1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
guajiro [1.7K]
3 years ago
8

Alamo Inc. had $300 million in taxable income for the current year. Alamo also had a decrease in deferred tax assets of $30 mill

ion and an increase in deferred tax liabilities of $60 million. The company is subject to a tax rate of 40%. The total income tax expense for the year was:
Business
1 answer:
scoray [572]3 years ago
7 0

Answer:

$ 210 million

Explanation:

Data provided :

Taxable income for the current year = $ 300 million

Tax rate of the income  = 40%

therefore, the income tax for the current year = 0.40 × $ 300 million

or

the income tax for the current year = $ 120 million

Decrease in the deferred tax assets = $ 30 million

Increase in the deferred tax liabilities = $ 60 million

Hence,

the total income tax expense for the year

= $ 120 million + $ 30 million + $ 60 million

or

= $ 210 million

You might be interested in
Lem Co., which accounts for treasury stock under the par value method, acquired 100 shares of its $6 par value common stock for
In-s [12.5K]

Answer:

Additional paid in capital decrease by 100 as a result of the acquisition

Explanation:

Treasury Stock 600 (100 shares x $6)

Additional Paid-In Capital 100 (100 shares x $1)

cash 1,000 (100 shares x $10)

Additional Paid-In Treasury Stock 300

7 0
3 years ago
Which of the following is a distinct advantage of exporting? A. Absolute control over operations in the foreign nation B. It may
victus00 [196]

Answer: B. It may help a firm achieve experience curve and location economies

Explanation: Exporting is defined as the act of conveying or sending commodities abroad or to another country, in the course of commerce. Exporting provides a distinct advantage to firms in that it helps them achieve experience curve (which posits that the more experience a business has in the production of product, the lower its costs in producing the product) and location economies (the production of a good or product under the most optimum settings that confers an added advantage in cost of productions over their competitors).

7 0
3 years ago
One major benefit of using the Bank Feeds feature in QuickBooks Online is that as you _________________ or __________________ tr
Alex73 [517]

Answer:

1.  Exclude

2.  Add

3.  Reconciled

Explanation:

QuickBooks Online supports Bank feeds features, which in turn allows a user to perform ADDITION or EXCLUSION of transactions online, which results in such transaction are marked RECONCILED.

Hence, one of the major benefits of using the Bank Feeds feature in QuickBooks Online is that as you EXCLUDE or ADD transactions in QuickBooks Online from the downloaded transactions from the bank, they are marked RECONCILED. This makes the end-of-period bank reconciliation more efficient.

8 0
3 years ago
Jean says to Joan, "If you'll promise to feed my dog each day while I am out of town next week, I'll pay you $100." Joan replies
blsea [12.9K]

Answer:

When Joan said that she would feed Jean's dog

Explanation:

A verbal contract comes into existence when there is a proposal and the person who receives the offer accepts the conditions. When the offeror and the offeree comes into a verbal agreement (terms and conditions) the speaking acceptance becomes the contract into reality.

3 0
3 years ago
Which examples demonstrate tasks commonly performed in Visual Arts jobs? Check all that apply. Cliff sets up video equipment at
marysya [2.9K]

Answer:

3, 5, 6

Explanation:

On e2020

7 0
3 years ago
Read 2 more answers
Other questions:
  • Flipco signed a 10-year note payable on January 1, 2016, of $800,000. The note requires annual principal payments each December
    13·1 answer
  • An assembly line manager changes the times she observes behavior to determine rewards for workers. One day, she observed employe
    14·1 answer
  • Karen is selling carnations at her school during Valentine's week. She purchased 1,000 carnations for $250.00. She is selling ea
    13·1 answer
  • Mark expects the value of currency X to appreciate in the near future. Hence, he delays the collection of payments from foreign
    15·1 answer
  • In comparing two online e-tailers, Walmart vs. DeepDiscounts, Walmart should be considered the better online business based on b
    8·1 answer
  • The management of L Corporation is considering a project that would require an investment of $223,000 and would last for 6 years
    10·1 answer
  • Operations management is​ applicable:
    8·1 answer
  • The following costs were incurred in May: Direct materials Direct labor Manufacturing overhead Selling expenses Administrative e
    14·1 answer
  • What are tresholds in auditing?​
    14·1 answer
  • A prospective MBA student earns $45,000 per year in her current job and expects that amount to increase by 12% per year. She is
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!