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bearhunter [10]
3 years ago
8

Larsen Corporation reported $200,000 in revenues in its 2020 financial statements, of which $66,000 will NOT be included in the

tax return until 2021. The enacted tax rate is 30% for 2020 and 25% for 2021. What amount should Larsen report for its deferred tax liability on its balance sheet at December 31, 2020
Business
1 answer:
alina1380 [7]3 years ago
7 0

Answer:

$16,500

Explanation:

Larsen Corporation

$66,000×0.25=$16,500

Larsen should $16,500 report for its deferred tax liability on its balance sheet at December 31, 2020 due to the fact that $66,000 will NOT be included in the tax return until 2021 in which the enacted tax rate is 25% for 2021

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Which energy source accounts for nearly 7% of global energy consumption, making it the leading fossil fuel alternative
liberstina [14]

The energy source account that accounts for around 7% of energy consumption is <u>hydropower</u>.

<h3>Which energy source accounts for 7% of consumption?</h3>

Hydropower is a renewable energy source that accounts for around 7% of global energy consumption in various nations around the globe.

This means that compared to fossil fuels, it is the best alternative to replace them as a renewable energy source.

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2 years ago
For each of the following items before adjustment, indicate the type of adjusting entry (prepaid expense, unearned revenue, accr
igor_vitrenko [27]

Answer:

See explanation

Explanation:

(a) Assets are understated - If we do not adjust accrued revenue, the assets are understated. For example - if we do not add any outstanding rent revenue, the assets will become understated.

(b) Liabilities are overstated - If we do not adjust unearned revenue, the liabilities are overstated. For example - if we do not deduct any expired unearned revenue, the liabilities will become overstated.

(c) Liabilities are understated - If we do not adjust accrued expense, the liabilities are understated. For example - if we do not add any outstanding rent expense, the liabilities will become understated.

(d) Expenses are understated - If we do not adjust accrued expense and prepaid expense, the expenses are understated. For example - if we do not add any outstanding rent expense and expired prepaid expenses, the expenses will become understated.

(e) Assets are overstated - If we do not adjust prepaid expense, the assets are overstated. For example - if we do not deduct any expired prepaid insurance, the assets will become overstated.

(f) Revenue is understated - If we do not adjust accrued revenue and unearned revenue, the revenue is understated. For example - if we do not add any outstanding rent revenue and expired unearned revenue, the revenue will become understated.

3 0
3 years ago
Suppose the inflation rate is 2% per year. If you currently think of $40,000 as an acceptable retirement income and are expectin
Svetllana [295]
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3 0
3 years ago
What is a person who has agreed to work for another for a limited period, often in return for travel expenses, shelter, and sust
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An indentured servant is a person who has agreed to work for another for a limited period, often in return for travel expenses, nominal food, shelter, and sustenance

A person who has contracted to work for another for a limited period, often in return for shelter, travel expenses, and sustenance is called an indentured servant. Those who contracted the indentured servants don’t pay them. Instead of payment, they offered shelter, nominal foods, boarding, travel expenses, and received passage to colonies in exchange for their labor. Indentured servants are bound to work with the contractor for a specified time.

Usually, the duties of indentured servants worked as cooks, field workers, housekeepers, or general laborers. While the more specific skills of indentured servants are plastering, blacksmithing, and bricklaying, which they later turned into careers later.

You can learn more about indentured servant at brainly.com/question/1278960

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8 0
1 year ago
Tom rented an apartment from margaret on a month-to-month basis, with rent due on the first of the month. this type of tenancy i
Alborosie
False. 

This is a periodic tenancy because Tom, as the tenant, may rent the apartment for successive periods under his lease, despite being "month-to-month." A tenancy at will, however, allows either the landlord or the tenant to terminate the arrangement at any time because there is more flexibility in the arrangement.

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