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
Lady_Fox [76]
3 years ago
14

Assume that Sharp operates in an industry for which NOL carryback is allowed. In its first three years of operations Sharp repor

ted the following operating income (loss) amounts: 2019 $ 1,350,000 2020 (3,150,000 ) 2021 5,400,000 There were no deferred income taxes in any year. In 2020, Sharp elected to carry back its operating loss. The enacted income tax rate was 25% in 2019 and 30% thereafter. In its 2021 balance sheet, what amount should Sharp report as current income tax payable?
Business
2 answers:
azamat3 years ago
5 0

Answer:

current income tax payable = $1,012,500

Explanation:

year        profit/loss         taxes

2019        $1,350,000     $337,500

2020      ($3,150,000)   ($945,000)

2021       $5,400,000   $1,620,000

Since Sharp decided to carry back their NOL for 2020, they cancel out of their 2019 taxes, and $607,500 are left to carry forward for 2021. Net taxes due in 2021 after NOL carry forward = $1,620,000 - $607,500 = $1,012,500

Flura [38]3 years ago
3 0

Answer:

$1,620,000

Explanation:

Assume that Sharp operates in an industry for which NOL carryback is allowed.

In its first three years of operations Sharp reported the following operating income (loss) amounts: 2019 $ 1,350,000 2020 (3,150,000 ) 2021 5,400,000

There were no deferred income taxes in any year. In 2020, Sharp elected to carry back its operating loss.

The enacted income tax rate was 25% in 2019 and 30% thereafter.

In its 2021 balance sheet, what amount should Sharp report as current income tax payable is the applicable tax rate for 2021 applied on the income of the year: 30% x 5,400,000 = $1,620,000

You might be interested in
Explain why non-governmental organizations (NGOs) like the cooperatives described in the Fair Trade material play an important r
liubo4ka [24]

Answer:

Non-Governmental Organizations or NGOs have become an extensively discussed theme in the third world countries as well vastly in social business world. The NGOs have appeared as the savior of countless number of people without food, cloth, education and basic health facilities. NGOs can continue playing the role of catalyst in the attainment of sustainable economic growth and development provided, an endurable, warm and dependable relationship is there between the government and NGOs where both are working for the benefit of the people with numerable activities. Their main tasks are to organize these people, create awareness in them and make them development oriented. These organizations are working based on the assessed need and demand of the grass root level farmers and women. By involving the beneficiaries of overall national planning for development.

Non-governmental Organizations (NGOs) play an important role in the economic development of developing countries. They provide services to society through welfare works for community development, assistance in national disasters, sustainable system development, and popular movements. They take numerable for actions developing our society. Although agriculture sector is the main source of income for this rural-agro based country, unfortunately this sector has completely failed to create rewarding employment opportunity for the landless. Considering these overall situations, the NGOs are working on poverty eradication by directly involving the poverty stricken population. Their main tasks are to organize these people, create awareness in them and make them development oriented. These organizations are working based on the assessed need and demand of the grass root level farmers and women. By involving the beneficiaries directly, they are working within the context of overall national planning for development.

Explanation:

4 0
4 years ago
"A​ firm's statement of cash flows uses the balance sheet and the income statement to determine the amount of cash a firm has ge
OleMash [197]

Answer:

The answer is true

Explanation:

It is true.

All the line items found in cash flow statement are found in the income statement and balance sheet.

For example:

Cash received from customers can be gotten from revenue(income statement) and accounts receivable(balance sheet)

Cash paid to customers can be gotten from purchases (income statement) and inventory (balance sheet)

Cash paid to employees can be found in salary and wages expenses.

Cash received from sale of equipment can be gotten from cost of equipment (balance sheet), gain on sale of equipment (income statement)

6 0
3 years ago
Consider two perfectly negatively correlated risky securities, A and B. Security A has an expected rate of return of 16% and a s
alex41 [277]

Answer:

40%

Explanation:

Here, We have two perfectly negatively correlated risky securities.

So, the minimum variance portfolio will be the portfolio with zero variance.

so, x(A)=σ(B)/(σA)+σ(B)) and x(B)=σ(A)/(σ(A)+σ(B))

therefore, x(B)=20/(20+30)

x(B)=20/50

x(B)=2/5 = 40%

8 0
4 years ago
A strategic alliance is an organizational relationship that links two separate businesses. an unimportant organizational form in
Elena-2011 [213]

Answer: an organizational relationship that links two separate businesses

                                   

Explanation: In simple words, strategic alliance refers to the business arrangement in which two parties combine their activities for attaining mutual objective but still operating as two separate and independent legal entities.

These business arrangement usually lack legal, agency or cooperate affiliated relationship. Generally such business arrangements are made by the organisation to make their processes more effective and helps the organisations in reducing their costs and risk.

6 0
3 years ago
Accounting about Stockholders' Equity? 1. Common stockholders usually have all of the following rights except: a) To receive div
lisov135 [29]
1. D. to participate in the day-to-day operations.
Let's say that you buy a stock for microsoft, it doesn't make you able to come to their offices and help them handling the customers.

2. C. the risk of bankrupt is less
when you sell your company's stock to other buyers, that buyers will also take the risk from all your company's activity because technically they own a part of your company, which make the risk of going bankrupt is less, but you surrender a part of ownership of your company

3. B. Preferred Stock

Where a company liquidates its assets, they will distribute the payment to all the holders of preferred stock first.

If there's any leftover after the company distribute the payment to preferred stock holders, than that leftover is distributed to the common stock holders

Hope this helped you out

8 0
4 years ago
Other questions:
  • Taco Hut purchased equipment on May 1, 2018, for $15,000. Residual value at the end of an estimated 8-year service life is expec
    12·1 answer
  • The Federal Reserve decides that it wants to permanently reduce the inflation rate to 5 percent. To do​ this, the Fed would use_
    15·1 answer
  • Using the Du Pont method, evaluate the effects of the following relationships for the Butters Corporation. a. Butters Corporatio
    11·1 answer
  • A few years after graduation, oram and four of his friends from college organized an engineering consulting business called 5q.
    7·1 answer
  • PB1.
    7·1 answer
  • The gdp of a country hasn’t improved in the past three years.the central bank decided to take a measure that will increase the a
    8·1 answer
  • You want to go to Europe 5 years from now, and you can save $7,300 per year, beginning one year from today. You plan to deposit
    12·2 answers
  • a college in a metropolitan area wishes to increase its evening offerings of business-related courses such as marketing, account
    15·1 answer
  • White Company's wages payable account had a beginning balance of $3,757 and an ending balance of $2,070. During the year, wages
    12·1 answer
  • On January 1 of the current year, Anna and Jason form an equal partnership. Anna contributes $25,000 cash and a parcel of land (
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!