Nolan Inc. had taxable income of $400,000 in 2019. Its effective tax rate is 35%. Nolan pays
Question:
Required:
1. Given this information, determine the adjusting journal entry that Nolan must make on December 31, 2019.
2. Prepare the journal entry to record the tax payment.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (14 reviews)
Journal Date Account and Explanation Debit Credi...View the full answer
Answered By
Sahreen Dee Tumbagahan
I have an extensive experience as tutor and teacher, both in areas of non-formal and formal learning.
I started tutoring in high school. I handled various tutorial lessons on Math, Science and English for students from different grade levels. In college, I tutored local and foreign students on Physics, Chemistry, Algebra, and Statistics. I also did tutorial classes on Biochemistry and Philosophy for graduate school students and taught English to foreign ESL students via internet.
During summer breaks, I teach review classes for college admission tests, handling General Science, Biology, and Chemistry subjects.
I previously worked as an online tutor to foreign students. I provided lessons in Public Health, Research, Biological Sciences, and Medicine subjects.
I am highly adept in online tutorials. I can facilitate learning efficiently and effectively.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Cost Accounting questions
-
Nolan Inc. had taxable income of $400,000 in 2011. Its effective tax rate is 35 percent. Nolan pays its 2011 income taxes on April 15, 2012. Required: 1. Given this information, determine the...
-
Charger, Inc. had the following items that require adjusting entries at the end of the year. a. Charger pays its employees $5,000 every Friday for a five-day work week. This year December 31 falls on...
-
In 2014, Alva received dividends on her stocks as follows: Amur Corporation (a French corporation whose stock is traded on an established U.S. securities market)...
-
Two basic assumptions of technical analysis are that security prices adjust: A. rapidly to new information and market prices are determined by the interaction of supply and demand. B. rapidly to new...
-
Determine how many times the intensity of a narrow beam of thermal neutrons will decrease after passing through the heavy water layer of thickness d = 5.0 cm. The effective cross-sections of...
-
The exercise disk for this chapter contains monthly data for stock prices of Kellogg and IBM. Compute the return statistics and graph a frontier of combinations of the two stocks.
-
Describe events. Provide an example.
-
Bonds Company purchased a new plant asset on April 1, 2014, at a cost of $355,500. It was estimated to have a service life of 20 years and a salvage value of $30,000. Bondss accounting period is the...
-
At the end of the first year of operations (December 31, 2021), the following financial data for APEC Aerospace Corporation are available: Accounts Payable Accounts Receivable Cash $ 33,630 10,000...
-
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash $ 8,000 Accounts receivable 20,000 Inventory 36,000...
-
On May 1, the Garnett Corporation wanted to purchase a $200,000 piece of equipment, but Garnett was only able to furnish $75,000 of its own cash to purchase the equipment. Garnett borrowed the...
-
Natalie's Bakery pays its 20 hourly employees every Friday. Each of Natalie's employees earns a wage of $10 per hour and works 35 hours per week, spread evenly from Monday through Sunday. During the...
-
Archer Foods is considering whether to overhaul an old freezer or replace it with a new freezer. Information about the two alternatives follows. Management requires a 10% rate of return on its...
-
Please answer the highlighted question Image transcription text Barbara Chappell ( INSTRUCTOR Reply BC UNIT 2 - DISCUSSION BOARD Tue 10/10/2023 7:38 AM Like Flag Class, "Imagine you're the manager of...
-
You will examine the use of public/private partnerships (PPPs) in aiding an organization with a problem. Furthermore, you will argue either for or against using a PPP to address the problem.
-
Image transcription text 1 2 3 4 5 6 7 8 9 10 (years) metal of Corporate Finance 115 Canadian Edition, by Read at of Interest rate Periods 5% 10% 15% 20% 1.0500 1.100 1.1500 1.200 N 1- 1025 1.2100 1:...
-
SENSITIVITY ANALYSIS UNIT SALES SUMMARY % Deviation Number from base of unit NPV IRR case sales % Deviation NPV IRR from base case 20% 1.500 $ Show less SENSITIVITY ANALYSIS UNIT SALES SUMMARY %...
-
7 Requirements: 8 1) Using the data below, create a multi-step GAAP Income Statement in appropriate professional Excel format (i.e., use cell referencing and formulas, no hard coding numbers). 92)...
-
The package of Ecosmart Led 75-watt replacement bulbs that use only 14 watts claims that these bulbs have an average life of 24,966 hours. Assume that the lives of all such bulbs have an approximate...
-
Complete problem P10-21 using ASPE. Data from P10-21 Original cost ................................................................. $7,000,000 Accumulated depreciation...
-
Using the most current Form 10-K available on EDGAR, or the companys website, answer the following questions about the J. M. Smucker Company. Instructions for using EDGAR are in Appendix A. Note: In...
-
Sarah Johnson was a trusted employee of Evergreen Trust Bank. She was involved in everything. She worked as a teller, she accounted for the cash at the other teller windows, and she recorded many of...
-
John Riley, a certified public accountant, has worked for the past eight years as a payroll clerk for Southeast Industries, a small furniture manufacturing firm in the Northeast. John recently...
-
Consider a $1000 face value 3-year treasury with 2.5% annual coupon and a yield of 1.3%. Suppose that after one year and after receiving one coupon payment, you decide to sell your treasury note....
-
How in a perfect world would muni bonds pay interest? Explain the correlation between the greater premium and high tax states. Will you invest in Muni bonds based on the new findings? Please discuss.
-
CityLight Co. is struggling financially. Prior to debt renegotiations, the company's total assets were $11 million and total liabilities were $18 million. The company has negotiated with the debtors...
Study smarter with the SolutionInn App