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klemol [59]
3 years ago
11

Edward McDowell Co. establishes a $138,000,000 liability at the end of 2020 for the estimated site-cleanup costs at two of its m

anufacturing facilities. All related closing costs will be paid and deducted on the tax return in 2021. Also, at the end of 2020, the company has $69,000,000 of temporary differences due to excess depreciation for tax purposes, $9,660,000 of which will reverse in 2021. The enacted tax rate for all years is 20%, and the company pays taxes of $44,160,000 on $220,800,000 of taxable income in 2020. McDowell expects to have taxable income in 2021.
Determine the deferred taxes to be reported at the end of 2020.
Business
1 answer:
grin007 [14]3 years ago
4 0

Answer:

The answer is given below;

Explanation:

Site-cleanup costs    $138,000,000

This will give rise to deferred tax asset of $138,000,000*20%=$27,600,000

Tax Depreciation excessive for the year=$9,660,000

Excess tax depreciation deducted in current year will give rise to deferred tax liability=$9,660,000*20%=$1,932,000

Current Tax Expense =$44,160,000

Deferred Tax During 2020 are;

Deferred Tax Asset   $9,660,000

Deferred Tax Liability $1,932,000

Current Tax Expense  $44,160,000

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On September 18, 2019, Gerald received land and a building from Frank as a gift. No gift tax was paid on the transfer. Frank’s r
ExtremeBDS [4]

Answer:

Explanation:

a. The computation of the adjusted basis for the land and building is shown below:

For land = $100,000

For building = $80,000

b. Gerald's basis for gain:

Gerald's adjusted basis for the land is $100,000

Gerald's adjusted basis for the building is $80,000

Gerald's basis for loss:

Gerald's adjusted basis for the land is $87,000 (fair value)

Gerald's adjusted basis for the building is $65,000 (fair value)

Since all the values are given in the question we simply put them in the correct items

4 0
3 years ago
Sexual Violence Awareness (Campus SaVE Act):
kicyunya [14]

Answer: distract

Explanation:

7 0
2 years ago
g How would you define the role of human resources in your organization? How does it compare with the information in this week's
emmasim [6.3K]

Answer:

Hello, you didn't attach the readings referenced in the question, so I'd give you a robust response that would speak to any scenario.

A) The role of Human Resources in my organization is very crucial to the attainment of that company's organizational objectives.

Here's why.

Business goals and strategies, no matter how excellently designed, cannot execute themselves. Human capital is required to drive them. Even in the age of Artificial Intelligence, there is a need to provide such a system with the type and quantity of data that it requires to deliver at the level required of it.

Human Resource executives are people who are disciplined by virtue of rigorous processes to identify and resolve problems associated with having Human Capital.

These include but are not limited to

  • Recruitment
  • Learning and Development
  • Compensation and Benefits
  • Compliance with Labour Law
  • Analytics and Metrics based Performance Management
  • Insurance/Assurance
  • Employer Brand Management
  • HR Planning

Getting it wrong with any of the above could prove detrimental to the health of any organization regardless of how excellent the products or services are.

Recruitment for instance has to do with attracting the right person for the right role at the right time and at the right cost to the company.  If the wrong person was hired, it always comes with a lot of cost such as:

  • Cost of replacement
  • Time lost
  • Cost in some cases related to reputation management
  • Cost of training the new employee
  • Energy expended in managing employee morale etc
  • The wrong person can in extreme cases cripple an organization by either intentionally or inadvertently exposing it to huge liabilities

B) The role of the HR personnel is increasingly becoming advanced and integrated into other business areas such as Insurance and Assurance. HR personnel are now required to understand Life Insurance Products as well as how the Health Management System works.

Labor Law is another critical aspect of the HR process. Labour law itself is evolving as the world increasingly becomes smaller via the use of technology. Remote jobs mean that companies can now leverage technology to employ someone from a different time zone, a different set of Labour laws, and different cultures because it makes economic sense to do so. The HR must now come to grasp the new understanding that it takes to ensure that the Human Capital remains optimized, in the face of these rapid changes.

In addition, Artificial Intelligence is changing the role of the Human Resource executive as regards succession planning. It is no longer feasible to plan 10 years ahead into the future because the rate at which technology is taking over jobs with ease, delivering at unprecedented levels of effectiveness and efficiency (that is, high output at relatively lower costs) is amazing and scary at the same time.

Rather than groom people to take over from people, the HR personnel is now presented with the problem of helping people stay relevant within the system by ensuring that they add skills that are required in the ever-changing universe of the Labour Market.

C) Supervisors and Managers need HR to make the most of their careers. They can do this by sharing information regularly especially with regard to the challenges they face in their work as managers and supervisors as well as their personal growth track.

The reason is this: HR is trained to see differently. Their job is to maximize the efficiency of those who do the job regardless of their status or cadre.

The Job of the HR is to identify and solve these type of problems. Isolating one's self from the benefits of the HR's office is detrimental and not otherwise.

Cheers

3 0
3 years ago
Carr Manufacturing makes a product that incurs prime costs of $320,000. Production uses 1,000 setup hours and 1,900 machine hour
mafiozo [28]

Answer:

b. $490,000

Explanation:

Total cost refers to the summation of all costs that is expended during production processes of certain products, which is made up of prime cost, overhead cost, etc.

Total cost = Prime cost + Overhead cost

Where,

Overhead cost = Setup [1,000 × $75 per setup] $75,000 + Machine hours [1,900 × $50 per machine hour] $95,000

Overhead cost = $170,000

Prime cost = $320,000

Therefore,

Total cost = $320,000 + $170,000

Total cost = $49,000

4 0
3 years ago
Purchasing-power parity holds between the nations of Ectenia and Wiknam, where the only commodity is Spam. a. In 2015, a can of
Y_Kistochka [10]

Answer:

the exchange rate between two different currency is  6 pesos per dollar

Explanation:

The computation of the exchange rate between two different currency is

= Unit cost of spam in Wiknam ÷ unit cost of  spam in Ectenia

= 24 pesos ÷ 4 dollars

= 6 pesos per dollar

hence, the exchange rate between two different currency is  6 pesos per dollar

We simply applied the above formula so that the currency rate could come

And, the same is to be applied

5 0
2 years ago
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