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inna [77]
3 years ago
11

Assume that Puritan Corp. operates in an industry for which NOL carryback is allowed. Puritan Corp. reported the following preta

x accounting income and taxable income for its first three years of operations: 2020 $ 358,000 2021 (600,000 ) 2022 728,000 Puritan's tax rate is 36% for all years. Puritan elected a loss carryback. As of December 31, 2021. Puritan was certain that it would recover the full tax benefit of the NOL that remained after the operating loss carryback. What did Puritan report on December 31, 2021, as the deferred tax asset for the NOL carryforward
Business
1 answer:
timama [110]3 years ago
6 0

Answer:

$87,120

Explanation:

The calculation of the deferred tax asset for the NOL carryforward is given below:

= (Year 2021 loss - Year 2022 income) × tax rate applicable for all years

= ($600,000 - $358,000) × 36%

= $242,000 × 36%

= $87,120

Since in a year 2021 it is a loss and the income in year 2022 that is to be adjusted and the same is considered in the computation part

Hence,  the deferred tax assets for the NOL carryforward is $87,120

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consider a hypothetical economy in which households spend 0.5 of each additional dollar they earn and save the remaining 0.5
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hypothetical economy in which households spend 0.5 of each additional dollar they earn and save the remaining 0.5

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Each economy operates under its own set of conditions and assumptions. Traditional economies, command economies, mixed economies, and market economies are the four major types of economic systems.

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5 0
2 years ago
Odeletta Corporation is considering an investment of $ 506 comma 000 in a land development project. The investment will yield ca
elena-14-01-66 [18.8K]

Answer:

$318,680

Explanation:

initial investment ($506,000)

cash flow year 1 = $212,000

cash flow year 2 = $212,000

cash flow year 3 = $212,000

cash flow year 4 = $212,000

cash flow year 5 = $212,000

discount rate 9%

present value of an ordinary annuity for 5 years and 9% discount rate = 3.89

the net present value = (yearly cash flow x annuity value) - initial investment = ($212,000 x 3.89) -$506,000 = $824,680 - $506,000 = $318,680

The net present value of an investment equals the difference between the present value of the cash flows generated by the investment minus the initial cost of the investment.

5 0
3 years ago
Goal-setting theory is one of the most influential management practices. there is strong evidence that setting goals:______.
klasskru [66]

Goal-setting theory is one of the most influential management practices. there is strong evidence that setting goals increase employee engagement within the workplace.

In accordance with goal-setting theory, productivity can be increased by defining explicit, quantifiable goals. One may boost employee engagement while also enhancing employee performance in the workplace by implementing the goal-setting principle.

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5 0
2 years ago
One of the reasons the apple ii computer was popular was that ________.
Svet_ta [14]
One of the reasons why the Apple II computer was popular and known to the people was that the "operating system of this computer was stored in the ROM or Read-Only Memory". It is developed with advanced utilities and also the first multi-touch wireless mouse was also being developed by Apple company. Other reasons, why people choose Apple II computer over the other brand was that its durability and uniqueness. But this computer is much expensive compared to other known brands but still, people keep patronizing the apple II computer product.
4 0
3 years ago
10. Barbara Inc. is working on its cash budget for June. The budgeted beginning cash balance is $16,000. Budgeted cash receipts
katrin [286]

Answer: $17,000

Explanation:

Given that,

Budgeted beginning cash balance = $16,000

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Budgeted cash disbursements total = $187,000

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The excess (deficiency) of cash available over disbursements for June will be:

= Beginning cash balance + Cash receipts - Cash disbursements

= $16,000 + $188,000 - $187,000

= $17,000

5 0
3 years ago
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