On December 31, 2016, Axle Services, Inc. prepared the following accrual adjustment:
Salaries Expense 1,000
Salaries Payable 1,000
Axle uses reversing entries. Prepare the reversing entry that would be prepared on January 1, 2017.
What will be an ideal response
Salaries Payable 1,000
Salaries Expense 1,000
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The Sting Company began operations at the beginning of 2018 and had GAAP (book) income of $350,000 and taxable income of $280,000. During 2018, depreciation expense for tax purposes exceeded GAAP (book) depreciation expense by $210,000, while warranty expense for GAAP (book) purposes exceeded warranty expense for tax purposes by $140,000. These two temporary differences will reverse as follows: Depreciation Warranty2019$35,000 70,000 2020 70,000 56,000 2021 105,000 $14,000 The enacted income tax rate for 2018 and 2019 is 38%, while the enacted income tax rate for 2020 and 2021 is 40%. Sting did not make any income tax payments during 2018. Requirement:Prepare the journal entry to record income tax expense for the year ended December 31, 2018.
What will be an ideal response?
The first step in global channel planning is to get close to customers
Indicate whether the statement is true or false
Which of the following information should be included in management's documentation regarding intangible assets?
a. Manner of acquisition. b. Basis for the capitalized amount c. Expected period of benefit. d. All the above should be included.
When you assess actions to determine if each employment test is directly related to the primary aspects of the job, you are reviewing the __________ component of the OUCH test.
A. O - objective B. U – uniform in application C. C – consistent in effect D. H – has job relatedness E. None of the above