the financial services industry. To prepare for this career, a Bachelor's degree in Finance, Accounting, Economics, or a related field is required.
For Task 2, becoming a Certified Financial Analyst (CFA) is highly valued in this career. The CFA program consists of three levels of exams that cover topics such as economics, financial reporting and analysis, ethics, and investment tools.
For Task 3, both information technology and interpersonal skills are important in this career. Financial analysts must have strong analytical skills and be proficient in using financial modeling software and spreadsheet applications.
Task 1- Many employers also prefer candidates with a Master's degree in one of these fields. Additionally, courses in statistics, mathematics, and computer science can be beneficial in this career. Task 2- To prepare for this certification, one should enroll in a CFA program review course, study the material thoroughly, and take practice exams to prepare for the rigorous testing process.
Task 3- They also need to have excellent communication and interpersonal skills to be able to work effectively with clients and team members. Additionally, they must be able to present complex financial information in a clear and understandable manner. Developing and honing these skills can be achieved through a combination of on-the-job experience, training, and continuing education courses.
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The adjusting entry should Fred make on December 31, the end of the accounting period is: Debit Insurance Expense $6,000; Credit Prepaid Insurance $6,000.
Based on the information given the appropriate journal entry to record the transaction is:
Fred company adjusting entry
Debit Insurance Expense $6,000
Credit Prepaid Insurance $6,000
( $2,000 x 3 = $6,000)
Inconclusion the adjusting entry should Fred make on December 31, the end of the accounting period is: Debit Insurance Expense $6,000; Credit Prepaid Insurance $6,000.
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Answer:
The adjusting entry Fred should make on December 31, the end of the accounting period:
b. Debit : Insurance Expense 6,000 Credit: Prepaid Insurance 6,000
Explanation:
On October 1, Fred Company paid $48,000 for a two-year insurance policy, ($2,000 per month)
From October 1 to December 31, Fred Company has used the insurance for 3 months.
Insurance Expense = $2,000 x 3 = $6,000
The adjusting entry Fred should make on December 31, the end of the accounting period:
Debit Insurance Expense $6,000
Credit Prepaid Insurance $6,000