BACHELOR OF COMMERCE YEAR 2- ACADEMIC AND ASSESSMENT CALENDAR -DISTANCE Required: Discuss how the current taxation and taxation will be recorded in the financial statements, (Hint: discuss the element) Prepare the joumals necessary to account for current tax and deferred tax in the financial statements of Parmesan Limited. (Show all workings) Disclose the above in the Taxation note found in the notes to the financial statements QUESTION THREE EPR Industries is a wholesaler that distributes boxes of toy cars to local shops.

Answers

Answer 1

First,  Identify the elements of taxation, next, Prepare journal entries for current tax, and  Prepare journal entries for deferred tax, finally Disclose taxation in the financial statements.

Step 1: Identify the elements of taxation
Current taxation refers to the taxes payable or receivable in the current year based on the taxable income of the entity. Deferred taxation refers to the future tax consequences arising from temporary differences between the carrying amounts of assets and liabilities in the financial statements and their respective tax bases.

Step 2: Prepare journal entries for current tax
To account for current tax, you would record the tax expense or benefit in the income statement. Here is a general journal entry for current tax expense:
Debit: Income Tax Expense (Profit and Loss Account)
Credit: Income Tax Payable (Current Liability)

Step 3: Prepare journal entries for deferred tax
To account for deferred tax, you need to identify temporary differences and their corresponding tax effects. Then, record the deferred tax assets or liabilities in the balance sheet. Here are general journal entries for deferred tax:

For deferred tax assets:
Debit: Deferred Tax Asset (Non-current Asset)
Credit: Deferred Tax Benefit (Profit and Loss Account)

For deferred tax liabilities:
Debit: Deferred Tax Expense (Profit and Loss Account)
Credit: Deferred Tax Liability (Non-current Liability)

Step 4: Disclose taxation in the financial statements
Finally, include a note in the notes to the financial statements that discloses the information related to current and deferred taxation. This should provide a breakdown of the tax expense or benefit for the year, the movement in deferred tax assets and liabilities, and any other relevant tax-related information.

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Related Questions

The Bank of New York Mellon Corp. has a current ratio of 0.67.
Is this good or bad?

Answers

A current ratio of 0.67 for The Bank of New York Mellon Corp. indicates that it has a weak liquidity position. This is because a current ratio of less than 1 implies that the company may struggle to meet its short-term obligations.The current ratio is a liquidity metric that compares current assets to current liabilities. It is calculated by dividing the total value of current assets by the total value of current liabilities.

If a company has a current ratio of less than 1, it suggests that it does not have sufficient short-term assets to meet its short-term debts. Therefore, a higher current ratio is generally preferred as it indicates that a company has a stronger liquidity position to meet its short-term obligations.

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The Bradshaw family has $200,000 of total assets and $140,000 of liabilities. What is their net worth?

Malleable

Measurable

Maintainable

Manageable

Answers

Answer: $60,000

Explanation:

The Net worth of a person or people can be calculated by deducting their liabilities from their total assets.

The net worth of the Bradshaw family is therefore;

= 200,000 - 140,000

= $60,000

The options given are not for this question. There is a similar question which asks what the M in the Goal-setting acronym S.M.A.R.T stands for.

The answer to that is Measurable.

Bloomberg LP, in partnership with the National Conference on Citizenship and Points of Light, has created a scorecard of America's top community-minded companies which they call the

Answers

Answer:

Civic 50.

Explanation:

Bloomberg LP, in partnership with the National Conference on Citizenship and Points of Light, has created a scorecard of America's top community-minded companies which they call the civic 50. It was launched in the United States of America in 2012 and is a program designed and established to recognize and honour the fifty (50) most philanthropic, community-minded or socially responsible companies in the United States of America each year, determined by True Impact through an annual survey. These fifty (50) companies are selected based on this criteria; investment, integration, institutionalization and impact.

Economics
Strategy Cost ($ million) Turtles saved (thousands) A. Beach conservation 20 25 B. Turtle excluder equipment on 55 40 trawling nets C. A tax per shrimp caught 20 10 1. If you want to save 10,000 turtl

Answers

In order to save 10,000 turtles, the most efficient method based on the given data would be to implement strategy B, which is to use Turtle Excluder Devices (TEDs) on trawling nets. This would require a cost of $55 million but would save 40,000 turtles. Strategy A of beach conservation would save 25,000 turtles at a cost of $20 million while strategy C of a tax per shrimp caught would save 10,000 turtles at a cost of $20 million.

The table given shows different strategies that can be employed to save turtles and the cost associated with each strategy as well as the number of turtles that would be saved by implementing the strategy. To save 10,000 turtles, we need to determine which strategy is most efficient. The table is shown below:

Strategy Cost ($ million)Turtles saved (thousands)A. Beach conservation2025B. Turtle excluder equipment on trawling nets5540C. A tax per shrimp caught2010From the table, it can be seen that strategy B of using Turtle Excluder Devices (TEDs) on trawling nets would be the most efficient strategy to save 10,000 turtles. This strategy would save 40,000 turtles at a cost of $55 million. Strategy A of beach conservation would save 25,000 turtles at a cost of $20 million while strategy C of a tax per shrimp caught would save 10,000 turtles at a cost of $20 million. Therefore, strategy B is the most efficient method based on the given data.

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Ana wants to prepare a fruit salad for her mother's birthday. List down four ingredients that she needs to buy in the market for her fruit salad. then present this set using set builder notation.

Answers

To prepare a fruit salad for her mother's birthday, Ana needs to buy four ingredients from the market. Here are four ingredients that she can buy from the market for her fruit salad:

1. Pineapple: Pineapple is a tropical fruit that can be easily added to fruit salads. It has a sweet and tangy flavor that complements the other fruits in the salad.

2. Strawberries: Strawberries are a great addition to fruit salads as they add a pop of color and sweetness. They are also packed with nutrients such as vitamin C and fiber.

3. Kiwi: Kiwi is a small fruit that is often used in fruit salads. It has a tart flavor and adds a unique texture to the salad.

4. Blueberries: Blueberries are a great addition to fruit salads as they are rich in antioxidants and have a sweet and tart flavor that complements other fruits.

Using Set Builder Notation:

Ana can represent these four ingredients as a set using set builder notation as follows:

{X | X is a fruit and X ∈ {pineapple, strawberries, kiwi, blueberries}}.

This set represents all the fruits that Ana can use in her fruit salad, which includes pineapple, strawberries, kiwi, and blueberries.

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aIf the weekday data is in control, and the weekend data is also in control, how do you explain the combined data being "out of control"?

Answers

It's possible that the behavior of the data on weekdays and on weekends are different and that the combined data is showing an overall deviation from what is expected. This deviation may not be apparent when looking at the weekday and weekend data separately, but it can become noticeable when the data is combined.

One possible reason for this discrepancy could be that there are different sources of variation in the data, such as differences in the measurement process, the population being measured, or external factors that affect the data differently on weekdays and weekends.

Additionally, it's also possible that the control limits established for the combined data are not appropriate for the underlying data distribution and that a different set of control limits would better capture the behavior of the combined data.

In these cases, it would be important to investigate the causes of the deviation and determine whether it is meaningful and whether any corrective actions are necessary. This could involve collecting more data, adjusting the control limits, or making changes to the measurement process.

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You write a short story, but you want to make sure your work is protected before you post it online. What should you do to help protect your copyright? (Site 1)

Answers

Answer:

You can add the Copyright symbol. And write a notice below your work saying that if a person has to copy or copy-and-change your work, they should contact you or something. Make sure you leave you email [If you wanna.] And if you see your work any where else, just report the person or talk it out with them.

Explanation:

Which of the following is part of the cost of goods or services sold for a company that paints people's homes?
A. Paint
B. Flyers to promote the company
C. A van to travel to people's homes
D. Fuel for the van

Answers

Answer:

A. Paint

Explanation:

Paint is a part of the cost of goods or services sold for a company that paints people's homes. Thus, the correct option is A). Paint.

What is the cost of goods sold?

COGS stands for the Cost of Goods Sold. Cost of goods sold refers to the direct costs of producing the goods sold by a company. It is the total amount or cost that is incurred in the production of the goods. The sum of amount that a business paid as a cost directly related to the sale of products, is known as COGS.

Cost of goods sold is the total carrying value of goods sold during a particular period. This amount mainly includes the cost of the material, labor, machinery etc. that are directly used to create the good. It also includes the indirect cost such as marketing cost, distribution cost, sales cost etc.

Basically, cost of goods sold can be calculated by the given formula i.e. COGS = the starting inventory + purchasesending inventory.

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The mandate for the monetary policy goals that has been given to the european central bank is an example of a ________ mandate.

Answers

The mandate for the monetary policy goals that has been given to the European Central Bank is an example of a specific mandate.  

Clear mandate: price stability. The European Central Bank's primary objective is to maintain price stability in the euro area. This means keeping inflation low and stable over the medium term, aiming for an inflation rate of below, but close to, 2%. The central bank uses various monetary policy tools,

Such as interest rates and asset purchases, to achieve this goal. By focusing on price stability, the central bank aims to provide a stable economic environment that fosters sustainable growth and job creation. This mandate ensures that the central bank's actions are guided by a clear objective and helps promote confidence in the economy.

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On May 3, 2020, Leven Corporation negotiated a short-term loan of $930,000. The loan is due October 1,2020 , and carries a 7.20% interest rate. Use ordinary interest to calculate the interest. What is the total amount Leven would pay on the maturity date? (Use Days in a year table.) Note: Do not round intermediate calculations. Round your answer to the nearest cent.

Answers

The total amount Leven would pay on the maturity date is $964,450.28.

1. Calculate the number of days the loan is outstanding. The loan was negotiated on May 3, 2020 and is due October 1, 2020. There are 31 days in May, 28 days in June, 31 days in July, 30 days in August, 31 days in September, and 1 day in October for a total of 161 days.

2. Calculate the interest using the following formula:

Interest = Principal * Interest Rate * Number of Days / 365

Principal = $930,000

Interest Rate = 7.20% = 0.072

Number of Days = 161

Interest = 930,000 * 0.072 * 161 / 365 = $34,450.28

3. Calculate the total amount Leven would pay on the maturity date by adding the interest to the principal.

Total Amount = Principal + Interest

Principal = $930,000

Interest = $34,450.28

Total Amount = 930,000 + 34,450.28 = $964,450.28

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As you read through the draft of your message, you consider whether parts of your message should be rearranged to make your point more effective. Proofreading Evaluating Editing

Answers

Answer:

The correct answer will be "Editing".

Explanation:

Editing seems to be the process where even the letter being written is reconstructed or reconfigured to more efficiently express the letter. Arranging, modifying, as well as assembling a recorded, written, or video content for official completion, commonly by such an individual except for the producer of the content (considered as an editor).

The other options in question aren't relevant to the particular circumstance. So the option available here is just the right one.

2. A flexible tape with different type of measurements essential for taking
body measurements.
a. ruler
b. yard stick
c. hem gauge
d. tape measure​

Answers

I believe the answer is d. Tape measure.

Hope this helps! ^^

The current equilibrium price of a specific type of automobiles is $23,000. An increase of a price ceiling on automobiles from $20,000 to $25,000 will do what to the amount sold in the market and to the price of automobiles?.

Answers

Answer:

$25,000

Explanation:

i will sell more automobiles to make more money

Which of the following reflects Revenue after Deductions?

Which of the following reflects Revenue after Deductions?

Answers

Answer:

Net income reflects the total residual income that remains after accounting for all cash flows, both positive and negative. In other words, from revenue, which is called the top-line number, all income, expenses, and costs are deducted to arrive at net income

NET INCOME

Explanation:

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A gene is considered to be dominant it mark ______
A. it is expressed only in homozygous state B. It is expressed only in heterozygous condition C. it is expressed both in homozygous and heterozygous condition D. it never expresses its effect in any condition

Answers

A gene is considered dominant if it is expressed both in homozygous and heterozygous condition. The correct answer is option C.

The term "dominant" in genetics indicates a type of gene that will always be expressed if present. When a dominant gene is present, it will always show up and mask any recessive genes that are also present. The recessive gene only shows up if the dominant gene is not present.

The expression of dominant genes in both homozygous and heterozygous conditions suggests that if an individual has either a homozygous or heterozygous condition, the dominant gene will be present in the offspring. As a result, both homozygous and heterozygous conditions are necessary for dominant genes to be present. An example of a dominant gene is brown eye color. Brown eyes are dominant over blue eyes.

Therefore, if an individual has one brown-eyed parent and one blue-eyed parent, they will have brown eyes because the brown eye color gene is dominant and always expressed. In a case where both parents have brown eyes, their child may have either brown or blue eyes, depending on whether or not they are carriers of the recessive blue eye color gene.

The answer, therefore, is option C.

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Find the area of a rectangle with the length measuring 8 km and the width measuring 5 km.
A. 26 m2
B. 40 m2
C. 40 km2
D. 26 km2​

Answers

Answer:

The answer is C. 40 km^2

8km*5km = 40

A = L*W

L = 8 km

W = 5 km

PLEASE HELP ASAP ITS A TEST
Which of the following is a disadvantage of a sole proprietorship?
(A) Proprietors are their own bosses and can work their own hours.
(B) It's the least expensive type of business organization to create.
(C) The owner has unlimited liability for the debts of the business.
(D) The owner gets to decide what to do with all of the profits made.

Answers

Answer:

A is the right answer so right it

Its C.
The sole trader has to pay all the debts by selling his personal properties if a business fails, as He has unlimited liability. Its a disadvantage.

Knowledge Check - Question 5

-

What's the term for reducing the price of an item in order to encourage sales?

A. Net profit

B. Margin

C. Markup

D. Markdown

Answers

The term for reducing the price of an item in order to encourage sales is D. Markdown. Markdown is a pricing strategy where the original selling price of a product is reduced in order to increase sales.

This can be done for a number of reasons such as to clear out old inventory, to compete with other retailers, or to stimulate demand for a product. When a retailer marks down the price of a product, they are essentially sacrificing potential profit in order to move the product off the shelves and generate revenue.

It's important to note that markdowns can have an impact on a company's net profit and margin. Net profit is the amount left over after all expenses have been deducted from revenue, while margin is the percentage of revenue that represents profit.

In summary, a markdown is a common pricing strategy used by retailers to increase sales and move products off the shelves. However, it's important to consider the impact of markdowns on net profit and margin before implementing this strategy.

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If you are selling a shirt for $20 and your total costs were $10, your markup in dollars is $10. What is the markup percentage ?

Answers

100%
Good luck hope this helps

The Future Lab Program, which is a part of Sony's investment in R&D, embraces an approach to technological R&D that emphasizes an open creative environment and direct lines of communication with society, with the end goal being to co-create new lifestyles and customer value. Does Sony create significant customer value? Does Sony create new lifestyles?

Answers

Answer:

Sony's goal with Future Lab is to create customer value and new lifestyles, whether they are able to do so depends on how well they work it out. Future Labs is based on San Francisco, and it should serve as a place where innovative prototypes should be tested by real users. The goal is that Sony can learn from actual real life user experiences in order to improve their products and services. The real life customers and users that want to participate in Sony's program must pay a fee for doing so, but they can also experience prototypes before anyone else.

Question ____________________________ holds that as production of a good or service increases, the additional opportunity cost of that production increases as well.

Answers

The question is asking about a concept that explains how the opportunity cost of production increases as the production of a good or service increases. This concept is known as the law of increasing opportunity cost. The law states that as more units of a good or service are produced, the additional resources required for production also increase, leading to a higher opportunity cost.

To explain this in simpler terms, let's take an example of a company that produces shoes. Initially, the company may have access to resources that are most suitable for producing shoes. As production increases, the company may need to allocate resources that are less efficient for shoe production, resulting in a higher opportunity cost. In other words, the more shoes the company produces, the more it has to give up in terms of other goods or services that could have been produced with those same resources. This increase in opportunity cost is a key concept in economics and highlights the trade-offs that businesses face when increasing production.

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If you’re not careful, it can become costly to use P2P payments. Name at least 3 ways you could LOSE money using person-to-person apps

Answers

P2P payment is a medium of transferring funds to purchase cryptocurrencies.

Cryptocurrencies means an electronic form of currencies with huge volatility.

Three ways by which one can lose money on the platform:

If money are sent to the wrong bank account.

Money sent to wrong address are irretrievable.

Through the intelligence of scammers

In conclusion, in an attempt not to lose money, Crypto-currencies service providers introduced the P2P known as Peep-to-Peer.

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suppose smith wants one iphone no matter what the price is between $0 and $350, jones wants one iphone no matter what the price is between $0 and $200, and griffith wants one iphone no matter what the price is between $0 and $450. in this case, each individual buyer’s demand curve will be and the market demand curve will be .

Answers

The answer is Each individual buyer’s demand curve will be Vertical and the market demand curve will be Downward sloping.

The demand curve could be a graphical representation of the connection between the value of an honest or service and therefore the quantity demanded for a given period of your time. in a very typical representation, the value will appear on the left vertical axis, the amount demanded on the horizontal axis.

The demand curve will move downward from the left to the correct, which expresses the law of demand—as the worth of a given commodity increases, the amount demanded decreases, all else being equal.

Note that this formulation implies that price is that the variable, and quantity the variable. In most disciplines, the experimental variable appears on the horizontal or x-axis, but economics is an exception to the current rule.

The degree to which rising price translates into falling demand is named demand elasticity or price elasticity of demand. If a 50% rise in corn prices causes the number of corn demanded to fall by 50%, the demand elasticity of corn is 1. If a 50% rise in corn prices only decreases the amount demanded by 10%, the demand elasticity is 0.2. The demand curve is shallower (closer to horizontal) for products with more elastic demand, and steeper (closer to vertical) for products with less elastic demand.

Other factors can shift the demand curve similarly, like a change in consumers' preferences.

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suppose smith wants one iphone no matter what the price is between $0 and $350, jones wants one iphone

[15 POINTS] Which negative quality does Deborah exhibit? Deborah believes that people of other nationalities are inferior to her. She treats them with disdain and does not miss an opportunity to abuse them. Deborah is a (BLANK) .

Answers

Answer:

rasit

Explanation:

i got it right on plato have a nice day!

Deborah is Xenophobic. Xenophobic are those who fear or hate those who have different nationalities, race, language etc.

Xenophobia

It is the fear and hatred for people who are percieved as aliens to the xenophobic person's culture, nation, language, race etc. Since Deborah view other nationalities as inferior, and treats them with disdain and abuse, it suggest that she hates people who, she thinks, are alien to her nationality. Therefore, the negative quality Deborah exhibit is the Xenophobia.

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Please help!

a) Beatrice lives in a small town of 5,000 people. There are 1,500 people under the age of 16,
500 people who are retired, 2,750 people who have jobs, and 250 people who are actively
looking for work. What is the unemployment rate of Beatrice's town?

Answers

Answer:

8.33%

Explanation:

250 unemployed people looking for work / 3000-member labor force = 0.0833

3000 = 5000 (the population) minus 2000 (those who aren't part of the labor force; aka the kids and retirees)

As an ammunition supervisor, you receive an urgent Notice of Ammunition Reclassification (NAR). It must be

Answers

As an ammunition supervisor, you receive an urgent Notice of Ammunition Reclassification (NAR). It must be given the highest priority.

As the ammunition supervisor, I acknowledge receipt of the urgent Notice of Ammunition Reclassification (NAR) and recognize its paramount importance. The reclassification demands immediate and rigorous attention to ensure compliance with safety protocols, accurate inventory records, and swift execution of necessary procedures.

Our team will promptly initiate the required actions, prioritizing the secure handling, tracking, and reporting of reclassified ammunition. Safety and precision remain our foremost concerns as we address this critical matter, safeguarding both personnel and operational integrity. We are fully committed to executing this reclassification with the highest level of urgency, professionalism, and adherence to established guidelines.

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please help due in an hour

please help due in an hour

Answers

a diamond cuz you can get 50000 bottles of water if you wanted
One diamond

The very first reason I would say is because it doesn’t specify how big of a diamond meaning the value could range from $100 to $100,000,000

The second reason is water is free in a sense you could get five empty bottles you find laying around and then go to a creek and fill them up with water. (You could get so much more for a diamond than a few bottles of water)

The last reason ( that goes along with the first two) is because it’s unique diamonds are hard to come across but water in the other hand is found almost every wear in fact it covers about 71% of earth.

If someone owes you $100 right now, but they don't pay you for a year, you have lost the opportunity to collect _______________on that money.

Answers

Answer:

Interest

Explanation:

Opportunity cost of the money is the Interest that could have been earned on that money has the borrower saved it in the bank. Thus, the missing word here is Interest.

Explain the role of public relations in developing and maintaining a corporate image.

Answers

By overseeing communication and relationships between an organisation and its stakeholders, public relations plays a critical part in creating and sustaining a company image.

To influence the perception, reputation, and overall image of the business, strategic communication is used. To improve the public's view of the company, public relations experts take part in activities like media relations, crisis management, community involvement, and employee communications. Public relations contributes to the development of trust, credibility, and goodwill among stakeholders by clearly articulating the company's ideals, accomplishments, and social responsibility efforts. It helps build the company's brand, draw in clients, investors, and talent while minimising reputational hazards.

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Two-thirds of a number is two more than one-half of another number. The sum of the number is 129. Find the numbers.​

Answers

Answer: 57 ; 72

Explanation:

Given information

2/3 of a number is 2 more than (1/2) of another number

Sum = 129

Set variables

Let x be the first number

Let y be the other number

Set system of equations

\(1)~\dfrac{2}{3} x=\dfrac{1}{2} y+2\)

\(2)~x + y=129\)

Eliminate fractions in the 1) equation

\(\dfrac{2}{3} x\times6=\dfrac{1}{2} y\times6+2\times6\)

\(4x=3y+12\)

Move x and y onto the same side

\(4x-3y=12\)

Current System

\(1)~4x-3y=12\)

\(2)~x + y=129\)

Multiply 3 on both sides in 2) equation

\(x\times3 + y\times3=129\times3\)

\(3x+3y=387\)

Current System

\(1)~4x-3y=12\)

\(2)~3x+3y=387\)

Add 1) equation and 2) equation together

\((4x - 3y)+(3x+3y)=(12)+(387)\)

Expand parenthesis and combine like terms

\(4x - 3y + 3x + 3y = 12 + 387\)

\(4x + 3x - 3y + 3y=399\)

\(7x=399\)

Divide 7 on both sides

\(7x\div7=399\div7\)

\(\Large\boxed{x=57}\)

Substitute the x value into one of the equations to find the y value

x + y = 129

(57) + y = 129

y = 129 - 57

\(\Large\boxed{y=72}\)

Hope this helps!! :)

Please let me know if you have any questions

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