For the year ended June 30, 2021, Viceron Inc. had service revenue of $800,000 and operating expenses
Question:
For the year ended June 30, 2021, Viceron Inc. had service revenue of $800,000 and operating expenses of $575,000. The company has a 15% income tax rate. No income tax instalments have been paid or recorded. Prepare the journal entry to record income tax.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (15 reviews)
June 30 Income Tax Expense 337...View the full answer
Answered By
Joseph Ogoma
I have been working as a tutor for the last five years. I always help students to learn and understand concepts that appears challenging to them. I am always available 24/7 and I am a flexible person with the ability to handle a wide range of subjects.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting Principles Volume 2
ISBN: 978-1119502555
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Question Posted:
Students also viewed these Business questions
-
For the year ended June 30, 2017, Viceron Inc. had service revenue of $800,000 and operating expenses of $575,000. The company has a 15% income tax rate. No income tax installments have been paid or...
-
For the year ended June 30, 2014, Viceron Inc. had Service Revenue of $800,000 and Operating Expenses of $575,000. The company has a 15% income tax rate. It has not paid any income tax installments...
-
Refer to the information for Viceron Inc. and your answer in BE13.6. Prepare an income statement for Viceron Inc. for the year ended June 30, 2021. BE13.6 For the year ended June 30, 2021, Viceron...
-
In the automobile parts supplier's hypothesis test of H0: = 3 versus Ha: 3 (as discussed in Exercise 9.48) find the sample size needed to make the probability of a Type I error equal to .05 and...
-
Iron has a BCC crystal structure, an atomic radius of 0.124 nm, and an atomic weight of 55.85 g/mol. Compute and compare its theoretical density with the experimental value found inside the front...
-
(a) Richard has net gains for 2017-18 of 17,500 and capital losses brought forward of 3,300. Calculate his taxable gains for 2017-18. (b)Richard has unrelieved trading losses (eligible for relief a...
-
Panther Racing, LLC, is involved in competitive racing, including the development, maintenance, and operation of a racing team in the IndyCar series. Beginning in 2008, the National Guard annually...
-
Stefani Company has gathered the following information about its product. Direct materials. Each unit of product contains 4.5 pounds of materials. The average waste and spoilage per unit produced...
-
1. We define the product of operators by composition. That is, AB|4) = A(B|4)). Show that, for the two-level atom, the evolution operator satisfies U(t) U(ts)U(s).
-
Can you come up with a scenario where the hotel could stay in business and still address the mayor offices environmental concerns?
-
Terry Lam and Chris Tan have a partnership agreement with the following provisions for sharing profit or loss: 1. A salary allowance of $20,000 to Lam and $30,000 to Tan 2. An interest allowance of...
-
Shrunk Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2021. The following information has been taken from the adjusted trial...
-
How many of the numbers to remember (in all bases) from Table 2.1 can you remember? TABLE 2.1 Some Numbers to Remember Powers of 2 2 = = 0.25 2 = = 0.5 2 = 1 2 = 2 2=4 2 = 8 24 = 16 25 = 32 20=64 27...
-
Find f(x + h) - f(x) h f(x)=x-11 for the given function.
-
Organizational Hierarchies. Some theorists believe that computer-mediated communication will eventually eliminate the hierarchical structure of organizations, largely because CMC encourages...
-
A circular space station spins about its axis to simulate gravity in the living quarters located along its periphery. What is the direction of acceleration of a person standing at the periphery?
-
What best describes how a business analyst works with different levels of detail as they work? First, the Business Analyst analyzes details of how the technical systems work. They then identify the...
-
Question 5. [20 points] Business Process & Digital Transformation. Business processes are essential to businesses. With the movement towards digital transformation, business processes are greatly...
-
Coil 1 is a fl at circular coil that has N1 turns and a radius R1. At its center is a much smaller flat, circular coil that has N2 turns and radius R2. The planes of the coils are parallel. Assume...
-
Which of the following raises the credibility of areport? Which of the following raises the credibility of a report? Multiple Choice avoiding predictions avoiding the use of cause-effect statements...
-
Access the annual financial statements for Indigo Books & Music Inc. by going to www.sedar.com. Select your language preference, then choose "Company Profiles" and "I." Scroll down until you locate...
-
Selected information from Indigo Books & Music Inc.'s income statements for three recent years follows (dollars in thousands): Instructions (a) Calculate gross profit, and profit from operations, for...
-
Because Natalie has had such a successful first few months, she is considering other opportunities to develop her business. One opportunity is the sale of fine European juicing machines. The owner of...
-
Can you elucidate the principles underlying genome organization and chromatin structure, including the roles of topologically associating domains (TADs) and chromosomal territories in gene regulation...
-
State three ways of using artificial intelligence and machine learning in marketing and explain each use case with two examples.
-
discuss the principles of population genetics, including allele frequency distributions, Hardy-Weinberg equilibrium, genetic drift, and natural selection, and how these concepts inform our...
Study smarter with the SolutionInn App