Business, 28.07.2021 01:00, briiiii7410
Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income tax return) Tax rate: 25% 2021 $ 950 806 $ 144 $ 94 2022 $1,042 862 $ 180 $ 244
a. Expenses each year include $68 million from a two-year casualty insurance policy purchased in 2021 for $94 million. The cost is tax deductible in 2021.
b. Expenses include $2 million insurance premiums each year for life insurance on key executives.
c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2021 and 2022 were $69 million and $85 million, respectively. Subscriptions included in 2021 and 2022 financial reporting revenues were $63 million ($48 million collected in 2020 but not recognized as revenue until 2021) and $69 million, respectively. Hint View this as two temporary differences-one reversing in 2021, one originating in 2021.
d. 2021 expenses included a $52 million unrealized loss from reducing investments (classified as trading securities) to fair value. The investments were sold and the loss realized in 2022.
e. During 2020, accounting income included an estimated loss of $42 million from having accrued a loss contingency. The loss was paid in 2021, at which time it is tax deductible.
f. At January 1, 2021, Arndt had a deferred tax asset of $4 million and no deferred tax liability.
5. Compute the deferred tax amounts that should be reported on the 2022 balance sheet.
Answers: 2
Business, 22.06.2019 10:30, gonzalesalexiaouv1bg
The advertisement demonstrates a popular way companies try to sell a product. what should consumers consider when it comes to the price of this product? it includes shipping and handling costs. it takes into account maintenance costs. it explains why this price is a good deal. it makes the full cost appears lower than it is.
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Business, 22.06.2019 11:00, smartie80
Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period
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Business, 22.06.2019 17:40, payloo
To appeal to a new target market, the maker of hill's coffee has changed the product's package design, reformulated the coffee, begun advertising price discounts in women's magazines, and started distributing the product through gourmet coffee shops. what has been changed? a. the product's perceptual value. b. the product's 4ps. c. the method used in its target marketing. d. the ownership of the product line. e. the product's utility.
Answers: 3
Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): Revenues Expenses Pretax accou...
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