Pretax financial income: Income that is computed based on the records and documents presented by the individual, firm, or an entity is termed pretax financial income. Generally, the pretax financial income is the income which is eligible for computing or determining the net tax liability of the individual, firm, or an entity. Deferred tax liability : Some business activities may create a dissimilarity between the amount recorded in the books and the taxable income. These differences create deferred tax liability. For example, Mr. J is a car dealer who sold a car on installment. The actual sale happened in the current year, but the benefits are receivable in the future years. This creates a difference in the books of accounts and the taxable account. To record: To record the journal entry for taxes.

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Answer 1

Question

Chapter 19, Problem 9BE

To determine

Pretax financial income: Income that is computed based on the records and documents presented by the individual, firm, or an entity is termed pretax financial income. Generally, the pretax financial income is the income which is eligible for computing or determining the net tax liability of the individual, firm, or an entity.

Deferred tax liability: Some business activities may create a dissimilarity between the amount recorded in the books and the taxable income. These differences create deferred tax liability. For example, Mr. J is a car dealer who sold a car on installment. The actual sale happened in the current year, but the benefits are receivable in the future years. This creates a difference in the books of accounts and the taxable account.

To record: To record the journal entry for taxes.

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General accounting question

Branton Ltd. had cash sales of $56,390, credit sales of $42,810, sales returns and allowances of $6,450, and sales discounts of $5,120. The company's net sales for this period___. A. $88,200 B. $87,630 C. $92,180 D. $93,830 E. $95,900

Answer 2

Question

Chapter 19, Problem 9BE

To determine

Pretax financial income: Income that is computed based on the records and documents presented by the individual, firm, or an entity is termed pretax financial income. Generally, the pretax financial income is the income which is eligible for computing or determining the net tax liability of the individual, firm, or an entity.

Deferred tax liability: Some business activities may create a dissimilarity between the amount recorded in the books and the taxable income. These differences create deferred tax liability. For example, Mr. J is a car dealer who sold a car on installment. The actual sale happened in the current year, but the benefits are receivable in the future years. This creates a difference in the books of accounts and the taxable account.

To record: To record the journal entry for taxes.

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Answer 3

Question

Chapter 19, Problem 9BE

To determine

Pretax financial income: Income that is computed based on the records and documents presented by the individual, firm, or an entity is termed pretax financial income. Generally, the pretax financial income is the income which is eligible for computing or determining the net tax liability of the individual, firm, or an entity.

Deferred tax liability: Some business activities may create a dissimilarity between the amount recorded in the books and the taxable income. These differences create deferred tax liability. For example, Mr. J is a car dealer who sold a car on installment. The actual sale happened in the current year, but the benefits are receivable in the future years. This creates a difference in the books of accounts and the taxable account.

To record: To record the journal entry for taxes.

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Answer 4

Question

Chapter 19, Problem 9BE

To determine

Pretax financial income: Income that is computed based on the records and documents presented by the individual, firm, or an entity is termed pretax financial income. Generally, the pretax financial income is the income which is eligible for computing or determining the net tax liability of the individual, firm, or an entity.

Deferred tax liability: Some business activities may create a dissimilarity between the amount recorded in the books and the taxable income. These differences create deferred tax liability. For example, Mr. J is a car dealer who sold a car on installment. The actual sale happened in the current year, but the benefits are receivable in the future years. This creates a difference in the books of accounts and the taxable account.

To record: To record the journal entry for taxes.

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Answer 5

Chapter 19, Problem 9BE

To determine

Pretax financial income: Income that is computed based on the records and documents presented by the individual, firm, or an entity is termed pretax financial income. Generally, the pretax financial income is the income which is eligible for computing or determining the net tax liability of the individual, firm, or an entity.

Deferred tax liability: Some business activities may create a dissimilarity between the amount recorded in the books and the taxable income. These differences create deferred tax liability. For example, Mr. J is a car dealer who sold a car on installment. The actual sale happened in the current year, but the benefits are receivable in the future years. This creates a difference in the books of accounts and the taxable account.

To record: To record the journal entry for taxes.

Answer 6

Chapter 19, Problem 9BE

To determine

Pretax financial income: Income that is computed based on the records and documents presented by the individual, firm, or an entity is termed pretax financial income. Generally, the pretax financial income is the income which is eligible for computing or determining the net tax liability of the individual, firm, or an entity.

Deferred tax liability: Some business activities may create a dissimilarity between the amount recorded in the books and the taxable income. These differences create deferred tax liability. For example, Mr. J is a car dealer who sold a car on installment. The actual sale happened in the current year, but the benefits are receivable in the future years. This creates a difference in the books of accounts and the taxable account.

To record: To record the journal entry for taxes.

Answer 7

Chapter 19, Problem 9BE

To determine

Pretax financial income: Income that is computed based on the records and documents presented by the individual, firm, or an entity is termed pretax financial income. Generally, the pretax financial income is the income which is eligible for computing or determining the net tax liability of the individual, firm, or an entity.

Deferred tax liability: Some business activities may create a dissimilarity between the amount recorded in the books and the taxable income. These differences create deferred tax liability. For example, Mr. J is a car dealer who sold a car on installment. The actual sale happened in the current year, but the benefits are receivable in the future years. This creates a difference in the books of accounts and the taxable account.

To record: To record the journal entry for taxes.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 19 - Prob. 1Q Ch. 19 - Prob. 2Q Ch. 19 - Prob. 3Q Ch. 19 - Prob. 4Q Ch. 19 - Prob. 5Q Ch. 19 - Prob. 6Q Ch. 19 - Prob. 7Q Ch. 19 - Prob. 8Q Ch. 19 - Prob. 9Q Ch. 19 - Prob. 10Q

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