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EleoNora [17]
3 years ago
14

Operating income and tax rates for Blossom Company’s first three years of operations were as follows: Income Enacted tax rate 20

20 $270000 25% 2021 ($870000) 20% 2022 $1550000 30% Assuming that Blossom Company opts only to carryforward its 2021 NOL, what is the amount of deferred tax asset or liability that Blossom Company would report on its December 31, 2021 balance sheet? Amount Deferred tax asset or liability $174000 Deferred tax asset $174000 Deferred tax liability $217500 Deferred tax liability $261000 Deferred tax asset
Business
1 answer:
Digiron [165]3 years ago
3 0

Answer:

Deferred tax asset $174000

Explanation:

The computation of the  amount of deferred tax asset or liability for the year 2021 is shown below:

= Income in the year 2021 × enacted tax rate for the year 2021

= $870,000 × 20%

= $174,000

By multiplying the income for the year 2021 with the enacted tax rate for the year 2021 we can get the deferred tax asset and the same is shown above

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Answer:

Best estimate for inventory =$70,764.85

Explanation:

The closing inventory value at retail

= (Opening inventory + Purchases - sales)  all in retail prices

= $123,000 +  $483,000 - 493,000.

= 113000

Closing inventory value at cost

=113,000 ×  (64,500 + 315,000)/(123,000 +  $483,000)

=70,764.85

Best estimate for inventory =$70,764.85

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The process by which the use of a new product or service spreads throughout a market group is referred to as
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Answer:

Diffusion of innovation.

Explanation:

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What is the most fastest car in the world
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Regina, a 25-year-old professional, wants to start an investment portfolio. What strategy may her financial advisor suggesta
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Answer:

A.Start a moderate portfolio and shift to high risk later in life.

Explanation:

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In the context, Regina who is 25 year old wishes to start an investment plan. For this her financial advisor may suggest her to start her investment in a moderate portfolio and then later may shift to a high risk portfolio. This is because Regina is young and is new to investment. She is not experience enough to invest in high risk portfolio. When she gains knowledge about investments in her life then she can properly plan her investment in order to achieve maximum profit.

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