. You are the accountant for Auxerre, and you have to prepare the journal for income taxes. You have gathered the following information for 2020:

1. Deferred tax liability, January 1, 2020, $40,000.
2. Deferred tax asset, January 1, 2020, $0.
3. Taxable income for 2020, $127,000.
4. Cumulative temporary difference on December 31, 2020, giving rise to future taxable amounts, $220,000.
5. Cumulative temporary difference on December 31, 2020, giving rise to future deductible amounts, $35,000.
6. There is one permanent difference between taxable and pretax financial income due to a $5,000 fine imposed by OSHA.
7. The tax rate is 40% for all years.
8. The company is expected to operate profitably in the future.

Prepare the journal entry to record income taxes for 2012.

Question 1 25 Marks
Malali Traders had the following transactions for 29 February 2020 financial year.
The following transactions was extracted from the books of Tesco Traders for February 2019.
1. Malali Traders borrowed N$ 18 400 from East Bank, and was deposited into AC Traders bank account. AC Traders’ is Malali Traders cement supplier.
2. Malali Traders acquired a Motor Vehicle on 01 February 2020 for N$ 10 600 from MZ Motors and it was paid on the 2nd March 2020 by cheque.
3. Sold goods on credit to Jayz Traders valued at N$ 28 000 and received a cheque of N$ 25 000 in full settlement of account on the 20 April 2020.
4. Purchased good for resale from NTN for N$ 8 000 and paid by cheque on 28 February 2020.
5. Cheque issued to NTN was dishonoured on the 29 February 2020 (see no.4 above).
6. Issued a debit note to Jayz on the 29 February 2020 for N$ 2 000.
7. Sold goods worth N$ 22 500 to SSS on credit, and SSS paid 10% deposit into Malali Traders Bank upon signing the sale contract on 07 February 2020.
8. Mr. Malali deposited N$ 11 000 into the business bank account on 01 February 2020 and in the same day he withdraws N$ 1 000 cash for business use.
9. Received Computers worth N$ 7 000 on 03 February 2020 as token of appreciation from Web Trader.
10. Sold goods valued at N$ 5 000 and received a cheque of N$ 4 750 from Unam in exchange for goods on 29 February 2020.
Required:
Page 12 of 14
Journalise the above transactions as at 29 February 2020: NARATIONS ARE NOT REQUIRED

Hedged Sale Commitment and Exposed Asset Position

On June 25, 2020, GlobalAgra Inc., a U.S. company, received a purchase order from a Swiss customer for delivery of merchandise on July 10, 2020, at a price of CHF10,000,000, payable in Swiss francs (CHF) on September 10, 2020. To hedge its exposure to exchange rate changes, on June 25, 2020, GlobalAgra entered a forward contract for delivery of CHF10,000,000 to the broker on September 10, 2020. The merchandise was delivered as scheduled. On September 10, 2020, GlobalAgra received payment from the customer, and delivered the Swiss francs to the broker to close the forward contract. GlobalAgra’s accounting year ends December 31. Exchange rates ($/ CHF) are as follows:

Required

Prepare the journal entries GlobalAgra made on July 10, 2020, and September 10, 2020, to record the above transactions.

If China (a country known to have a large open economy) were to become a closed economy, how might the long-run real interest rate, GDP, saving, and investment change?

How do we sterilize tubings, test tubes closed at one end in the autoclaves, in addition, the endoscopic equipment, and other reusable expensive items. Write a five page report on it.

How do ETF’s work? What is the difference between an ETF and Closed and Open End Mutual Funds? If you are saving for your retirement does the choice have a big impact?

What is the RMP?

Depolarization: Which gates are open and which gates are closed?

Repolarization: Which gates close and which ones open?

How does the cell go back to RMP?

In a closed 1.00 L flask, 4.30 atm of CO reacts with 2.50 atm of O2 according to the equation below. Assuming that the temperature remains constant, what is the final pressure in the flask?

Under the periodic inventory system, the Purchases account is

(A)a permanent account.

(B)an account that is not closed.

(C)the same as the Inventory account and is reported on the statement of financial position.

(D)a temporary account.

For a closed- loop leveling measurement, if the misclosure error C is 9 mm, the travel distance ( the perimeter of the leveling loop) K is 2000 meters, please determine the order of leveling accuracy?