Prepare the journal entry for income taxes

Assignment Help Finance Basics
Reference no: EM132907210

Question - Mouse began operations in 2020 and had $49,000 of net income before tax. The only book tax difference was the way in which they recognized cost of goods sold. Book cost of goods sold was $112,000 and tax cost of goods sold was $128,000. Income tax rates are 25% for all years. Prepare the journal entry for income taxes.

Reference no: EM132907210

Questions Cloud

Find the probability density function of w : Let D = {(x, y) ? R222 1. W = X + Y.2. W = Y /X.: x + y = 1} be the unit disk and (X, Y ) be uniformly distributed on D. Find the probability density function o
Describe the current situation for each topic at wilson : Describe the current situation for each topic at Wilson Brothers and Analyze the effectiveness of their approach i.e. how it helps or hinders
What is the implied population : "There is increasing evidence that there is a very strong relationship between sleep quality and physical and mental health.." A national survey of 31,044 adult
What are the dividends per share : Further ABC's payout rate is 66.04 percent and ABC has 78,000 shares of common stock outstanding. What are the dividends per share
Prepare the journal entry for income taxes : Mouse began operations in 2020 and had $49,000 of net income before tax. Prepare the journal entry for income taxes
Find the regression equation : Given the data:Norg length (x) ={110, 160, 89, 130, 98 } in cmNorg weight (y) = {46, 57, 32, 49 , 40} in Kg
Explain the key assumptions underlying beer : Explain the key assumptions underlying Beer & Spector's (1993) learning diagnosis model and when it would be appropriate to use this model.
Explain nonlinear regression problem : Show that logistic regression is a nonlinear regression problem. Is it possible to treat logistic discrimination in terms of an equivalent linear regression pro
Determine all linear functions : A report on television shows a graph to accompany a story that the percentage of people in your city who vote in state elections has declined substantially over

Reviews

Write a Review

Finance Basics Questions & Answers

  Shareholder model of corporate governance

Explain the major differences between the shareholder model of corporate governance and the stakeholder model of corporate governance?

  Explain the stakeholders expectations of the organisation

Identify 5 specific groups of stakeholders (lateral partners) and discuss the relationship that exists between them and the organisation.

  Theoretical perspectives of motivation

As a manager, motivation is a major part of one's job (particularly for first line and mid-level managers).There are a number of different theoretical perspecti

  Skywire telecommunications equipment company has invested

1. which one of the following statements about accrual accounting is incorrect?a. it is appropriate for the

  Given that you are rolling your services out in a foreign

given that you are rolling your services out in a foreign country there will be a need to learn from other companies

  Estimate the value of the new venture at the end of year 5

Estimate the value of the new venture at the end of Year 5. Show your answer using both the direct comparison method and the direct capitalization method. What assumption are you making when using the current price-to-earning relationship for the com..

  What were kretovich annual sales

Comprehensive Ratio Calculations The Kretovich Company had a quick ratio of 1.2, a current ratio of 2.5, an inventory turnover of 7 times.

  How do you calculate the prepayment penalty

What is the expected borrowing cost? How do you calculate the prepayment penalty?

  Libraries of future

Given emerging information technology, there's controversy regarding the continuing viability of this marketing concept. One view of how the concept might continue to evolve is from renowned futurist, Thomas Frey. Using the following websites:

  The basis is defined as spot minus futures a trader is

1. which of the following is not true?a when a cboe call option on ibm is exercised ibm issues more stockb an american

  What does the term bricolage mean

1. What are some of the more experimental ways that early sound films used music? 2. What does the term "bricolage" mean? How is Kalinak using it as a descriptive term?  3. How might institutional or directorial power affect the composer's role in th..

  Principal effects of scientific management

How would you summarize the principal effects of 'scientific management' on managers and employees?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd