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Elis [28]
3 years ago
5

At the end of the year, the deferred tax asset account had a balance of $12.8 million attributable to a cumulative temporary dif

ference of $32 million in a liability for estimated expenses. Taxable income is $38.0 million. No temporary differences existed at the beginning of the year, and the tax rate is 40%.Prepare the journal entry(s) to record income taxes assuming it is more likely than not that one-fourth of the deferred tax asset will not ultimately be realized.NOTE:These are the correct entries, I am just missing the values (DTA is NOT zero):Debit: Income Tax Expense ______Debit Deferred Tax Asset _____Credit: Income Tax Payable 15.2Debit: Income Tax Expense _______Credit: Valuation Allowance - Deferred Tax Asset _______

Business
1 answer:
adoni [48]3 years ago
3 0

Answer:

Please see attachment.

Explanation:

Please see attachment.

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Kitty [74]

Explanation:

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The adjustment for overapplied overhead ______ net income.
tester [92]

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2 years ago
Which government branch creates the federal tax law
wolverine [178]

The answer is Congress :)

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2 years ago
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Flexible budgets and variance analysis are very useful tools for managers, but are sometimes difficult to understand. Find an on
Anettt [7]

Answer:

Flexible budgets: These type of budgets are assessments, which may vary with the capacity or production for a given period.

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This flexible budget guides administration to appropriately plan their resources and flex with the capacity whenever it’s required subject the change in situations.

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2 years ago
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One of the main reasons that stocks do not reflect the health of the economy most of us experience is the rise of stock buybacks. Companies often push stocks higher, partly and arguably, to raise the value of the stock options of their management by buying them on the open market.

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