These gains and losses may be described or classified as either operating or nonoperating, depending on their relation to an entity's major ongoing or central operations.
<h3>What does Conceptual Framework say about profit and loss?</h3>
- The Exposure Draft proposed that, because profit or loss is the primary source of information about an entity's financial performance for the period, the framework should include a presumption that all income and all expenses will be included in that statement.
- The FASB's conceptual framework classifies gains and losses based on whether they are related to an entity's major ongoing or central operations.
- Nonoperating are “other” gains and losses.
To learn more about Fasb gain and loss, refer
to brainly.com/question/24448358
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<span>When buying any item in most stores, you are charged sales tax. Retailers, even smaller businesses are charged taxes for running their business. Businesses are able to pass on part of the burden to their paying customers in way of sales tax. So when you see an item marked as 99 cents, you will be paying slightly more than a dollar in almost all cases.</span>
It will take 2 years because eaxh year you get 4% of the $2500 which means $100 a year
Answer:
Increase of 130 million
Explanation:
In this question, we are looking to evaluate what has happened to change in deferred tax assets. We proceed as follows;
Firstly, we calculate the current tax.
Mathematically = 40% of 400 million = 40/100 * 400 million = 160 million
Now, as we can see in the question, a decrease in deferred tax asset resulted in an increase in tax expense to a tune of $50 million
This brings the total tax expense to 160 million + 50 million = 210 million
We can see from the question that the company has only recognized a tax expense of $80 million.
This means that the change in deferred tax asset was an increase of 210 million- 80 million = $130 million
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