All categories

2 years ago

Sandhill Corporation has temporary differences at December 31, 2020, that result in the following deferred taxes.

Business

1 answer:

azamat2 years ago

6 0

Answer: Please refer to Explanation

Explanation:

As per the US GAAP and IFRS, Deferred Tax Liabilities and Assets are not to be reported as Current Assets or Liabilities but rather as Non Current items.

Assets

Warranty Liability $57,400

Litigation Accruals $ 27,800

Total Deferred Tax Assets $85,200

Liabilities

Revenue Recognition $93,600

Depreciation $38,000

Total Deferred Tax Liabilities $131,600

Total Net Deferred Tax Liability $46,400

Total Net Deferred Tax Liability calculation

= $131,600 - $85,200

= $46,400

The above is how these balances would be presented in Sandhill’s December 31, 2020 balance sheet.

You might be interested in

An affirmative action policy encourages employers to________

Bogdan [553]

Answer:

C) give no consideration at all to a job applicant’s race or gender

Explanation:

Affirmative action is a policy to encourage equal opportunity

and to level the playing field for groups of people who have been and

are discriminated against. According to the Equal Employment

Opportunity Commission, affirmative action "is considered essential to

assuring that jobs are genuinely and equally accessible to qualified

persons, without regard to their sex, racial, or ethnic

characteristics."

4 0

2 years ago

After three years Remington or $390 and simple interest from a CD into which she initially deposited $4000 what was the annual i

Nataly [62]

The annual interest will be calculated as under -

Given, total simple interest for 3 years = $ 390

Principal amount = $ 4000

Interest in total for 3 years = $ 390 ÷ $ 4000 × 100 = 9.75%

Interest for 1 years = 9.75 % ÷ 3 = 3.25%

7 0

2 years ago

Two ships leave port at the same time, Ship X is heading due north and Ship Y is heading due east. Thirteen hours later they are

Serjik [45]

Answer: B

Explanation:

5 0

2 years ago

Read 2 more answers

When the perpetual inventory system is used, the inventory sold is debited to a.Supplies Expense b.Cost of Goods Sold c.Sales d.

Luda [366]

Answer:

The answer is D. Inventory account.

Explanation:

Perpetual inventory method is very useful as it is updated daily and gives a real-time insight into the stocks unlike in the periodic inventory system where you calculate the stock at the end of a certain period.

8 0

2 years ago

________ are combating competitive pressures by providing better value with private-label merchandise; adding new value-added se

Evgesh-ka [11]

Answer: Conventional supermarket

Explanation:

Conventional supermarket is a departmentalized food store that has a wide range of food and related products and the sale of general merchandise is limited.

Conventional supermarket started about 75 years ago. The aim of establishing a conventional supermarket is that large-scale operations would lead to higher volume of sales, and low prices.

7 0

2 years ago