Business, 12.03.2020 17:28 gallegosarmanni
In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy the rental property. The deferred portion of the rent collected in 2021 amounted to $330,000 at December 31, 2021. DFS had no temporary differences at the beginning of the year.
Assuming an income tax rate of 25% and 2021 income tax payable of $970,000, prepare the journal entry to record income taxes for 2021.
Answers: 1
Another question on Business
Business, 22.06.2019 08:40
Gerda, a real estate agent, is selling a moderately priced house in a subdivision. she knows from her uncle that the factory being built half a mile from the subdivision will be manufacturing dog food, using a process that creates a very strong odor that permeates the surrounding neighborhood. a buyer, who is unaware of the type of factory under construction, makes an offer on one of the houses gerda is selling, and within a short time, the deal goes through. what does this scenario best illustrate?
Answers: 3
Business, 22.06.2019 20:40
On january 1, 2017, pharoah company issued 10-year, $2,020,000 face value, 6% bonds, at par. each $1,000 bond is convertible into 16 shares of pharoah common stock. pharoah’s net income in 2017 was $317,000, and its tax rate was 40%. the company had 97,000 shares of common stock outstanding throughout 2017. none of the bonds were converted in 2017. (a) compute diluted earnings per share for 2017. (round answer to 2 decimal places, e.g. $2.55.) diluted earnings per share
Answers: 3
Business, 23.06.2019 01:40
The petty cash fund has a current balance of $ 350, which is the established fund balance. based on activity in the fund, it is determined that the balance needs to be changed to $ 450. which journal entry is needed to make this change?
Answers: 3
Business, 23.06.2019 07:30
Which of the following conditions might result in the best financial decisions? a. agreeableness b. openness c. conscientiousness d. extraversion
Answers: 1
You know the right answer?
In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For income tax reporti...
Questions
History, 10.10.2019 16:30
Mathematics, 10.10.2019 16:30
Social Studies, 10.10.2019 16:30
Social Studies, 10.10.2019 16:30
Mathematics, 10.10.2019 16:30
Law, 10.10.2019 16:30
Mathematics, 10.10.2019 16:30
Mathematics, 10.10.2019 16:30
