Business, 12.02.2022 09:20 brandicarney70p8jlsp
Extronic, a calendar year, accrual basis corporation, reported a $41,900 liability for accrued 2020 state income tax on its December 31, 2020, balance sheet. Extronic made the following state income tax payments during 2021: March 8 Balance due of 2020 tax $ 41,900 April 14 1st estimate 2021 state tax 58,000 June 12 2nd estimate 2021 state tax 58,000 September 15 3rd estimate 2021 state tax 58,000 December 13 4th estimate 2021 state tax 58,000 On December 27, Extronic’s tax department calculated that the corporation’s actual 2021 state income tax liability was $251,200. Consequently, Extronic accrued a $19,200 liability for state tax payable at year-end. Extronic paid this balance due on March 11, 2022. Required: If Extronic has not adopted the recurring item exception as its method of accounting for state income tax, compute its 2021 deduction for state income tax. If Extronic has adopted the recurring item exception as its method of accounting for state income tax, compute its 2021 deduction for state income tax.
Answers: 3
Business, 21.06.2019 16:10, ilovemymodelinglife
Martinez manufacturing applies overhead based on direct labor hours. the company estimates that their overhead for the year will be $180,000, and that they will use 72,000 direct labor hours. during the year, martinez manufacturing actually used 75,000 direct labor hours and actual overhead costs were $190,000. at the end of the year, manufacturing overhead was: overapplied by $2,500. overapplied by $10,000. underapplied by $2,500. underapplied by $10,000.
Answers: 2
Business, 22.06.2019 10:30, karnun1201
Perez, inc., applies the equity method for its 25 percent investment in senior, inc. during 2018, perez sold goods with a 40 percent gross profit to senior, which sold all of these goods in 2018. how should perez report the effect of the intra-entity sale on its 2018 income statement?
Answers: 2
Business, 22.06.2019 13:20, sailesd57
Last year, johnson mills had annual revenue of $37,800, cost of goods sold of $23,200, and administrative expenses of $6,300. the firm paid $700 in dividends and had a tax rate of 35 percent. the firm added $2,810 to retained earnings. the firm had no long-term debt. what was the depreciation expense?
Answers: 2
Business, 22.06.2019 16:30, ggggggggv24
On april 1, the cash account balance was $46,220. during april, cash receipts totaled $248,600 and the april 30 balance was $56,770. determine the cash payments made during april.
Answers: 1
Extronic, a calendar year, accrual basis corporation, reported a $41,900 liability for accrued 2020...
Spanish, 01.11.2020 01:00
History, 01.11.2020 01:00
Advanced Placement (AP), 01.11.2020 01:00
Arts, 01.11.2020 01:00