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Kisachek [45]
3 years ago
15

Larsen Corporation reported $200,000 in revenues in its 2021 financial statements, of which $66,000 will not be included in the

tax return until 2022. The enacted tax rate is 30% for 2021 and 25% for 2022. What amount should Larsen report for deferred income tax liability in its balance sheet at December 31, 2021?
Business
1 answer:
Anastaziya [24]3 years ago
5 0

Answer:

$16,500

Explanation:

The computation of the deferred income tax liability for the year 2021 is shown below:

= Amount not included in tax return × enacted tax rate for 2022 year

= $66,000 × 25%

= $16,500

Simply we multiplied the amount not included with the enacted tax rate for 2022 year so that the correct amount could come

And, we ignored the other information given in the question

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3 years ago
KFC has added many offerings to its menus in China to appeal to local tastes, including the "Dragon Twister," which is a chicken
andrew-mc [135]

Answer:

D. Product Invention

Explanation:

            KFC added many items in the menu list when they opened their restaurants at China. By doing this KFC  tries to incorporate the local cuisine of Chinese foods into their menu.

            In China, KFC invented a new dish and named it the "Dragon Twister". In this dish, it contains a chicken wrap with Peking duck sauce on it. It highly resembles the local food of China.

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6 0
3 years ago
Equate, a brand of health and beauty care products, is available only at walmart stores. equate is a ____ brand.
tatiyna
The correct answer that would best complete the given statement above would be PRIVATE BRAND. <span>Equate, a brand of health and beauty care products, is available only at Walmart stores. Equate is a private brand. Other choices for this question include manufacturer's, international, family and corporate. Hope this helps.</span>
7 0
3 years ago
At December 31, Amy Jo's Appliances had account balances in Accounts Receivable of $302,000 and in Allowance for Uncollectible A
Lunna [17]

Answer:

$870

Explanation:

When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.  

To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.

Allowance for uncollectible accounts at 5%

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= $1,510

Since the Allowance for Uncollectible Accounts was $640 (credit) before any adjustments, the bad debt expense for the year

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= $870

8 0
3 years ago
A man purchased $510 worth savings bonds in denominations of $15 and $30, including at least 1 of each denomination. He gave awa
miskamm [114]

Answer: 330

Explanation:

4 0
3 years ago
Read 2 more answers
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