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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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Which job role involves designing user interfaces to carry out difficult tasks?
Oliga [24]

Answer:

E.  software engineer

Explanation:

<em>The job role that involves designing user interfaces to carry out difficult tasks would be software engineer.</em>

<u>A software engineer by definition refers to someone that applies engineering and computer science principle to develop workable software solutions for different problems.</u>

User interfaces generally represents a medium through which users and computer interact via the use of input devices and software.

The correct option is E.

3 0
3 years ago
The following are all the steps in the accounting cycle. List them in the order in which they should be done. - Closing entries
AlexFokin [52]

Answer:

Answered

Explanation:

The order of steps in the accounting cycle.

1 Transactions are analyzed and recorded in the journal.  

2 Transactions are posted to the ledger.  

3 An unadjusted trial balance is prepared.  

4 Adjustment data are assembled and analyzed.  

5 An optional end-of-period spreadsheet (work sheet) is prepared.  

6 Adjusting entries are journalized and posted to the ledger.  

7 An adjusted trial balance is prepared.  

8 Financial statements are prepared.  

9 Closing entries are journalized and posted to the ledger.  

10 A post-closing trial balance is prepared.

3 0
3 years ago
5
Finger [1]

Answer: sightseeing

Explanation:

Opportunity costs represent to the potential benefits that an economic entity misses out on when another alternative is chosen over another.

In this case, due to the increase in the price of the plane ticket, Mikael decides to give up visiting the popular Ouro Preto during his stay in Brazil even though it was earlier planned. Therefore, it can be infered that sightseeing is the opportunity cost as that is what he forgoes in order to choose a different alternative.

3 0
2 years ago
A buyer entered into a written contract with a seller to purchase his commercial property for $100,000. The contract did not spe
sukhopar [10]

Answer:

Im pretty sure that the seller would prevail.

Explanation:

If not than I apologize so sorry <3

3 0
2 years ago
Bengal Co. provides the following unit sales forecast for the next three months: July August September Sales units 5,800 6,500 6
WITCHER [35]

Answer:

Production= 6,010

Explanation:

Giving the following information:

July August

Sales units 5,800 6,500

Finished goods inventory on June 30 is 1,740 units.

<u>To calculate the production for July, we need to use the following formula:</u>

Production= sales + desired ending inventory - beginning inventory

Production= 5,800 + (6,500*0.3) - 1,740

Production= 6,010

4 0
2 years ago
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