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mash [69]
3 years ago
5

Never, Inc., earns book net income before tax of $500,000. In computing its book income, Never deducts $50,000 more in warranty

expense for book purposes than is allowed for tax purposes. Never records no other temporary or permanent book-tax differences. Assuming that the U.S. tax rate is 21% and no valuation allowance is required, what is Never's deferred income tax asset reported on its GAAP financial statements? a.$105,000 b.$94,500 c.$10,500 d.$115,500
Business
1 answer:
goldenfox [79]3 years ago
8 0

Answer:

c.$10,500

Explanation:

The computation of the deferred income tax asset is shown below:

= Warranty expense for book purposes  × U.S tax rate

= $50,000 ×21%

= $10,500

For computing the deferred income tax asset reported, we simply multiply the warranty expense with the U.S tax rate.

Hence, we ignored the net income before tax as it is an irrelevant part which is given in the question

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You live on your own but your getting kick out you have a truck to what do you do?
yanalaym [24]

Answer:There are numerous answers to this question but the smart and safe thing to do is if you have money drive to a hotel if you don't I would sell thtruck as a last result

Explanation:

3 0
3 years ago
Read 2 more answers
A buyer values a house at $525,000 and a seller values the same house at $485,000. If sales tax is 8% and is levied on the selle
Katena32 [7]

Answer:

$523,800

Explanation:

Given parameters:

Cost price by buyer = $525000

Selling price by seller = $485000

Sales tax = 8%

Unknown:

The lowest selling price by the seller = ?

Solution:

To solve this business problem, we must understand that the price the seller would be will to part with will be his selling price and the percentage of sales tax incurred in the procurement.

This will be the minimum and least profitable estimated amount the seller is willing to sell at.

   Lowest selling price = selling price by seller + amount of sales tax incurred

Sales tax amount = selling price x sales tax percentage

                             = $485000 x \frac{8}{100}

                              = $38800

Lowest selling price = $485000 + $38800 = $523,800

4 0
3 years ago
Coffee Klatch Party Group, a political organization, files a claim to challenge a Delaware statute that limits the liberty of al
Talja [164]

Answer:

The correct answer is C. This claim is most likely based on the right to substantive due process.

Explanation:

Substantive due process is a means by which the government's ability to interfere with the fundamental rights of individuals is limited. In this case, the fundamental right violated is that of freedom of expression, guaranteed by the First Amendment. Thus, since it is a right with constitutional protection, the government cannot curtail its operation without the due legal process necessary for this purpose.

7 0
3 years ago
Company X sells their products exclusively to companies in the Y market. In estimating demand from their business customers, Com
skelet666 [1.2K]

Answer:

derived demand

Explanation:

Company X sells their products exclusively to companies in the Y market. In estimating demand from their business customers, Company X must understand that this demand is actually <u>derived demand</u>, which means that the demand for industrial products and services is driven by demand for consumer products and services.

8 0
3 years ago
A public good Multiple Choice is available to all and cannot be denied to anyone. can be profitably produced by private firms. i
lara31 [8.8K]

Answer:

is available to all and cannot be denied to anyone.

Explanation:

Public goods are both nonexcludable and nonrivalrous. This means that everyone is entitled to use them and when someone is using them it doesn't mean others can't use them at the same time. Of course there is always a limit to the capacity of their use, like roads can only be used by certain amount of cars.

For this particular characteristic of public goods is that private firms don't offer them. Private firms' main concern is making the largest possible profit and public goods usually aren't profitable. That is why the government has to provide public goods since no one else will.

8 0
2 years ago
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