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
Margarita [4]
3 years ago
8

At December 31, 2020, Suffolk Corporation had an estimated warranty liability of $105,000 for accounting purposes and $0 for tax

purposes. (The warranty costs are not deductible until paid.) The effective tax rate is 20%. Compute the amount Suffolk should report as a deferred tax asset at December 31, 2020.
Business
1 answer:
motikmotik3 years ago
5 0

Answer:

Deferred tax asset = $21000

Explanation:

Given the warranty liability = $105000

Effective tax rate = 20%

The deferred tax asset can be calculated by calculating the effective tax from the warranty liability. Therefore, just multiply the effective tax rate to the warranty liability.

Deferred tax asset = Effective tax rate x Warranty liability

Deferred tax asset = 20% x $105000

Deferred tax asset = $21000

You might be interested in
You are appraising a 5 year old home. of the livable square footage is 3,500 with a cost of $95 to replace according to a cost-e
Wittaler [7]
<span>The reproduction cost would be calculated by multiplying the living square footage by 95 and then adding that to the product of the garage times 60. Since different parts of the house have a different reproduction cost per square foot, we need to find the cost of each part and then add them together to get the whole. You need to use multiplication because each livable square foot has a cost of $95 and each garage square foot has a cost of $60. Another way to think about this is to say that we have 3,500 $95 parts. To calculate the reproduction cost of the livable space you would multiply $3,500 by 95 which gives you $332,500. To calculate the reproduction cost of the garage you would multiply 400 by $60 which would give you $24,000. To find the reproduction cost of the whole home we need to add the reproduction costs of the living area and the garage together, which would gives $356,500.</span>
4 0
3 years ago
Analysis reveals that a company had a net increase in cash of $20,330 for the current year. net cash provided by operating activ
Marianna [84]

Answer:

sorry idk

Explanation:

5 0
4 years ago
Structural unemployment is caused bya. short-term changes in the economy.b. temporary layoffs in industries such as construction
Gre4nikov [31]

Answer:

Consider the following explanation

Explanation:

1. Option C.

Structural unemployment is a type of unemployment which occurs naturally when the economy shifts in time.

This forces certain job skills to become obsolete, due to which mismatch of skills and the jobs available in the economy.

Many workers are also laid off as their jobs no longer match their current skills.

2. Option D.

A laffer curve is a curve which shows a relationship between the taxes imposed within an economy and the tax revenues collected from the imposed taxes.

Above the optimal tax rate, a reduction in tax rates along the downward sloping portion of the laffer curve would increase the tax revenue's.

7 0
3 years ago
Company X is planning to implement rule based access control mechanism for controlling access to its information assets, what ty
ozzi

Answer:

Discretionary Access Control

Explanation:

Discretionary Access Control -  it is a type of restriction or permission of the object that is initiated by the owner of the object. it is Discretionary because the user can transfer object classified information to other users.

it grants and permits full access of object that is created by the user and it may allow or restrict sharing of data which object made to others.

4 0
4 years ago
For each separate case, record the necessary adjusting entry. On July 1, Lopez Company paid $2,800 for six months of insurance c
Lunna [17]

Answer:

a. Date    Account Title and Explanation      Debit    Credit

                Insurance Expenses                       $2,800

                      Prepaid Insurance                                   $2,800

                (To record 6-month Insurance coverage expired)

b. Date    Account Title and Explanation         Debit      Credit

                Supplies Expenses                          $10,200

                      Supplies                                                       $10,200

                       (8,200 +3,600 - 1,600)

                 (To record supplies consumed during the year)

3 0
3 years ago
Other questions:
  • What is a projection?
    9·2 answers
  • Which of the following best describes the term customer contact points? Group of answer choices
    9·1 answer
  • Third Major Corp. lost a lot of its employees when its competitor offered them more pay. Two of Third Major's teams were short o
    11·2 answers
  • During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $5 per
    8·1 answer
  • On July 1, Year 1, Denver Corp. purchased 3,000 shares of Eagle Co.�s 10,000 outstanding shares of common stock for $20 per shar
    14·1 answer
  • On April 1, Smart, Inc. paid $7,200 for an insurance premium on a three-year insurance policy. How does this transaction affect
    9·1 answer
  • Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for the year were $118,5
    6·1 answer
  • Which of these might result in the government passing a law preventing
    12·1 answer
  • Please do your best. 75% of my grade
    9·1 answer
  • A contract in which an owner provides a user the right to use an asset in return for periodic cash payments over a period of tim
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!