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lapo4ka [179]
4 years ago
5

Indigo Corporation began operations in 2017 and reported pretax financial income of $228,000 for the year. Indigo’s tax deprecia

tion exceeded its book depreciation by $38,000. Indigo’s tax rate for 2017 and years thereafter is 30%. In its December 31, 2017, balance sheet, what amount of deferred tax liability should be reported? Deferred tax liability to be reported $
Business
1 answer:
emmainna [20.7K]4 years ago
7 0

Answer:

Deferred Tax Liability = $11,400   Credit  

Explanation:

given data

pretax financial income = $228,000

Indigo’s tax depreciation = $38,000

tax rate = 30 %

solution

we know here that Income Tax Expense is

Income Tax Expense = $228,000 × 30%  

Income Tax Expense =  $68400    Dr

so as that

Deferred Tax Liability will be here

Deferred Tax Liability =  $38000 × 30%

Deferred Tax Liability =  $38000 × 0.30

Deferred Tax Liability = $11,400   Credit  

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Answer:

$1.67 Million

Explanation:

Current asset = 15 Million    

Current liabiltiy = 15 Million/3

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Let the inventory X can be purchased with short term debt without violation

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(15 + x)/5+x = 2.5    

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Therefore, $1.67 Million inventory can Baker purchase without violating its debt agreement if their total current assets equal​ $15 million

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4 years ago
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Answer:

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3 years ago
Riley operates a plumbing business and this year the 3-year old van he used in the business was destroyed in a traffic accident.
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Answer:

D. $4,600

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6 0
3 years ago
A firm purchased 50 units of materials with a unit price of $1.30 on June 1. On June 15, the firm purchased 50 units with a unit
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Answer: $83

Explanation:

Given that,

On 1 June,

Materials purchased = 50 units

Unit price of material = $1.30

On June 15,

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Unit price of material = $1.20

Total cost of 65 units:

= (Material purchased on 1 June × Unit price of material) + [(65 units - 50 units) × $1.20]

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Answer:

center of gravity.

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The part of an industry's value chain that is most important to a company and the point where its greatest expertise and capabilities lie is called the company's center of gravity.

Generally, the center of gravity of a company is usually the point at which it started business. The center of gravity of a company defines its strengths, success, achievement and dominant operations.

For any successful business, there is always a center of gravity. This is the point or stage where all of the strategic decisions, greatest expertise, risks management and capabilities lie.

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