Business, 11.12.2019 19:31 imaniii88

The deville company reported pretax accounting income on its income statement as follows:

2018 $ 450,000
2019 $ 370,000
2020 $ 440,000
2021 $ 480,000

included in the income of 2018 was an installment sale of property in the amount of $70,000. however, for tax purposes, deville reported the income in the year cash was collected. cash collected on the installment sale was $28,000 in 2019, $35,000 in 2020, and $7,000 in 2021.

included in the 2020 income was $30,000 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 taxes for the years 2018–2021. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 14:40

Which of the following would classify as a general education requirement

Answers: 1

Answer

Business, 22.06.2019 17:30

After the embarrassing sign incident at the restaurant you own, you decide to offer employees a six-week fundamental writing skills workshop. a local business communication instructor, who has experience teaching writing skills at treleaven community college, will facilitate the sessions. to encourage employees to attend these optional sessions, write an email that explains why you’re offering the workshop and why employees should participate.

Answers: 2

Answer

Business, 22.06.2019 19:00

By 2020, automobile market analysts expect that the demand for electric autos will increase as buyers become more familiar with the technology. however, the costs of producing electric autos may increase because of higher costs for inputs (e.g., rare earth elements), or they may decrease as the manufacturers learn better assembly methods (i.e., learning by doing). what is the expected impact of these changes on the equilibrium price and quantity for electric autos?

Answers: 1

Answer

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

Answer

You know the right answer?

The deville company reported pretax accounting income on its income statement as follows:

Questions