Extronic, a calendar year, accrual basis corporation, reported a $41,900 liability for accrued 2018 state income tax on its December 31, 2018, balance sheet. Extronic made the following state income tax payments during 2019:On December 27, Extronic's tax department calculated that the corporation's actual 2018 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, 2019.

a. If Extronic has not adopted the recurring item exception as its method of accounting for state income tax, compute its 2019 deduction for state income tax.

b. If Extronic has adopted the recurring item exception as its method of accounting for state income tax, compute its 2019 deduction for state income tax.

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Acompany using the perpetual inventory system purchased inventory worth $540,000 on account with credit terms of 2/15, n/45. defective inventory of $40,000 was returned 2 days later, and the accounts were appropriately adjusted. if the company paid the invoice 20 days later, the journal entry to record the payment would be

Kiona co. set up a petty cash fund for payments of small amounts. the following transactions involving the petty cash fund occurred in may (the last month of the company's fiscal year). may 1 prepared a company check for $350 to establish the petty cash fund. 15 prepared a company check to replenish the fund for the following expenditures made since may 1. a. paid $109.20 for janitorial services. b. paid $89.15 for miscellaneous expenses. c. paid postage expenses of $60.90. d. paid $80.01 to the county gazette (the local newspaper) for an advertisement. e. counted $26.84 remaining in the petty cashbox. 16 prepared a company check for $200 to increase the fund to $550. 31 the petty cashier reports that $380.27 cash remains in the fund. a company check is drawn to replenish the fund for the following expenditures made since may 15. f. paid postage expenses of $59.10. g. reimbursed the office manager for business mileage, $47.05. h. paid $48.58 to deliver merchandise to a customer, terms fob destination. 31 the company decides that the may 16 increase in the fund was too large. it reduces the fund by $50, leaving a total of $500.