(Deferred Tax Asset with and without valuation Account) Jennifer Capriati Corp. has a deferred tax asset account with a balance of $150,000 at the end of 2016 due to a single cumulative temporary difference of$375,000. At the end of 2017, this same temporary difference has increased to a cumulative amount of $450,000. Taxable income for 2017 is$820,000. The tax rate is 40% for all years. No valuation account related to the deferred tax asset is in existence at the end of 2016. Instructions (a) Record income tax expense, deferred income taxes, and income taxes payable for 2017, assuming that it is more likely than not that the deferred tax asset will be realized. (b) Assuming that it is more likely than not that$30,000 of the deferred tax asset will not be realized, prepare the journal entry at the end of 2017 to record the valuation account.

Answers

Answer 1

Answer:

a. Income Tax Expense (Dr.) $298,000

Deferred Tax (Dr.) $30,000

Income Tax Payable (Cr.) $328,000

Explanation:

b. Income Tax expense (Dr.) $30,000

Allowance to reduce deferred tax value to NRV (Cr.) $30,000

Income tax payable is calculated based on tax rate of 40%.

$820,000 * 40% = $382,000


Related Questions

Mary is currently buying apples and oranges such that the last unit of apples has 30 units of utility and the last unit of oranges has 40 units of utility. She has allocated her entire budget. If the price of an apple is 10 cents and the price of an orange is 20 cents, to maximize her utility, what should Mary do

Answers

Answer:

Buy more apples and fewer oranges

Explanation:

Utility is defined as the level of enjoyment or satisfaction that a person gets from consumption of a good or service.

Consumers logically try to maximise utility.

In the given instance we need to get the level of utility for apples and oranges to see which has more utility per unit cash spent.

For apples utility per cash spent = 30 units of utility ÷ 10 cents= 3 utility per cent

For oranges utility per cash spent = 40 units of utility ÷ 20 cents = 2 utility per cent

As apples have a higher utility per cent spent, it will be best Mary buys more apples and fewer oranges

The following transactions took place in Boeing Business.
01.03.2021 - Purchase of goods costing Rs. 150000 from Airbus
company on credit.
05.03.2021 - Return of goods costing Rs. 30000 to Airbus
20.03.2021 - Sale of goods costing Rs. 100000 for Rs. 160000 on
credit
29.03.2021 - Payment of sales commission of Rs. 10000
02.04.2021 – Settlement of the full amount due to Airbus
What is the accounting equation which shows the net impact of the
above transactions in Boeing business as at 31.03.2021?
Assets
Liabilities
+
Equity

Answers

Answer:

1) Dr: Goods/Inventory (Asset increase) 150000

Cr: Payable (Liability increase) 150000

2) Dr: Payable (Liability decrease) 30000

Cr: Goods (Asset decrease) 30000

3) Dr: Payable (Liability decrease) 30000

Cr: Goods (Asset decrease) 30000

4) Dr: Receivables (Asset increase) 160000

Cr: Goods (Asset Decrease) 100000

Cr: Profit and loss (Equity increase) 60000

5) Dr: Commission Expense (Equity decrease) 10000

Cr: Cash (Asset Decrease) 10000

6) Dr: Payable (Liability decrease) 120000

Cr: Cash (Asset Decrease) 120000

HELPPP PLEASE !
1. Write one paragraph about a person who decides that taking an hourly job with
tips is a better choice than accepting a salaried job with benefits.

Answers

We want to help the user to understand why it gives more preference to the hourly job as compared to the salaries job with benefits

The reasons why the hourly job is better than accepting the salaried job with benefits are as follows:

Hourly job considered to be the goods job for earning the money in haste or at the time when the insurance & vacation should not be considered as the deciding factor. The question that arises is that you are searching for a job or interested to run a family business that has various benefits.Salary jobs provides the compensation along with the other benefits the company provides like insurance, vacation time, incentives, life insurance. In the case of hourly job, the number of hours they actually work and how much energy they would put into their work. They could choose their time also eligible for overtimeIn the case of salaried job, the same amount of money should be provided but along with it the stress should be there like working on weekends, working 10-12 hours a day, etc

Therefore in these ways  hourly job is better than accepting a salaried job with benefits

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You purchase a digital camera for $495.00, a case for $38.50, a zoom lens for $216.45, and a
memory card for $74.95. The sales tax is 7.15 percent.
12. What is the total price of your purchase before sales tax?
A. S824.90
B. $749.95
C. $883.88
D. $801.25

Answers

the answer is c because you have to add them up and idrk

planning practices are different from organization to organization. do you agree?
explain

Answers

Answer:

yes I agree

Explanation:

because different organizations manufacture or provide different goods and services so it's not possible for them to have the same planning practices take for instance an organization that deals with the provision of food to refugees and an organization that deals with the manufacturing of goods these two organizations will plan differently on how to go about with there businesses.

I hope this helps

Suppose that the U.S. government decides to charge cola consumers a tax. Before the tax, 45 million cases of cola were sold every month at a price of $6 per case. After the tax, 39 million cases of cola are sold every month; consumers pay $7 per case (including the tax), and producers receive $3 per case (after paying the tax).
The amount of the tax on a case of cola is___per case. Of this amount, the burden that falls on consumers is____per case, and the burden that falls on producers is____per case.
The effect of the tax on the quantity sold would have been larger if the tax had been levied on consumers.
A. True
B. False

Answers

Answer:

$4

$1

$3

b

Explanation:

Tax is a compulsory amount levied on goods and services. Taxes increase the price of a good

The type of tax stated here is a sales tax

A sales tax is an example of consumption tax. It is levied on the sales of goods and services

Tax on the case of cola = Amount paid by consumers after tax - amount received by producers

7 - 3 = 4

Tax paid by consumers = amount paid by consumers after tax - amount paid before tax

$7 - $6 = $1

Tax paid by suppliers = 4 - 1 = $3

Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time the manufacturing costs are incurred. Journalize the entries to record the following transactions:

a. Purchased 2,450 units of copper tubing on account at $52.00 per unit. The standard price is $48.50 per unit.
b. Used 1,900 units of copper tubing in the process of manufacturing 200 air conditioners.

Answers

Answer:

A. Dr Materials $18,825

Dr Direct Materials Price Variance $8,575

Cr Accounts Payable $127,400

B. Dr Work in Process $97,000

Cr Direct Materials Quantity Variance $4,850

Cr Material 92,150

Explanation:

Preparation of the journal entries

A. Dr Materials $18,825

(2,450*$48.50 per unit)

Dr Direct Materials Price Variance $8,575

[2,450*($52.00 per unit-$48.50 per unit)]

Cr Accounts Payable $127,400

(2,450*$52.00 per unit)

B. Dr Work in Process $97,000

(200*10 units *$48.50)

Cr Direct Materials Quantity Variance $4,850

(2,000 units – 1,900 units) × $48.50

Cr Material 92,150

(1,900 × $48.50 )

Alpha Technology produces two products: a high-end laptop under the label Excellent Laptops and an inexpensive desktop under the label Outstanding Computers. The two products use two overhead activities, with the following costs:
Setting up equipment $3,000
Machining $15,000
The controller has collected the expected annual prime costs for each product, the machine hours, the setup hours, and the expected production. Excellent Laptops Outstanding Computers
Direct Labor $25,000 $10,000
Direct Materials $20,000 $5,000
Expected Production in Units 3,000 3,000
Machine Hours 850 2,000
Setup Hours 80 75
Calculate Outstanding Computer's consumption ratio for setup hours. (Note: Round your answer to two decimal places.)
a. 0.25
b. 0.48
c. 0.75
d. 0.45
e. 0.90

Answers

Answer:

Alpha Technology

Outstanding Computer's consumption ratio for setup hours is:

b. 0.48

Explanation:

a) Data and Calculations:

Overhead activities and costs:

Setting up equipment $3,000

Machining $15,000

                                            Excellent      Outstanding

                                             Laptops        Computers

Direct Labor                         $25,000         $10,000

Direct Materials                   $20,000          $5,000

Expected Production in Units 3,000             3,000

Machine Hours                           850             2,000

Setup Hours                                  80                  75

Total setup hours = 155 hours

Outstanding Computer's consumption ratio for setup hours = 75/155 * 100

= 48%

If the average annual rate of return for common stocks is 11.7 percent, and 4.0 percent for U.S. Treasury bills, what is the average market risk premium?

Answers

Answer:

7.7%

Explanation:

Risk premium is the return an investor would want for holding a risky bond. It is the excess return earned over holding a risk free bond

Risk premium = return on risky asset - return on U.S. Treasury bills

The U.S. Treasury bills is considered to be risk free because the US government cannot default

On the other hands, stocks are risky because companies can default on payment of dividends due to various reasons e.g. insolvency

11.7 - 4 = 7.7%

To initiate a strategic move that allows a firm to open up new and uncontested market space through value innovation, managers must address four key questions when formulating a blue ocean business strategy.

a. True
b. False

Answers

True I just took the test on edge

Explain the three degrees of inflation

Answers

Answer:

They are creeping, walking, galloping, and hyperinflation. There are specific types of asset inflation and also wage inflation. Some experts say demand-pull and cost-push inflation are two more types, but they are causes of inflation. So is the expansion of the money supply.

Required information Skip to question [The following information applies to the questions displayed below.] The Tennis Times (TTT) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TTT (a) collected $420 million in 2018 for magazines that will be distributed later in 2018 and 2019, (b) provided $204 million of services on these subscriptions in 2018, and (c) provided $216 million of services on these subscriptions in 2019. Required: Using the information given, indicate the accounts, amounts, and accounting equation effects of transactions (a), (b), and (c). (Enter any decreases to assets, liabilities, or stockholders equity with a minus sign. Enter your answers in whole dollars.)

Answers

Answer:

The solution to the given question is defined in the attached file please find it.

Explanation:

which of the following quotes is the best way to tell your boss that you can't accept a new assignment right now?

a. I would like to work on this. but if I take this on I won't be able to meet my current deadline.

b. you know I already have this other deadline

c. I just don't know if I can get this all done

d. I don't have time sorry​

Answers

Answer:

a

Explanation:

it would be fine hopefully

The correct quotes are the best way to tell your boss that you can't accept a new assignment right now is "I would like to work on this. But if I take this on, I won't be able to meet my current deadline". Thus, option (a) is correct.

What is assignment?

An assignment is a judicial word used in the context of contract and property law. Assignment is the process through which one person, the assignor, passes rights or advantages to another, the assignee.

Assignment is providing someone to a specific job or piece of labor, or assigning someone to a specific location to complete a job.

The simplest approach to inform your supervisor that you can't take on a new job right now is to say, "I'd want to work on this, but if I take it on, I won't be able to fulfill my present deadline." Therefore, it can be concluded that option (A) is correct.

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All of the following will improve a firm's liquidity position except: Answer A)increase long-term debt and invest the money in marketable securities B)increase accounts receivable turnover C)increase inventory turnover D)increase the average collection period

Answers

Answer:

i think answer B is right

but i am not sure

1. Why do the bank regulators set capital standards for commercial banks, and illustrate with the capital requirements in Vietnam’s banking system?

Answers

Answer:

Because banking is such an important part of the economy, regulators have established minimum required levels of bank capital, generally requiring more capital if the bank is larger or is riskier, though exactly what counts as capital these days, and how size and risk are measured, becomes quite complex.

Differences in net operating income between absorption costing and variable costing are due to the ______. Multiple choice question. amount of sales revenue reported timing of when fixed manufacturing overhead is expensed amount of selling and administrative cost expensed format of the income statements

Answers

Answer:

timing of when fixed manufacturing overhead is expensed

Explanation:

When there is the difference with respective to the net operating income under the absorption costing and the variable costing so it is because of the timing when the fixed manufacturing overhead should be incurred or expensed

So as per the given situation, second option is correct

And, the same should be relevant

If a $500 billion increase in investment spending increases income by $500 billion in the first round of the multiplier process and by $450 in the second round, income will eventually increase by:_________
A. $2,500 billion
B. $3000 billion
C. $4,000 billion
D. $5,000 billion

Answers

Answer:

D. $5,000 billion

Explanation:

quizlet

In Investment Multiplier concept If a $500 billion increase in investment spending increases income by $500 billion in the first round of the multiplier process and by $450 in the second round, income will eventually increase by $5,000 billion. Option D is Correct.

What is Investment Multiplier?

The idea that every increase in public or private investment spending has a greater than proportionately favorable influence on aggregate income and the overall economy is known as the "investment multiplier." It is based on John Maynard Keynes' economic theories.

The investment multiplier is the ratio of change in Y to changes in I where Y = investment and I = investment. It can be derived from the equilibrium equation (Y = C + I + G) and the consumption equation (C = a + bY).

Thus with rise in multiplier by $450 and then income will elevated to $5000 Billion.

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Ms. Colonial has just taken out a $150,000 mortgage at an interest rate of 6 percent per year. If the mortgage calls for equal monthly payments for 20 years, what is the amount of each payment? (Assume monthly compounding or discounting.)
How do you solve this w/o a financial calculator?

Answers

Answer:

1. The monthly payment is:

= $1,074.65

2. To solve this without a financial calculator, you will calculate the future value of the $150,000 at a discount rate of 0.5% (6%/12) for 240 months.  Then the calculated Future Value is divided by 240 to obtain the monthly payment.

Explanation:

a) Data and Calculations:

Mortgage = $150,000

Interest rate = 6% per year

Monthly payments = 240 (20 * 12)

Period of mortgage = 20 years

N (# of periods)  240

I/Y (Interest per year)  6

PV (Present Value)  150000

FV (Future Value)  0

Results

PMT = $1,074.65

Sum of all periodic payments = $257,915.18

Total Interest = $107,915.18

Without a financial calculator (using future value table):

Future value factor of 0.5% for 240 = 1.7194345

Future value of $150,000 = $257,915.18 ($150,000 * 1.7194345)

Monthly payment = $1,074.65 ($257,915/18/240)

The stock brokerage firm of Blank, Leibowitz, and Webber has analyzed and recommended two stocks to an investor. The investor was interested in factors such as short-term growth, intermediate growth, and dividends rates. The data on each stock is as follows: STOCK ($) FACTOR LOUISIANA GAS AND POWER TRIMEX INSULATION COMPANY Short-term growth potential, per dollar invested 0.36 0.24 Intermediate growth potential (over next 3 years), per dollar invested 1.80 1.50 Dividend rate potential 4% 8%The investor has the following goals: an appreciation of no less than $720 in the short term, an appreciation of at least $5000 in the next three years, and a dividend income of at least $200 per year. What is the smallest investment the investor can make to meet these three goals.

Answers

Fnjejeuru3736636463628383838jfjfjrjrjrjrjrjjrjrjfjriir

Suppose that the equilibrium price and quantity for 1 bedroom apartments in Orange County is $2,000 and 250,000 respectively. What is the most likely outcome from the Orange County Board of Supervisors' implementation of a price ceiling at $2,500 for a 1 bedroom apartment

Answers

Answer: c. No effect

Explanation:

This is a non-binding price ceiling. A none-binding price ceiling is a price ceiling that is higher than the equilibrium price for a commodity in the market. As a result, there will be no effect on the market.

The reason being that a price ceiling is a price that companies and people are not meant to exceed. If this price is already higher than the equilibrium price, there would be no need to exceed or go below it it so there would be no effect.

Ratchet Manufacturing anticipates total sales for August, September, and October of $200,000, $210,000, and $220,500 respectively. Cash sales are normally 25% of total sales and the remaining sales are on credit. All credit sales are collected in the first month after the sale. Compute the amount of accounts receivable to be reported on the company's budgeted balance sheet for August. Multiple Choice $50,000. $157,500. $150,000. $52,500. $200,000.

Answers

Answer:

$150,000

Explanation:

Computation for the amount of accounts receivable to be reported on the company's budgeted balance sheet for August.

First step

Total sales of August = 0.25 × $200,000

Total cash sales = $50,000

Last step

Total credit sales for the month of August = Total sales in August - Total cash sales in August

Total credit sales for the month of August= $200,000 - $50,000

Total credit sales for the month of August= $150,000

Therefore the amount of accounts receivable to be reported on the company's budgeted balance sheet for August is $150,000

According to CEO John Hillerich, treating others with respect is part of the organization's
a)history
b)structure
c)culture
d)leadership
e)decision making

Answers

'Culture' is denoted as 'the beliefs, values, behavior, and habits' that characterize an organization or a society.'

As per the statement of the organization's CEO, the display of respect and dignity towards fellow employees would be a part of its:

c). Culture

The culture of an organization primarily includes:

The common behavioral norms and patterns.A set of standard beliefs and values to be followed by all.The standard practices and attitudes are to be displayed throughout the work.

Thus, respecting one another would be a component of the organization's culture of not discriminating against any employee within the business premises.

Learn more about 'organization' here:

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Tamarisk, Inc. issued 20800 shares of $1 par common stock for $40 per share during 2022. The company paid dividends of $50000 and issued long-term notes payable of $458000 during the year. What amount of cash flows from financing activities will be reported on the statement of cash flows

Answers

Answer:

$1,240,000

Explanation:

Calculation to determine the amount of cash flows from financing activities will be reported on the statement of cash flows

Cash flow from Financing activities

Issue of common stock $832,000

(20800 shares × $40)

Add Issued of long term notes payable $458,000

Less: Dividend paid -$50,000

Net Cash flow from Financing activities $1,240,000

Therefore the amount of cash flows from financing activities will be reported on the statement of cash flows is $1,240,000

The parts of the process cost summary include:______.
a. cost charged to each job.
b. costs charged to departments.
c. cost assignment and reconciliation.
d. equivalent units of production.

Answers

Answer:

b. costs charged to departments. c. cost assignment and reconciliation. d. equivalent units of production

Explanation:

In Process costing, the company involved is producing a large amount of goods and services that are exactly the same. In order to assign costs therefore, the company will assign costs to all the products instead of individually.

Costs would be charged to various departments because they produce the goods so the entire department cost has to be assigned and reconciled with with the department that produce the goods. When the company only managed to partially complete the production of a good, they will still have to assign costs and so use equivalent units of production to do so.

If fixed costs are $1,464,000, the unit selling price is $220, and the unit variable costs are $114, what are the break-even sales (units) if fixed costs are increased by $46,400? a.11,399 units b.21,374 units c.17,099 units d.14,249 units

Answers

Answer:

d.14,249 units

Explanation:

Break-even sales (units) = Fixed Costs ÷ Contribution per unit

Where,

Contribution per unit = Unit Selling Price - Unit Variable Cost

                                   = $106

therefore,

Break-even sales (units) = ($1,464,000 + $46,400) ÷ $106

                                        = 14,249

thus,

the break-even sales (units) if fixed costs are increased by $46,400 is 14,249 units.

blank is a crucial factor to small business success A. Location B. Financing C. Advertising D. legal advice​

Answers

Answer:

Advertisement

Explanation:

Advertising

Which of the following is true of good salespeople?


A. They know how to oversell their product so the customer can't say no.

B. They have tenacity but know when to walk away and move on to the next sales prospect.

C. They make promises they may not be able to keep in order to secure a sale.

D. They don't leave voice mail messages.

Answers

Answer:

Correct answer is A, They know how to oversell their product so the customer can't say no. Explanation: Good salespeople are those who sell more and more of their company's product.

Ashley received a raise at work that increased her monthly income from $1,000 to $1,250. Last year, Ashley bought 20 slices of cheesecake for her birthday party. Due to her increase in income, she is able to buy 24 slices for her birthday this year. Using the mid-point formula, the income elasticity is _________ and the cheesecake slices are __________ goods.

Answers

Answer:

0.8; normal

Explanation:

Ashley received a raise at work that increased her monthly income from $1,000 to $1,250. Last year, Ashley bought 20 slices of cheesecake for her birthday party. the income elasticity is 0.8 and the cheesecake slices are normal goods. This is further explained below.

What are goods?

Generally, goods are simply defined as objects to be carried, as opposed to passengers

In conclusion, Ashley bought 20 servings of cheesecake for her birthday celebration last year. The elasticity of income is 0.8, and the cheesecake slices are ordinary products.

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A bookstore organizes its stock by topic. It has a mystery novel section, a romance novel section, a how-to-do-it section, a travel book section, etc. The bookstore is obviously using a _____ presentation. horizontal style/item usage book cover

Answers

Answer:

The correct answer is the second option: Item usage book cover.

Explanation:

To begin with, in the field of business management that focus specifically in the bookstores when they talk about an "item usage book cover" presentation it means that the managers decide to organize the stock by topic and that is related to the book cover and therefore to its item so that is why that they would have a mystery novel section, a romance novel section and much more of that. So every customer will understand inmediately that the bookstore is structured by the item of the book that could be easily recognize sometimes with its cover.

If you want to melt a rock, even partially, there are three methods you can employ. Which of the following is not a way that melting is triggered in rocks in the Earth?

a. adding water
b. adding heat
c. releasing pressure
d. removing water

Answers

Answer:

D

Explanation:

There are three basic ways that rocks melt to form the lavas that erupt from volcanoes: decompression, addition of volatiles, and conduction.

but the question asked "which of the following is NOT a way"I hope this helped! have a great day!
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