The DeVille Company reported pretax accounting income on its income statement as follows: 2021 $ 425,000
2022 345,000
2023 415,000
2024 455,000
Included in the income of 2021 was an installment sale of property in the amount of $60,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $24,000 in 2022, $30,000 in 2023, and $6,000 in 2024. Included in the 2023 income was $25,000 interest from investments in municipal governmental bonds. The enacted tax rate for 2021 and 2022 was 40%, but during 2022, new tax legislation was passed reducing the tax rate to 25% for the years 2023 and beyond.
Required:
Prepare the year-end journal entries to record income taxes for the years 2021-2024.

Suzanna decided not to pay federal income tax, saying that paying federal income tax is optional. describe two possible consequences of suzanna’s decision

Morgana company identifies three activities in its manufacturing process: machine setups, machining, and inspections. estimated annual overhead cost for each activity is $168,000, $315,900, an $97,200, respectively. the cost driver for each activity and the expected annual usage are number of setups 2,100, machine hours 24,300, and number of inspections 1,800. compute the overhead rate for each activity. machine setups $ per setup machining $ per machine hour inspections $ per inspection

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c.prepaidrent.onseptember1ofthecurrentyear,thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.