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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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Explanation:

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The strategies used to promote generalization will also make skill maintenance more likely to occur.
Murljashka [212]

Answer:

True

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Generalization creates a set of common practice which is further considered as an identifiable acceptable standard for the instance.

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3 years ago
An oligopoly exists when there is a lot of variety in the number of sellers and producers of media content, but not much variety
Alex73 [517]

An oligopoly does not exist when there is a lot of variety in the number of sellers and producers of media content.

What is an oligopoly-

An Oligopoly is a type of market in which :

  • Few numbers of buyers and sellers.
  • High capital cost to entry in the market.
  • Similar but slightly different products. (eg. Cold drink companies)
  • Entry may be restricted to a few firms
  • there can be informal cartels within the existing firms which do not allow others to come in.
  • The action of one firm has an effect on the whole market, this will leads to a prisoner's dilemma.

An example of an oligopoly market is - the Organisation of petroleum exporting countries(OPEC).

Disclaimer- The Question is incomplete the question may be "An oligopoly exists when there is a lot of variety in the number of sellers and producers of media content, but not much variety in what they actually produce. Is this statement true or false?"

To learn more about the types of markets please click on the link

brainly.com/question/24877850

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