Swifty Corp. has a deferred tax asset account with a balance of $68,600 at the end of 2019 due to a single cumulative temporary difference of $343,000. At the end of 2020, this same temporary difference has increased to a cumulative amount of $463,000. Taxable income for 2020 is $824,000. The tax rate is 20% for all years. No valuation account related to the deferred tax asset is in existence at the end of 2019.
(a) Record income tax expense, deferred income taxes, and income taxes payable for 2020, assuming that it is more likely than not that the deferred tax asset will be realized. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Answers: 1
Other questions on the subject: Business
Business, 22.06.2019 19:30, Wayne4345
John's pizzeria and equilibrium john is selling his pizza for $6 per slice in an area of high demand. however, customers are not buying his pizza. using what you learned about the principles of equilibrium, write three to four sentences about how john could solve his problem.
Answers: 1
Business, 23.06.2019 00:50, tami5
Hubert manages a grocery store in a country experiencing a high rate of inflation. to keep up with inflation, he spends a lot of time every day updating the prices, printing new price tags, and sending out newspaper inserts advertising the new prices. his employees regularly deal with customer annoyance over the frequent price changes. this is an example of the of inflation.
Answers: 2
Business, 23.06.2019 14:20, trvptrav
Suppose a mutual fund qualifies as having moderate risk if the standard deviation of its monthly rate of return is less than 3%. a mutual-fund rating agency randomly selects 27 months and determines the rate of return for a certain fund. the standard deviation of the rate of return is computed to be 2.19%. is there sufficient evidence to conclude that the fund has moderate risk at the alpha equals 0.05 level of significance? a normal probability plot indicates that the monthly rates of return are normally distributed.
Answers: 2
Do you know the correct answer?
Swifty Corp. has a deferred tax asset account with a balance of $68,600 at the end of 2019 due to a...
Questions in other subjects:
