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pychu [463]
3 years ago
12

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

ted to a current liability Deferred tax asset of $60 million related to a noncurrent liability Deferred tax liability of $168 million related to a noncurrent asset Deferred tax liability of $120 million related to a current asset Moonlight Bay should report in its December 31, 2021, balance sheet a:
Business
1 answer:
masha68 [24]3 years ago
7 0

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 <u>Moonligh Bay Resorts will report a Non-current liability of $126 million</u>

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Philip is a new manager of a 15 person manufacturing operation. His predecessor has handed him a complete annual plan (with budg
romanna [79]

Answer:

Phillip is stunned because he has not been attending to the management function of "controlling".

Explanation:

The four management functions are; planning, organizing, leading and controlling.

Controlling involves monitoring the processes and activities involved as an organization works, according to laid down plans, towards achieving set goals and objectives.

<em>Phillip is stunned because he has not been monitoring comparing the progress made so far with the strategic plan (i.e. he has not been controlling the strategy implementation activity).</em>

4 0
3 years ago
One problem with the consumer price index stems from the fact that, over time, consumers tend to buy larger quantities of goods
BigorU [14]

Answer:

SUBSTITUTION BIAS

Explanation:

Substitution bias occurs when a customer decides to purchase a substitute of a good after the prices becomes cheaper than the goods they normally purchase. It rises as a problem in price index due to the fact that customers/buyers can decide to change or substitute goods at an instant because of changes in prices. In situations like this, customers tend to avoid the whole increase in prices by changing to cheaper substitutes. Substitution generally is a consumer changing or substituting an expensive product for a cheaper one due to changes in prices. This usually leads to inflation rate been overestimated or overstated.

4 0
3 years ago
A taxpayer, in the 25% bracket before considering the sale, sold for a gain of $10,000 a residential rental building, purchased
Jlenok [28]

Answer and Explanation:

The Residential properties are depreciated over 27.5 years

Then:

The total amount of depreciation is $15,635. We assume that the property is sold in 2015.

Therefore, depreciation will be allowed only for 5 years such that the annual depreciation will be $3127 for 5 years.

He saves $781.75 annually (0.25*$3127).

If he holds the property for 5 years and then sells it, his 5 years' worth of depreciation will have saved him $3908.75  and it a $10,000 gain taxed at a maximum of 15%

$10,000 gain taxed at a maximum of 25% (or 33% if the gain pushes the taxpayer into a higher tax bracket).

$10,000 gain taxed at a maximum of 25%

4 0
3 years ago
Stellar Corporation had the following activities in 2020.
nexus9112 [7]

Answer:

Net cash provided by financing activities $315,000

Explanation:

The computation of the net cash provided or used by financing activities is shown below:

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Issuance of bonds payable $469,000

Less: Payment of dividends $380,000

Less: Purchase of treasury stock $49,000

Net cash provided by financing activities $315,000

6 0
2 years ago
The Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) resulted in implementation of risk contracts, which are arrangement
Sever21 [200]

Answer:

Capitated

Explanation:

Based on the information given the implementation of the risk contracts by TEFRA is to ensure that are medical arrangements are made among providers in order to provide CAPITATED health care services to Medicare beneficiaries.

CAPITATED health care services can be seen as the way in which medical treatment payment are made to the providers of health care service in advance for the sole aim of providing medical services or treatment to patient which are the Medicare beneficiary that have registered and assigned to them for a specific period of time.

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