On December 1, 2019, Owl Co. entered into an operating lease for its executive o

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On December 1, 2019, Owl Co. entered into an operating lease for its executive offices for 5 years at a monthly rental of $50,000, paying the landlord the following amounts: Owl Co. Operating LeaseFirst month's rent$ 50,000 Last month's rent 50,000 Installation of new carpet 600,000 In regards to this operating lease, what amount should Owl charge to expense for 2019? $140,000 $60,000 $50,000 $720,000

Owl Inc. reported income before tax of $500,000 on their income statement. The only book-tax difference is based on $40,000 of cash received that the firm recorded as revenue for tax purposes, but as a liability for book purposes. Owl is subject to a 40% tax rate. Which of the following would be appropriately included in Owl's year-end adjusting entry for taxes: Deferred Tax Asset 16,000 Income Tax Expense 216,000 Deferred Tax Liability 16,000 Income Tax Payable 200,000
On December 1, 2019, Owl Co. entered into an operating lease for its executive offices for 5 years at a monthly rental of $50,000, paying the landlord the following amounts: Owl Co. Operating LeaseFirst month's rent$ 50,000 Last month's rent 50,000 Installation of new carpet 600,000 In regards to this operating lease, what amount should Owl charge to expense for 2019? $140,000 $60,000 $50,000 $720,000

Owl Inc. reported income before tax of $500,000 on their income statement. The only book-tax difference is based on $40,000 of cash received that the firm recorded as revenue for tax purposes, but as a liability for book purposes. Owl is subject to a 40% tax rate. Which of the following would be appropriately included in Owl's year-end adjusting entry for taxes: Deferred Tax Asset 16,000 Income Tax Expense 216,000 Deferred Tax Liability 16,000 Income Tax Payable 200,000
On December 1, 2019, Owl Co. entered into an operating lease for its executive offices for 5 years at a monthly rental of $50,000, paying the landlord the following amounts: Owl Co. Operating LeaseFirst month's rent$ 50,000 Last month's rent 50,000 Installation of new carpet 600,000 In regards to this operating lease, what amount should Owl charge to expense for 2019? $140,000 $60,000 $50,000 $720,000

Owl Inc. reported income before tax of $500,000 on their income statement. The only book-tax difference is based on $40,000 of cash received that the firm recorded as revenue for tax purposes, but as a liability for book purposes. Owl is subject to a 40% tax rate. Which of the following would be appropriately included in Owl's year-end adjusting entry for taxes: Deferred Tax Asset 16,000 Income Tax Expense 216,000 Deferred Tax Liability 16,000 Income Tax Payable 200,000 Owl Inc. reported income before tax of $500,000 on their income statement. The only book-tax difference is based on $40,000 of cash received that the firm recorded as revenue for tax purposes, but as a liability for book purposes. Owl is subject to a 40% tax rate. Which of the following would be appropriately included in Owl's year-end adjusting entry for taxes: Deferred Tax Asset 16,000 Income Tax Expense 216,000 Deferred Tax Liability 16,000 Income Tax Payable 200,000

Explanation / Answer

2)

1 ) Expense for the? year = $50,000 + $600,000/5 x 1/12 $60,000.00

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