Thorn co. applies asc topic 740, income taxes. at the end of year 1, the tax effects of temporary differences were as follows: accelerated tax depreciation resulting in deferred tax liability: $75,000 (related to noncurrent asset)additional inventory costs for tax purposes resulting in deferred tax asset: $25,000 (related to current asset)a valuation allowance was not considered necessary. thorn anticipates that $10,000 of the deferred tax liability will reverse in year 2. in thorn's december 31, year 1 balance sheet, what amount should thorn report as noncurrent deferred tax liability? a. $40,000b. $50,000c. $65,000d. $75,000

Lynch company manufactures and sells a single product. the following costs were incurred during the company’s first year of operations: variable costs per unit: manufacturing: direct materials $ 12 direct labor $ 6 variable manufacturing overhead $ 1 variable selling and administrative $ 1 fixed costs per year: fixed manufacturing overhead $ 308,000 fixed selling and administrative $ 218,000 during the year, the company produced 28,000 units and sold 15,000 units. the selling price of the company’s product is $56 per unit. required: 1. assume that the company uses absorption costing: a. compute the unit product cost. b. prepare an income statement for the year. 2. assume that the company uses variable costing: a. compute the unit product cost. b. prepare an income statement for the year.

You meet that special person and get married. amazingly your spouse has exactly the same income you do 47,810. if your tax status is now married filing jointly what is your tax liability

Dan wants to start a supermarket in his hometown, and wants to get into the business only after finding out about the market and how successful his business might be. the best way for dan to gain knowledge is to: