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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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Suppose the price of movie tickets decline. The income effect means that :
puteri [66]

Answer:

a would be the answer for the question

4 0
3 years ago
Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common stock. During
dimulka [17.4K]

Answer:

paid in capital in excess of par value = $2000

and There will be a debit to Organisation expenses for $4,700

Explanation:

given data

charter authorized = 100,000 shares

common stock = $10 par value

issued  = 270 shares      

payment = $4,700        

solution

we know here that

Paid up value of the stock = $10 per share

and here shares issue to the attorney satisfying the organisation expenses is 270 shares

so common stock = 270 shares × $10

common stock =  $2700

so paid in capital in excess of par value = $2000

and There will be a debit to Organisation expenses for $4,700

8 0
3 years ago
Which statement best explains the decrease in manufacturing jobs over the next few years?
Anastaziya [24]

The best reason for the reduction in manufacturing jobs is that These jobs are often outsourced to overseas factories.

<h3>Manufacturing trend in developed countries </h3>
  • Large companies are outsourcing manufacturing services to other nations.
  • This is usually to save costs and to avoid certain regulatory oversight.

As a result of these jobs being shipped abroad, manufacturing jobs in developed countries are suffering and will decrease in the next few years.

In conclusion, option B is correct.

Find out more on manufacturing jobs at brainly.com/question/25553251.

7 0
2 years ago
Janine is an accountant who makes $30,000 a year. Robert is a college student who makes$8,000 a year. All other things equal, wh
Bingel [31]

Answer:

Janine is an accountant who makes $30,000 a year. Robert is a college student who makes$8,000 a year. All other things equal, who is more likely to stand in a long line to get a cheap concert ticket?

Robert; his opportunity cost is lower

Explanation:

Robert has loss of potential gain from the alternative available, his low income will made him to queue in order to get the concert ticket

5 0
3 years ago
A $10,000 municipal bond with 10 years to maturity is purchased in the primary market at 105. The bond is sold after 2 years at
Mama L [17]

Answer: B. a 2 point capital gain

Explanation:

Municipal Bonds have to be amortized using the straight-line method and this applied to both newly issued or bonds being traded at a premium.

The bond in question is trading at 105 and so has a 5 point premium which needs to be amortized at 1 point a year for 5 years. As it was bought after two years, the amortization was 2 points which means the cost of the bond should be;

105 - 2 = 103

Yet it was sold for 105. The gain is therefore

= 105 - 103

= 2 point capital gain

7 0
3 years ago
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