Marimarsh Corporation reported the following pretax financial income (loss) for the years 2019 to 2021.
| 2019 | $150,000 |
| 2020 | ($400,000) |
| 2021 | $200,000 |
Pretax financial income (loss) and taxable income (loss) were the same for all years. The applicable tax rates are 30% for 2019, and 20% for 2020 and 2021.
Instructions:
a) Prepare the journal entry in 2019 to record income tax expense.
b) Prepare the journal entries in 2020 for the tax effects of the loss carryforward, assuming that based on the weight of evidence it is more likely than not that one-quarter of the benefits of the loss carryforward will not be realized.
c) Prepare the journal entry in 2021 to record income tax expense.
In: Accounting
Referring to information in Brief Exercise 14-18, assume that Henry Inc. sold its holdings of Container Corpora-tion bonds on July 2, 2020, for $4,800. Record the sale of the debt investment, eliminating the Fair Value Adjust-ment account upon sale.
brief 14-18 Henry Inc. purchased $5,000 of Container Corporation’s 5% bonds at par. The purchase is made on January 1,
2020, and the investment is classified as a trading security. At June 30, 2020, Henry Inc. received semiannual
interest of $125, and the fair value of the bonds was $4,800. Prepare Henry’s journal entries for (a) the purchase
of the investment, (b) the interest received, and (c) the fair value adjustment.
In: Accounting
Problem 9-5A Calculating depreciation—partial periods LO2, 3
West Coast Tours runs boat tours along the west coast of British
Columbia. On March 5, 2020, it purchased, with cash, a cruising
boat for $936,000, having a useful life of 10 years or 13,800
hours, with a residual value of $246,000. The company’s year-end is
December 31.
Required:
Calculate depreciation expense for the fiscal years 2020, 2021, and
2022 by completing a schedule. (Note: Depreciation is calculated to
the nearest month. Assume actual hours of service were: 2020, 900;
2021, 1,960; 2022, 1,715.)
Depreciation MethodYearStraight-LineDouble-Declining
BalanceUnits-of-Production202020212022
In: Accounting
QUESTION 2
The government of Ghana through the Minister of Finance presented
the 2020 Budget statement to Parliament in November 2019.The
Coronavirus Disease 2019 (COVID -19) pandemic that has hit the
world has impacted on global economy including Ghana, thus
affecting our macroeconomic targets in the budget statement
presented in November 2019. The Minister of Finance presented a
statement to Parliament on the economic impact of COVID – 19
pandemic on the economy of Ghana and the way forward at the end of
March, 2020.
Discuss five (5) key impact of the COVID-19 on the achievement of
our fiscal policy targets for the year 2020 by comparing the
original budget statement to the one presented after COVID- 19.
In: Economics
The government of Ghana through the Minister of Finance
presented the 2020 Budget statement to Parliament in November
2019.The Coronavirus Disease 2019 (COVID -19) pandemic that has hit
the world has impacted on global economy including Ghana, thus
affecting our macroeconomic targets in the budget statement
presented in November 2019. The Minister of Finance presented a
statement to Parliament on the economic impact of COVID – 19
pandemic on the economy of Ghana and the way forward at the end of
March, 2020.
Discuss five (5) key impact of the COVID-19 on the achievement of
our fiscal policy targets for the year 2020 by comparing the
original budget statement to the one presented after COVID- 19.
In: Economics
The government of Ghana through the Minister of Finance presented the 2020 Budget statement to Parliament in November 2019.The Coronavirus Disease 2019 (COVID -19) pandemic that has hit the world has impacted on global economy including Ghana, thus affecting our macroeconomic targets in the budget statement presented in November 2019. The Minister of Finance presented a statement to Parliament on the economic impact of COVID – 19 pandemic on the economy of Ghana and the way forward at the end of March, 2020. Discuss five (5) key impact of the COVID-19 on the achievement of our fiscal policy targets for the year 2020 by comparing the original budget statement to the one presented after COVID- 19.
In: Economics
The government of Ghana through the Minister of Finance presented
the 2020 Budget statement to Parliament
in November 2019.The Coronavirus Disease 2019 (COVID -19) pandemic
that has hit the world has impacted
on global economy including Ghana, thus affecting our macroeconomic
targets in the budget statement
presented in November 2019. The Minister of Finance presented a
statement to Parliament on the economic
impact of COVID – 19 pandemic on the economy of Ghana and the way
forward at the end of March, 2020.
Discuss five (5) key impact of the COVID-19 on the achievement of
our fiscal policy targets for the year 2020
by comparing the original budget statement to the one presented
after COVID- 19.
In: Economics
Discuss the major participants in the U.S monetary system and the importance and function of money.
In: Finance
Identify U.S. public policies designed to reduce discrimination. Explain with example
In: Economics
Summarize the stories and commonalities of the U.S. and Tunisian Revolutions (the start of the Arab Spring).
In: Economics