Answer:
Income tax payable 2018 = $43 x 40% = $17.2 million
deferred tax liability = temporary difference x change in income taxes = $33 million x (40% - 30%) = $3.3 million
income tax expense = income tax payable - deferred tax liability = $17.2 million - $3.3 million = $13.9 million
a. Determine the effect of the change and prepare the appropriate journal entry to record Bronson's income tax expense in 2016.
- Dr Income tax expense 13,900,000
- Dr Deferred tax liability 3,300,000
- Cr Income tax payable 17,200,000
b. What adjustment, if any, is needed to revise retained earnings as a result of the change?
- Deferred tax assets and liabilities affect the current retained earnings, but no adjusting entry is needed.
- Deferred tax assets and liabilities result in differences between US GAAP rules and the rules that the accounting rules used by the IRS (e.g. expensing asset purchases). Generally the greatest effects of deferred tax assets and liabilities are seen in the cash flow statements, not retained earnings.
Low. strategic trade policy calls for equal treatment of all trading
Answer:
The answer to the question is attached with the document.
Answer:
True.
Explanation:
Usually all the lenders are dependent on some form of risk pricing and they charge higher rate of interest from the borrowers who has more risk of bankruptcy. The borrowers who has more risk of default will give more interest for same amount as compared to the borrower having less risk of default.
So based on the above discussion, the statement given in the question is True.
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I think is the correct answer please forgive me if I am incorrect I am truly sorry if I am incorrect