Determine whether each action is an example of saving or investing: Putting $20 per paycheck into an account to help pay for boo

Response:

2021: income    3,000,000

         net profit    510,000

2022: income    4,800,000

         net profit    816,000

2023: income    2,200,000

         net profit    374,000

Journal Entries for 2022:

construction assets  3,984,000 debit

        other account           3,984,000 credit

--to log expenses incurred--

accounts receivable 4,444,000 debit

     deferred revenue     4,444,000 credit

--to record the billed amount

cash   3,900,000 debit

  accounts receivable 3,900,000 credit

--to reflect cash received--

deferred revenue  4,800,000 debit

   revenue from construction    4,800,000 credit

---to note revenue earned using

the percentage of completion method---

Clarification:

2021:

expenses amounted to 2,490,000

estimated total costs:

2,490,000 + 5,810,000 = 8,300,000

proportion: 2,490,000 / 8,300,000 = 30%

income 10,000,000 x 30% = 3,000,000

expenses 2,490,000

net profit 510,000

2022:

expenses totaled 3,984,000

total expenses: 2,490,000 + 3,984,000 + 1,826,000 = 8,300,000

proportion: 3,984,000 / 8,300,000 = 48%

income  10,000,000 x 48% =  4,800,000

expenses          3,984,000

net profit  816,000

2023:

finalized:

remaining income: 100% - 48% - 30% = 22%

10,000,000 x 22% = 2,200,000

expenses  incurred    1,826,000

net profit  374,000

The net income for the year amounts to $179,500. Based on the information provided, we begin with assets of $709,000, liabilities of $354,500, and common stock totaling $209,000. To compute retained earnings at the beginning, the equation Assets = Liabilities + Stockholder's Equity gives: $709,000 = $354,500 + $209,000 + Retained Earnings. Solving yields retained earnings of $145,500. For the current year, total assets increase to $1,118,000, with a decrease in liabilities to $300,000 and an increase in common stock to $493,000. Thus, ending retained earnings are calculated as $1,118,000 - $300,000 - $493,000 = $325,000. The increase in retained earnings indicates that the net income for this year is $179,500.

Answer:

A frequent workflow mistake that may result in duplicate charges in QuickBooks Online is:

Creating duplicate transactions.

Explanation:

This typically happens due to a mix-up before entries are finalized. It can be performed by a manager or someone from the procurement team. Therefore, it’s crucial to have the accounts checked at two distinct intervals by different departments: accounting first, followed by finance. This ensures everything is accurate.

Respuesta:

Buena pregunta, no estoy seguro

Explicación:

Answer:

Staples Corporation

A schedule calculating the increase in income tax liabilities for December 31 across the years 2020, 2021, 2022, and 2023:

Year          Pre-tax         GAAP Tax-  Tax Taxable   Income Tax      Deferred

          GAAP Income  able Income    Income      Payable Expense  Liability

                  (a)                     (b)                (c)             25%       25%   (Recovery)

                                                                                of (c)      of (b)  

2020     $230,000      $200,000     $110,000  $27,500 $50,000  $22,500

2021        250,000        220,000      250,000    62,500   55,000     (7,500)

2022       240,000         210,000      240,000    60,000   52,500     (7,500)

2023       240,000         210,000      240,000    60,000   52,500     (7,500)

Total     $960,000      $840,000    $840,000  $210,000 $210,000      0

Explanation:

a) Data and Calculations:

Cost of the depreciable asset = $120,000

Estimated useful life = 4 years

Residual value = $0

Tax depreciation expense = 100% for 2020

GAAP depreciation expense = 25% for 2020, 2021, 2022, and 2023

Tax rate for each year = 25%

Year          Pre-tax         GAAP Tax-  Tax Taxable   Income Tax      Deferred

          GAAP Income  able Income    Income      Payable Expense  Liability

                  (a)                     (b)                (c)             25%       25%   (Recovery)

                                                                                of (c)      of (b)  

2020     $230,000      $200,000     $110,000  $27,500 $50,000  $22,500

2021        250,000        220,000      250,000    62,500   55,000     (7,500)

2022       240,000         210,000      240,000    60,000   52,500     (7,500)

2023       240,000         210,000      240,000    60,000   52,500     (7,500)

Total     $960,000      $840,000    $840,000  $210,000 $210,000      0

Tax Taxable Income for 2020 = $110,000 ($230,000-$120,000)

GAAP Taxable Income = GAAP minus annual depreciation

b) Tax Taxable Income equals GAAP income of $230,000 less 100% depreciation ($120,000) for the first year and 0% for the following years. This results in temporary differences in 2020 between the calculated tax payable and the tax expense for later years. Although there was a tax obligation established in the first year, it is counterbalanced in the years that follow.