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3 years ago

Variance reports are: internal reports for management external financial reports SEC financial reports all of these

1 answer:

8 0

Variance reports are internal reports for management. They are used primarily for the purposes of internal accounting and auditing.

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At December 31, 2021, Moonlight Bay Resorts had the following deferred income tax items: Deferred tax asset of $102 million rela

masha68 [24]

Answer:

Moonligh Bay Resorts will report a Non-current liability of $126 million

Explanation:

The question is to determine whether Moonlight Bay Resorts is to report an asset (current or non-current) or a liability (current or non-current) in its December 31st 2021 Balance Sheet

The step is to determine the classification of the items in the balance sheet

This is done as follows

Description Amount ($)

Total Deferred Tax liability (168 million + 120 million) 288 million

(Deferred tax liabilities related to

both current and non-current assets)

Total Deferred tax asset (102 million + 60 million) (162 million)

The net deferred tax liability 126 million

Since, under the International Financial Reporting Standards Deferred Tax Liability is a Non-current liability, it means Moonligh Bay Resorts will report a Non-current liability of $126 million

7 0

3 years ago

Complete Part 1 of the assignment by giving three examples of your workplace strengths and explaining each with one or two parag

lawyer [7]

Answer:

Some examples of strengths you might mention include:

Enthusiasm.

Trustworthiness.

Creativity.

Discipline.

Patience.

Respectfulness.

Determination.

Dedication.

Explanation:

8 0

3 years ago

anson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts receivable $12,000

VashaNatasha [74]

Answer:

Current Assets = $85,000

Explanation:

Anson Corporation

Balance Sheet (Partial)

As at December 31, 2018

Assets

Current Assets:

Accounts receivable $12,000

Inventories 40,000

Treasury Bill 30,000

Prepaid insurance 3,000

Total current assets $85,000

Prepaid insurance $6,000/2 = $3,000 is for current years. Therefore, $3,000 is a current assets. Since treasury bill is an investment and for 3 months, it is a current assets.

5 0

3 years ago

Identify the statement below that is incorrect. A) The normal balance of accounts receivable is a debit. B) The normal balance o

a_sh-v [17]

Answer:

D) The normal balance of an expense account is a credit.

Explanation:

We know that

The debit sections report assets and expenses side while sales, stockholder equity, and the liability side are reported in the credit section.

So as per the given options, the incorrect answer is D as expense account has a debit balance but the question it is given that the expense account has a credit balance that is totally wrong.

3 0

3 years ago

Read 2 more answers

Jeff brooks has recently moved into an apartment and has discovered that the previous tenant forgot to turn off the cable tv ser

SashulF [63]

Economists would describe Jeff as a user of a public good. Jeff would be considered this because he is consuming something, but this consumption does not reduce the availability of the thing being consumed for others. Jeff is using the cable service, but this does not prevent anyone else from receiving and watching a cable service.

4 0

3 years ago