In 2020, Pina Ltd., which follows IFRS, reported accounting
income of $1,178,000 and the 2020 tax rate was 20%. Pina had two
timing differences for tax purposes:
CCA on the company’s tax return was $476,500. Depreciation expense
on the financial statements was $283,000. These amounts relate to
assets that were acquired on January 1, 2020, for $1,906,000.
Accrued warranty expense for financial statement purposes was
$138,100 (accrued expenses are not deductible for tax purposes).
This is the first year Pina offers warranties.
Both of these timing differences will fully reverse over the next
four years, as follows:
| Year | Depreciation Difference |
Warranty Expense |
Rate | |||
| 2021 | $67,500 | $19,100 | 20% | |||
| 2022 | 51,500 | 28,600 | 20% | |||
| 2023 | 40,500 | 40,000 | 18% | |||
| 2024 | 34,000 | 50,400 | 18% | |||
| $193,500 | $138,100 |
Prepare the journal entries to record income taxes for 2020
In 2021 the government announced a further tax rate reduction will be effective for the 2024 taxation year. The new rate will be 15%. Prepare the journal entry to adjust deferred taxes for the reduced rate.
In: Accounting
The following information is related to Skysong Company for
2020.
| Retained earnings balance, January 1, 2020 | $1,372,000 | |
| Sales Revenue | 35,000,000 | |
| Cost of goods sold | 22,400,000 | |
| Interest revenue | 98,000 | |
| Selling and administrative expenses | 6,580,000 | |
| Write-off of goodwill | 1,148,000 | |
| Income taxes for 2020 | 1,741,600 | |
| Gain on the sale of investments | 154,000 | |
| Loss due to flood damage | 546,000 | |
| Loss on the disposition of the wholesale division (net of tax) | 616,000 | |
| Loss on operations of the wholesale division (net of tax) | 126,000 | |
| Dividends declared on common stock | 350,000 | |
| Dividends declared on preferred stock | 112,000 |
Skysong Company decided to discontinue its entire wholesale
operations (considered a discontinued operation) and to retain its
manufacturing operations. On September 15, Skysong sold the
wholesale operations to Rogers Company. During 2020, there were
500,000 shares of common stock outstanding all year.
Prepare a multi step income statement:
In: Accounting
Meaningful Use was defined by the use of certified EHR technology in a meaningful manner, for example electronic prescribing; ensuring that the certified EHR technology connects in a manner that provides for the electronic exchange of health information to improve the quality of care. By using certified EHR technology, the provider must submit to the Secretary of Health & Human Services (HHS) information on the quality of care and other measures. The concept of meaningful use rested on the five pillars of health outcomes policy priorities, they are:
In: Operations Management
How are specific technologies used differently by different art/design practices? How do these differences demonstrate: (1) in how a practice defines or approaches that technology in the first place and (2) uses it to reveal and present different sorts of ideas and works? Please choose a specific technology (1860 or later) and discuss the history of its appearance and development. Discuss in some detail how (at least) two clearly dissimilar art/design practices have approached, employed, and/or critiqued that same technology. Give examples of specific works and specific writing by 2-3 different artist/designers. What are the ideas and arguments they have at stake? Some suggestions for core technologies: celluloid film, database, magnetic tape, video, white box gallery, incandescent and crepuscular light, software.
In: Physics
How are specific technologies used differently by different art/design practices? How do these differences demonstrate: (1) in how a practice defines or approaches that technology in the first place and (2) uses it to reveal and present different sorts of ideas and works? Please choose a specific technology (1860 or later) and discuss the history of its appearance and development. Discuss in some detail how (at least) two clearly dissimilar art/design practices have approached, employed, and/or critiqued that same technology. Give examples of specific works and specific writing by 2-3 different artist/designers. What are the ideas and arguments they have at stake? Some suggestions for core technologies: celluloid film, database, magnetic tape, video, white box gallery, incandescent and crepuscular light, software.
In: Other
Autonomous driving technology is going on a test run on actual roads in order to become commercialization. As self-driving technology, which has been conducted under controlled experimental conditions, is going to drive on actual roads, it is facing various problems in reality. Self-driving cars, which are being developed at home and abroad, are considered to be much safer than cars driven by humans, but are not yet perfect. Will these cars be able to commercialize only after they have solved all of the various problems they face in the actual driving of the road, or will they be able to be more efficient and safer than human driving vehicles? Explain your opinion about autonomous driving technology with above question and What level of accidents and mistakes can we tolerate in self-driving cars.
In: Mechanical Engineering
You are about to open your business and ventures into technology industry. Your selling products could include computers, smartphones, IT services, e-commerce, software and hardware, games, robotic and any other business model that can be viewed include in technology industry. Consider the following factors:
You decided to operate in 500 square feet retail space in one of the popular shopping malls located in Cheras, Kuala Lumpur. The rent is RM8000 per month. To create a business strategy and explore the commercial values of your new business, you need to gain the overall assessment of the attractiveness and market position of the industry that you choose to enter. Describe the benefits and drawbacks of being a new market entrant in the technology industry by using Porter’s Competitive Forces Model.
In: Accounting
You are a member of the auditing staff of a medium-size CPA firm, Reid, Daniels, & Luke. One of the audit partners, Alan Daniels, has asked you to prepare a report addressing the topic of the use of data analytics technology both in external financial statement auditing and in internal auditing. He has heard that the use of such technology is revolutionizing how larger CPA firms conduct audits and does not want RD&L to fall behind. He is particularly interested in more fully understanding exactly what data analytics technology is and how RD&L can use it to provide better service to its clients. Mr. Daniels plans to circulate your report to all partners and managers in the firm. Write a report for Mr. Daniels addressing his concerns.
In: Accounting
BurgerSupreme’ s cooking technology is one of the oldest in the industry. Its customers’ major complaint is that they have to wait 20% longer than at most competitor's restaurant. BurgerSupreme’s ovens and toasters can only cook or toast one specific type of meat or sandwich bun. New, expensive toasters that allow the assembly of a variety sandwiches would make a huge difference in the speed of delivery of those sandwiches. BurgerSupreme has decided to buy this toasting technology. This toasting technology has been already been adopted by McDonald's, Burger King, and Wendy's. Which of the following is correct?
a. The toaster will give BurgerSupreme a competitive advantage b. The toaster will not give BurgerSupreme a competitive advantage c. The toaster is an example of flexible manufacturing systems d. a and c are true e. b and c are true
In: Operations Management
PLEASE DO NOT ATTEMPT MY QUESTION WITH ANY SHORT ANSWER OR MEDIOCORE ANSWER. I AM A UNIVERSITY STUDENT AND I NEED TO UNDERSTAND IT BEYOND THE SURFACE INFORMATION.
IMPACT OF HEALTHCARE TECHNOLOGY ON PANDEMICS
Imagine your daily routine being entirely dependent on a smartphone
app. Leaving your home, taking the subway, going to work, entering
cafes, restaurants and shopping malls, where each move is dictated
by the color shown on your screen. Green: you're free to proceed.
Amber or Red: you're barred from entry.
SETTING IS: JAMAICA
1) What are the barriers to effectively deploy the use of
Healthcare Technology to successfully manage pandemics?
2) Identify how Healthcare Technology can be a driver for shaping the new normal necessary for successfully realising the “Vision 2030 Jamaica National Development plan”.
In: Computer Science