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Margarita [4]
3 years ago
10

In 2021, its first year of operations, Kimble Corp. has a $900,000 net operating loss when the tax rate is 20%. In 2022, Kimble

has $250,000 taxable income and the tax rate remains 20%. Assume the management of Kimble Corp. thinks that it is more likely than not that the loss carryforward will not be realized in the near future because it is a new company (this is before results of 2022 operations are known). (a) What are the entries in 2021 to record the tax effects of the loss carryforward
Business
1 answer:
Helen [10]3 years ago
5 0

Answer and Explanation:

Kimble Corp entries in 2021 to record the tax effects of the loss carryforward

a)Dr Deferred Tax Asset ($900,000 × 20%) 180,000

Cr Benefit Due to Loss Carryforward $180,000

Dr Benefit Due to Loss Carryforward $180,000

Cr Allowance to Reduce Deferred Tax Asset to Expected Realizable Value $180,000

(b)

Dr Income Tax Expense ($250,000 × 20%) $50,000

Cr Deferred Tax Asset $50,000

Dr Allowance to Reduce Deferred Tax Asset to Expected Realizable value $50,000

Cr Benefit Due to Loss Carryforward $50,000

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You decide to take $600 out of your piggy bank at home and place it in the bank. If the reserve requirement is 2 percent, how mu
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To determine the increase in the amount of money in the economy brought about the $600 taken out of the piggy bank, we multiply $600 by the decimal equivalent of the percentage given. That is,
                                  ($600) x (0.02) = $12
Hence, your $600 will increase the amount of money in the economy by $12. 
3 0
2 years ago
For approximately how many seconds does 2022 versa’s hill start assist hold the brakes?
zhuklara [117]

The Nissan Versa has a starting assistant that lasts at least 3 seconds so that the driver can easily start on slopes.

<h3>What is the hill start assistant?</h3>

The hill start assistant is a technological and mechanical device that has been implemented in several cars worldwide to prevent the car from rolling back due to gravity and inertia.

Hill Start Assist allows the driver to start on a hill without worrying about backing up. This development has prevented several accidents and is a good invention for those who are just starting to drive.

One of the cars that have this development is the Nissan versa 2022. This car offers a hill-start assistant that allows the driver to have at least 3 seconds to start the car on a slope without the car backing up.

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8 0
2 years ago
As an it professional you may support databases, but not do any application coding, why do you think it is still important to un
Anarel [89]
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3 0
2 years ago
The term that describes what occurs when a manager does what is in his/her best interests and not what is in the best interests
Rom4ik [11]

Answer:

Lowballing

Explanation:

4 0
2 years ago
You own the following portfolio of stocks. What is the portfolio weight of Stock C?
LuckyWell [14K]

Answer:

38?59%

Explanation:

Calculation for the portfolio weight of Stock C

First step is to calculate the Total Value of Stock A to Stock D in the Portfolio using this formula

Total Value of stock A to stock D in Portfolio = Number of Shares * Stock Price

Let plug in the formula

Total Value of stock A to stock D in Portfolio = (A 120 *$32)+ (B 750* $28)+ (C 450* $52) +(D 240* $51)

Total Value of stock A to stock D in Portfolio = A $3,840+ B$21,000+C$23,400+D$12,240

Total Value of stock A to stock D in Portfolio=$60,480

Last step is to calculate the portfolio weight of Stock C using this formula

Portfolio weight of Stock C =Stock C /Total Value of stock A to stock D in Portfolio

Let plug in the formula

Portfolio weight of Stock C= 450 *$52/$60,480

Portfolio weight of Stock C=$23,400/$60,480

Portfolio weight of Stock C=0.3869*100

Portfolio weight of Stock C=38.69%

Therefore the Portfolio weight of Stock C will be 38.69%

7 0
3 years ago
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