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qwelly [4]
3 years ago
14

At December 31, 2020, Ivanhoe Corporation had a deferred tax liability of $26,800. At December 31, 2021, the deferred tax liabil

ity is $42,800. The corporation’s 2021 current tax expense is $49,300. What amount should Ivanhoe report as total 2021 income tax expense?
Business
1 answer:
Tju [1.3M]3 years ago
5 0

Answer:

$65,300

Explanation:

Ivanhoe's income tax expense = deferred tax liability 2021 - deferred tax liability 2020 + current tax expense 2020 = $42,800 - $26,800 + $49,300 = $65,300

A deferred  tax liability occurs when a corporation's income statement shows a certain amount following US GAAP, but the tax rules used by the IRS determine a different amount.

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maw [93]

Answer:

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Explanation:

According to the accounting principles, the inventory is recorded at the cost or fair market value whichever is lower.

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The other items which are given in the question are irrelevant. Therefore, we don't consider them in the computation part. Thus, we ignored them.

Hence, the $60,000 amount of inventory  will be included in the consolidated balance sheet immediately following the acquisition

4 0
3 years ago
Which psychologist might work as a consultant for a large financial services company?
rodikova [14]

Answer:

An industrial organizational psychologist

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They get a look for a firm or institution's cohesion and character.And they are working with executives to help coordinate strategies, perform assessments so practice sessions, and establish a future plan.

5 0
3 years ago
What function is money serving when you buy a ticket to a movie?
ser-zykov [4K]
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3 years ago
In the "iron law of oligarchy," robert michels stated that bureaucracy always means ________
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The few rule the many. Hope this helped, have a great day! :D
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The accounting records of Brownwood Company revealed the following information: Work in process inventory, Jan 1 58,000 Work in
ivanzaharov [21]

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