1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
GarryVolchara [31]
3 years ago
10

In its year 3 income statement, Cere Co. reported income before income taxes of $300,000. Cere estimated that, because of perman

ent differences, taxable income for year 3 would be $280,000. During year 3 Cere made estimated tax payments of $50,000, which were debited to income tax expense. Cere is subject to a 30% tax rate. What amount should Cere report as income tax expense?
Business
1 answer:
Nimfa-mama [501]3 years ago
3 0

Answer:

$84,000

Explanation:

In this case there will arise deferred tax asset as the book profit is more than taxable profit, now

Tax liability = $300,000 X 30% = $90,000

Though out of which deferred tax asset = ($300,000 - $280,000) X 30% = $6,000

Now tax expense for the year = $280,000 X 30% = $84,000

Therefore, Cere should report a tax expense of $84,000

Even though the liability is of $90,000

Final Answer

$84,000

You might be interested in
Describe the difference between cost of goods and operating expenses.
MrRissso [65]

Both operating expenses and cost of goods sold (COGS) are expenditures that companies incur with running their business. However, the expenses are segregated on the income statement. Operating expenses and COGS measure different ways in which resources are spent in the process of running a company.

8 0
3 years ago
In a Chapter 11 bankruptcy, a class of creditors is considered to have accepted the bankruptcy plan when: Group of answer choice
anygoal [31]

Answer:

In a Chapter 11 bankruptcy, a class of creditors is considered to have accepted the bankruptcy plan when:

one-half of the class in number and two-thirds of the class in dollar amount agree.

Explanation:

In a Chapter 7 bankruptcy, the business assets are liquidated to pay the creditors.  In a Chapter 11 bankruptcy, the business assets are not liquidated.  Instead, the business is refinanced as the assets and debts are reorganized, making it possible for the continued existence of the business.  This is the reason the agreement of the creditors are usually paramount in the decision to undergo a Chapter 11 bankruptcy, unlike a Chapter 7 bankruptcy.

7 0
3 years ago
As an HR specialist at a large auto manufacturer, you have noticed that many of the technicians employed by your firm are bored
mafiozo [28]

Answer:

implementing a job rotation program.

Explanation:

An auto manufacturing plant will have a process of production that promotes division of labour an monotony at work.

One of the disadvantages of division of labour is that it creates monotony, and the workers become bored with their jobs.

However if the workers on the company create a job rotation program, monotony will be reduced.

They will be engaged on different job roles that will make their jobs more exciting. This will result in increased productivity as they are more engaged at work.

8 0
3 years ago
Read 2 more answers
The country of Lilliput has low unemployment and high consumer spending, and small businesses are thriving. However, prices are
lara31 [8.8K]

Answer:

Raise the income tax, which gives citizens less money to spend, and buy more services from civilian - owned businesses, which creates more jobs.

Explanation:

To prevent inflation, Lilliput's government should raise the income tax, which gives citizens less money to spend and buys more services from a civilian-owned business, which creates more jobs.

In this way, it can increase employment and reduce consumer spending which in turn will prevent inflation.

7 0
3 years ago
Context content and culture are
Black_prince [1.1K]

Complete Question:

Context, content and culture are:

O Important ethical concepts

O Important marketing concepts

O Corporate ethics policy

O Three dimensions of evaluating corporate gifts.

Answer:

Context, content and culture are:

O Three dimensions of evaluating corporate gifts.

Explanation:

Corporate gifts may turn out to be regarded as bribery if they are meant to induce the other party to alter their behaviors.  This is why in evaluating corporate gifts, the criteria have always included the context (the circumstances in which the gifts are given), the content (how much is given), and the culture (the accepted general practice in a particular industry, locality, or region).  Generally, corporate gifts are given either as means of showing appreciation, creating positive first impression, or returning some favors.

8 0
3 years ago
Other questions:
  • Mandy and Jeff have a net worth of $25,000 and total assets of $140,000. If their revolving credit and unpaid bills total $2,200
    7·1 answer
  • Poodle Corporation was organized on January 3, 2011. The firm was authorized to issue 100,000
    9·1 answer
  • Orwell building supplies' last dividend was $1.75. Its dividend growth rate is expected to be constant at 34.00% for 2 years, af
    13·1 answer
  • An example of technological change is A. a firm rearranging the layout of a retail store to increase salesthe layout of a retail
    5·1 answer
  • Which one of the following risks can be progressively eliminated by adding stocks to a portfolio?
    12·1 answer
  • Quantum Company uses the high-low method to estimate the cost function. The information for 2017 is provided below: Machine-hour
    5·1 answer
  • Two roadway design are under consideration. Design 1A will cost $3 million to build and $100,000 per year to maintain. Design 1B
    8·1 answer
  • The payment of accounts payable would
    11·2 answers
  • Which 2 statements are true regarding the multicurrency function in quickbooks online?
    7·1 answer
  • Global Stores is downsizing and must let some employees go. Employees volunteering to leave are being offered a severance packag
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!