At the end of 2017, payne industries had a deferred tax asset account with a balance of $34 million attributable to a temporary book–tax difference of $85 million in a liability for estimated expenses. at the end of 2018, the temporary difference is $70 million. payne has no other temporary differences and no valuation allowance for the deferred tax asset. taxable income for 2018 is $245 million and the tax rate is 40%. required: 1. prepare the journal entry(s) to record payne’s income taxes for 2018, assuming it is more likely than not that the deferred tax asset will be realized.2. prepare the journal entry(s) to record payne’s income taxes for 2018, assuming it is more likely than not that one-fourth of the deferred tax asset will ultimately be realized.
Answers: 1
Business, 22.06.2019 11:00, smartie80
Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period
Answers: 1
Business, 23.06.2019 02:30, 310000982
On december 1, 2017, bigham corporation pays a dividend of $4.00 on each share of its common stock. vanessa and gena, two unrelated shareholders, each own 5,000 shares of the stock. vanessa has owned her stock for two years while gena purchased her stock on november 3, 2017. how does each shareholder treat the $20,000 dividend from bigham
Answers: 3
Business, 23.06.2019 09:40, mckinleesmomp6qj1e
What is an example of a functional organizational structure?
Answers: 1
Business, 23.06.2019 20:00, barloase5747
In the united states, the most common form of business is the and the form of business that generates most of the sales and profits is the
Answers: 1
At the end of 2017, payne industries had a deferred tax asset account with a balance of $34 million...
Mathematics, 03.01.2021 14:40
Mathematics, 03.01.2021 14:40
Chemistry, 03.01.2021 14:40
Health, 03.01.2021 14:40
Mathematics, 03.01.2021 14:40