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Kamila [148]
3 years ago
15

The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): pretax

acct income: $200 pretax acct income included: overweight fines: 5 depreciation expense: 70 depreciation in the tax return using MACRS: 110 The applicable tax rate is 40%. There are no other temporary or permanent differences. Franklin's balance sheet at the end of its first year would report:
(A) A deferred tax liability of $16 among noncurrent liabilities.
(B) A deferred tax liability of $16 among current liabilities.
(C) A deferred tax asset of $16 among noncurrent assets.
(D) A deferred tax asset of $16 among current assets.
Business
1 answer:
melisa1 [442]3 years ago
5 0

Answer:

correct option is (A) A deferred tax liability of $16 among noncurrent liabilities.

Explanation:

solution

pretax account income = $200

overweight fines=  $5

understate depreciation = 110 - 70 = $40

so total taxable income is = $200 - $5 - $40

total taxable income is = $165

and

income tax is = 40% of $165

income tax = $66

and

income tax expense as per book is = 40 % of ( 200 + 5 )

income tax expense as per book is = $82

so deferred tax liability among non current liability is = $82 - $66 = $16

so correct option is (A) A deferred tax liability of $16 among noncurrent liabilities.

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Answer:

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Explanation:

Given:

The credit balance of Doubtful Account = $500

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2 years ago
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Mariana [72]

Answer:

<u>True</u>

<u>Explanation:</u>

Remember, no business operations would exist if there aren't any identified customer needs to solve.

Also, we need to bear in mind that Operations management activities are done in any business in other to efficiently (profitably) process raw materials,  labor, etc into the goods and services needed by consumers.

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Which of the following is an example of trade barriers imposed by Japan? Multiple Choice U.S. basTo comprehend why a society thi
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The correct option is E). All of these choices are correct.

<h3>What trade barriers were imposed by Japan?</h3>

Along with the tariff barriers, Japan also have some non-tariff barriers that may impact commercial activity of foreign products into Japan.

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3 0
1 year ago
Kite Sales. Wendy is president of ABC Kites, a business that manufactures kites. Her company’s kites are sold to large toy store
atroni [7]

Answer:

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That clearly reflects that the business might have provided the knowledge to Wendy, but using that knowledge in benefit of the self and not of the company, is a unethical act on the part of the individual.

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2 years ago
Lorraine belongs to a national consumer panel created by a market research company. She regularly receives samples of new produc
kherson [118]

Answer:

A. premarket testing.

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5 0
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