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-BARSIC- [3]
3 years ago
8

Ivanhoe Corp.'s 2021 income statement had pretax financial income of $502000 in its first year of operations. Ivanhoe uses an ac

celerated cost recovery method on its tax return and straight-line depreciation for financial reporting. The differences between the book and tax deductions for depreciation over the five-year life of the assets acquired in 2021, and the enacted tax rates for 2021 to 2025 are as follows:
Book Over (Under) Tax
Tax Rates
2021 $(102000) 25%
2022 (132000) 20%
2023 (32000) 20%
2024 122000 20%
2025 142000 20%
There are no other temporary differences.
Required:
A) In Ivanhoe's December 31, 2021 balance sheet, the noncurrent deferred income tax liability and the income taxes currently payable should be ___________.
Business
1 answer:
grin007 [14]3 years ago
5 0

Answer:

$20,400 and $100,000

Explanation:

The computation of the non-current deferred income tax liability and the income taxes currently payable is shown below:

The non-current deferred income tax liability is

= $102,000 × 20%

= $20,400

And, the income taxes currently payable is

= ($502,000 - $102,000) × 25%

= $400,000 × 25%

= $100,000

Since we have to determine for the year 2021 so we considered the 2021 amount and tax rate for another year for the first part and for the second amount we take the remaining amount and then multiplied it by the tax rate of 2021

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BlackZzzverrR [31]

Nadia works in a clothing retail store. Her initial contact with a customer is most likely to be personal selling works best when the product is on sale.

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8 0
2 years ago
Schuepfer Inc. bases its selling and administrative expense budget on budgeted unit sales. The sales budget shows 3,500 units ar
Ugo [173]

Answer:

The cash disbursements for selling and administrative expenses on the March selling and administrative expense budget should be $44850.

Explanation:

For computing the cash disbursement the following equation is to be used which is shown below:

= Sales units × variable selling and administrative expense per unit + Fixed selling and administrative expense - Depreciation

= 3,500 × $4 + $35,850 - $5,000

= $14,000 + $35,850 - $5,000

= $44,850

Since all information is given on month basis, so we don't need to change in year basis as we have to calculate for march monthly only.

Hence, all things is to be considered for computing cash disbursement for march month.

Thus, The cash disbursements for selling and administrative expenses on the March selling and administrative expense budget should be $44850.

6 0
3 years ago
Vision Tech’s stock price is currently trading at $22 per share. The consensus among analysts is that the intrinsic value of Vis
borishaifa [10]

Answer:

More likely

Explanation:

If the current market price of a stock is higher than the intrinsic value of that stock, it is less likely to receive a hostile takeover bid. On the other hand, if the current market price of a stock is lower than the intrinsic value of that stock, it is more likely to receive a hostile takeover bid. The reason is that the intrinsic value is the decision-making tool for the investors, which helps the investors to invest in that company.

5 0
4 years ago
Married taxpayers Otto and Ruth are both self-employed and file a joint return. Otto earns $352,000 of self-employment income an
butalik [34]

Answer:

$795.5

Explanation:

To calculate how much 0.9% income they have to pay, the law says anybody that earns above 250000 as married couple is entitled to pay above 0.9%, so for them we will subtract the 250000 from it and also Ruth loss of 13,500

So we have;

(3520000-13500-250000)*0.9%=

$796.5

5 0
3 years ago
Boxer Company owned 16,000 shares of King Company that were purchased in 2016 for $440,000. On May 1, 2018, Boxer declared a pro
Serjik [45]

Answer:

By 110,000 the retained earnings reduced by the property dividend.

Explanation:

Retained Earnings: The retained earnings is that earnings which is left after all payments relating to the business expenses, shareholder dividend. The earnings which is to be retained so that it can come in use in near future.

For retained earning calculation, the stock market value is recorded when the date is declared not on distribution date.

So, the calculation is computed below:

As the 50,000 shares is given for every 10 shares. So, first we have to compute for 1 share which comes by dividing shares to number of shares i.e.  50,000 shares ÷ 10 shares = 5,000 for 1 share.

Now, multiply by market value which comes = 5,000 × $22 = $110,000.

So, by 110,000 the retained earnings reduced by the property dividend.

4 0
3 years ago
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