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RUDIKE [14]
3 years ago
8

In 2020, HD had reported a deferred tax asset of $130 million with no valuation allowance. At December 31, 2021, the account bal

ances of HD Services showed a deferred tax asset of $170 million before assessing the need for a valuation allowance and income taxes payable of $90 million. HD determined that it was more likely than not that 30% of the deferred tax asset ultimately would not be realized. HD made no estimated tax payments during 2021. What amount should HD report as income tax expense in its 2021 income statement
Business
1 answer:
Ray Of Light [21]3 years ago
6 0

Answer:

The income tax expense for 2021 income statement is $101 million as computed in the explanation section below.

Explanation:

The income tax expense in the year 2021 is the income taxes payable while adding the reduction in deferred tax asset or deducting the increase in deferred tax asset plus the portion of the current deferred tax asset not realizable using the applicable tax rate as found below:

Income tax payable                                                          $90 million

deduct;increase in deferred tax asset($170-$130)         ($40 million)

Add;unrealized deferred tax asset($170*30%)                $51 million

Income tax expense for 2021 income statement            $101 million

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valentina_108 [34]

Answer:

a) T

b) T

c) T

d) T

Explanation:

All the statements are true. So, all the mentioned scenarios made the fraud difficult to detect.

8 0
3 years ago
Adler Company is considering developing a new product. The company has gathered the following information on this product. Expec
MrRissso [65]

Answer:

markup 200% over cost

selling price 75 dollars

Explanation:

investment 500,000

return on investment : 10%

500,000 x 10% = 50,000

units producted: 1,000

markup per unit: 50,000 / 1,000 = 50 dollar

the markup will be: 25 * X = 50

X = 2 = 200%

selling price: 25  + 50 = 75

75

6 0
3 years ago
David manages a Shoney's restaurant. He is considering staying open later in the evening. For David, the variable costs associat
Arte-miy333 [17]

Answer:

Rent of the building will remain the same

Explanation:

The fixed costs will not change because fixed cost remains fixed for any level of activity whereas the variable cost changes with the increase in level of activity. As the activity level will change with additional hours work which will increase the variable costs only. So all variable costs will increase whereas fixed will remain fixed. The all the other options were variable costs except rent which is fixed cost. So rent will no change because of additional hours worked.

6 0
3 years ago
Personnel at a decision point in their careers can receive an overview of their veteran's benefits from what source?
Ratling [72]

The correct answer is; Transition Goals Plans Success Program.

Further Explanation:

The Transition Goals Plans Success Program is a resource that helps military members and their families prepare for life outside of the military. Men and women from all armed services departments are eligible to use this program to help the transitioning to a civilian citizen go smoothly.

The Transition Goals Plans Success Program starts as soon as someone enters the military and each milestone in their career. A few things that the program helps with are;

  • resume writing
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  • military transition
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  • pursuing additional education

The Transition Goals Plans Success Program now has an app that families can download and have more access to resources.

Learn more about military personnel at brainly.com/question/7223998

#LearnwithBrainly

3 0
3 years ago
Baldwin has a new design for their product Bill next round that can reduce their material cost of producing units from $8.14 to
zalisa [80]

Answer:

Hie, the information you have provided is incomplete.

However important information is explained as follows :

To calculate Break - even Point use the formula;

Break even Point (units) = Total Budgeted Fixed Costs / Contribution per unit

<em>Break even Point</em> is the level of operation at which a firm neither makes a profit nor a loss.

Contribution is Calculated as :

Sales : No information                                xxxx

Less Variable Costs ( Materials + Labor) $11,49

Contribution per unit                                   xxxx

8 0
3 years ago
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