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Alex Ar [27]
3 years ago
7

During 2019, its first year of operations, Bento Steel Corporation reported a net operating loss of $500,000 for financial repor

ting and tax purposes. Bento carryforward the NOL. Assuming 2020 pretax accounting income and taxable income is $100,000. The enacted tax rate is 25% for both years. The amount of net income reported in 2020 income statement would be:
Business
1 answer:
erastovalidia [21]3 years ago
8 0

Answer:

The amount of net income reported in 2020 income statement would be $75,000.

Explanation:

Pretax accounting income for 2020 = $100,000

Income tax expense for 2020 = Current tax + Reversal of Deferred tax assets

= ($100,000 - $100,000)*25% + ($100,000*25%)

= $25,000

Amount of net income reported in 2020 income statement = Pretax accounting income - Income tax expense

= $100,000 - $25,000

= $75,000

Therefore, The amount of net income reported in 2020 income statement would be $75,000.

You might be interested in
Financial accounting should provide information that:_______.
Helga [31]

Answer:

The answer is d. tells about economic resources, claims to resources, and changes in resources and claims is useful to investors and creditors in making decisions.

Explanation:

Financial reporting at its core, is a "language". It ensures that the investors and all stakeholders are provided with relevant and accurate information regarding a business or an institution. So that they can take effective and efficient economic decisions that will eventually benefit the entire economy.

5 0
3 years ago
The first group of customers to enter the market for a new product are called: a. the late majority. b. laggards. c. passive sho
Bas_tet [7]

Answer: Innovators

Explanation:

Innovators are customers who take risk, seek changes and are also the earliest to purchase a new product. They are able to tolerate high risk which enables them to try products in the initial stage of its life cycle ahead of other customers.

Their tolerance for high risk makes them try out new products such as new technologies even though the product may fail eventually. They have huge financial liquidity which enables them try new products. They are also called influencers because they influence other people in the society about the product.

8 0
3 years ago
Hypotension in a child with blunt or penetrating trauma is particularly significant because?
kifflom [539]

Hypotension in a child with blunt or penetrating trauma is particularly significant because it often indicates the loss of half of his or her blood volume.

<h3>What is a Hypotension?</h3>

This refers to the decrease in systemic blood pressure below accepted low values. There is no accepted standard hypotensive value, but any pressures less than 90/60 are recognized as hypotensive.

Therefore, the condition is significant because it often indicates the loss of half of his or her blood volume.

Read more about Hypotension

brainly.com/question/28039475

#SPJ1

6 0
2 years ago
Josh purchased 100 shares of XOM for $76.63 per share at the beginning of 2007. He received dividends per share of $1.37 (2007),
never [62]

Answer:

The IRR is 4.08%

Explanation:

In calculating the internal rate of return in excel,the cash outflow of $76.63 is shown in year 0 with a negative sign to indicate that it is the initial investment on the share, followed by dividends in received in later years shown as positive figures ,however in the fifth the dividend received and the cash received from disposing of the share were added together to show total cash inflow in the last year.

The computation of IRR is shown below

IRR for the share purchase  

 

Years Cash flow

0 -76.63

1 1.37

2 1.55

3 1.66

4 1.74

5 86.61  

IRR 4.08%

Find attached for detailed computation.

Download xlsx
4 0
3 years ago
Obeying the law is what kind of <br> Ethical Behavior
Lapatulllka [165]

Answer:

Basic level

Explanation:

Obeying the law is the basic demand of constitution of any country from its citizens. It is basically following the general rules of being the citizen of country.

Ethical behavior is about being morally right in your actions, it is no where defined properly what is ethical, sometimes even unethical behavior does not count in illegal behavior.

As for example if my colleague asks for a pen, and I do not help him, even though I have extra pen, is unethical behavior but it is not illegal.

But since it is unethical it is not correct morally, although all the legal actions are ethical.

4 0
3 years ago
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