subject
Business, 20.10.2020 21:01 shealwaysknows23

The DeVille Company reported pretax accounting income on its income statement as follows:. 2018 $440,000
2019 360,000
2020 430,000
2021 470,000
Included in the income of 2018 was an installment sale of property in the amount of $66,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $26,400 in 2019, $33,000 in 2020, and $6,600 in 2021. Included in the 2020 income was $28,000 interest from investments in municipal bonds. The enacted tax rate for 2018 and 2019 was 30%, but during 2019 new tax legislation was passed reducing the tax rate to 25% for the years 2020 and beyond.
Required:
Prepare the year-end journal entries to record income texes for the year 2018-2021.

ansver
Answers: 3

Another question on Business

question
Business, 22.06.2019 02:50
Wren pork company uses the value basis of allocating joint costs in its production of pork products. relevant information for the current period follows: product pounds price/lb. loin chops 3,000 $ 5.00 ground 10,000 2.00 ribs 4,000 4.75 bacon 6,000 3.50 the total joint cost for the current period was $43,000. how much of this cost should wren pork allocate to loin chops?
Answers: 1
question
Business, 22.06.2019 19:40
Anita has been named ceo of a popular sports apparel company. as ceo, she is tasked with setting the firm's corporate strategy. which of the following decisions is anita most likely to makea) whether to pursue a differentiation or cost leadership strategy b) which customer segments to target c) how to achieve the highest levels of customer satisfaction d) what range of products the firm should offer
Answers: 2
question
Business, 22.06.2019 20:10
While cell phones with holographic keyboards are currently in the introduction stage of the industry life cycle, tablet computers are in the growth stage. in the context of this scenario, which of the following statements is true? a. the industry for cell phones with holographic keyboards will face greater competition than the tablet industry. b. while the industry for cell phones with holographic keyboards will focus more on product innovation, the tablet industry will focus more on process innovation. c. while the industry for cell phones with holographic keyboards can reap the benefits of economies of scale, the tablet industry will experience no such benefits. d. the industry for cell phones with holographic keyboards will face price competition, whereas, in the tablet industry, the mode of competition will be non-price.
Answers: 2
question
Business, 22.06.2019 21:00
Adecision is made at the margin when each alternative considers
Answers: 3
You know the right answer?
The DeVille Company reported pretax accounting income on its income statement as follows:. 2018 $44...
Questions
question
Mathematics, 30.06.2019 05:00