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marishachu [46]
3 years ago
8

Lyons Company deducts insurance expense of $210,000 for tax purposes in 2021, but the expense is not yet recognized for accounti

ng purposes. In 2022, 2023, and 2024, no insurance expense will be deducted for tax purposes, but $70,000 of insurance expense will be reported for accounting purposes in each of these years. Lyons Company has a tax rate of 20% and income taxes payable of $180,000 at the end of 2021. There were no deferred taxes at the beginning of 2021. What is the amount of the deferred tax liability at the end of 2021?
Business
1 answer:
Goryan [66]3 years ago
6 0

Answer:

$42,000

Explanation:

Deferred tax liability can be defined as the tax liability which has been due for the current period but has not yet been paid such as installment sales receivable.

Insurance expense of $210,000

Tax rate of 20%

( $210,000 × .20 )

=$42,000

Therefore the amount of the deferred tax liability at the end of 2021 will be $42,000

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If the government sets out to make home buying easier for more people by forcing lenders to accept ____________ down payments an
Artemon [7]

Answer:

If the government sets out to make home buying easier for more people by forcing lenders to accept LOWER down payments and LOWER interest rates, the result will likely be an INCREASE in housing prices

Explanation:

If either interest rates or down payment amounts lower, the quantity demanded for houses will increase a little, possible leading to a small increase in the prices of houses.

If both interest rates and down payment amounts lower, then the quantity demanded for houses should increase a lot, which will result in an increase in the prices of houses.

This happened during the first decade of our century and everything was fine until the interest rates started to increase and people could no longer pay their mortgages and BOOM, the economy busted.

7 0
3 years ago
Suppose that a university decides to spend $1 million to upgrade personal computers and scientific equipment for faculty rather
Vladimir [108]

Answer:

<u>Opportunity cost </u>

Explanation:

Suppose that a university decides to spend $ 1 milion to upgrade personal computers and scientific equipment for faculty rather than spend $  million to expand parking for students . This example illustrates<em><u> opportunity costs.</u></em>

<em>Opportunity cost refers to the cost shifting one opportunity to another opportunity or availing one opportunity in terms of another.</em>  

Formula of Opportunity cost is :

<u>Opportunity cost</u>    =  Total Revenue - Economic Profit

                                    Or

<u>Opportunity cost </u>  = What one sacrifice / What one gain

In Opportunity cost we chose one thing or option over the cost of another thing or option. Opportunity cost places a important role in economic theory .

As it tell us that people can choose only one thing not the both things at the sane time.

3 0
3 years ago
ou have just read an explanation of the figures you studying as the total dollar value of final goods and services produced with
Shalnov [3]

Answer:

REAL GDP

Explanation:

GDP typically used as a variable to measure a nation's economic strength within a certain time period. But often time, the value of GDP is a little bit jaded. If the inflation is high, an increase in GDP doesn't really mean that the country become more productive.

This is why there are many experts prefers to use REAL GDP as a more accurate unit to measure the economic strength.

7 0
3 years ago
On January 1, 1990, Emilio deposited $1650 into a savings account paying
Triss [41]

The time required to get a total amount of $3,300.00 with compounded interest on a principal of $1,650.00 at an interest rate of 6.2% per year and compounded 12 times per year is 11.209 years. hence the answer is

A. 2001

<h3>Compound Interest Calculation</h3>

(about 11 years 3 months)

First, convert R as a percent to r as a decimal

r = R/100

r = 6.2/100

r = 0.062 per year,

Then, solve the equation for t

t = ln(A/P) / n[ln(1 + r/n)]

t = ln(3,300.00/1,650.00) / ( 12 × [ln(1 + 0.062/12)] )

t = ln(3,300.00/1,650.00) / ( 12 × [ln(1 + 0.0051666666666667)] )

t = 11.209 years

Learn more about Compound Interest here:

brainly.com/question/24924853

#SPJ1

5 0
2 years ago
The Henry Ford Health System (a health care provider) has set strict limits for pharmaceutical representatives, and will no long
jeka57 [31]

Answer:

The correct answer to this question is A) it reduces the chances that Henry food health system might make any unethical purchasing decisions.

Explanation:

Ethics can be defined as the morals or principles that a person o group of person or a company believes in. Henry food health system doesn't want its doctors to accept gifts, free lunches or any kind of such perks from the pharmaceutical representative because Henry food health system thinks by providing such gifts and perks, these representatives might influence their doctors decision regarding the purchase and it might lead to doctors making an unethical decision.

4 0
3 years ago
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