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
klemol [59]
2 years ago
13

Mill Company began operations on January 1, 20X1, and recognized income from construction-type contracts under different methods

for tax purposes and financial reporting purposes. Information concerning income recognition under each method is as follows: Year Tax Purposes Book Purposes 20X1 $ 400,000 $ 0 20X2 625,000 375,000 20X3 750,000 850,000 Required: Assume the income tax rate is 21% in all years and that Mill has no other temporary differences. In its December 31, 20X3, balance sheet, what amount of deferred income taxes should Mill report
Business
1 answer:
Vinvika [58]2 years ago
5 0

Answer:

Deferred tax asset balance on  December 31, 20X3 =   $115,500

Explanation:

The computation of the amount of deferred income taxes should Mill report is shown below:

<u>Year   Tax purpose   Book purpose   Difference   Deferred tax book </u>

20X1     $400,000          $0                $400,000        $84,000

20X2    $625,000     $375,000         $250,000        $52,500

20X3     $750,000     $850,000        ($100,000)        ($21,000)

Deferred tax asset balance on  December 31, 20X3 =   $115,500

You might be interested in
Lydia works at a medical facility in which all employees are required to wear white shoes. lydia does not agree with this rule.
Juli2301 [7.4K]
Lydia could take lots of people's signatures that agrees with her. is there even a medically reason why they have to wear white shoes?
8 0
3 years ago
Which of the following illustrates the law of demand? a. Jorge buys fewer pencils at $2 per pencil than at $1 per pencil, ceteri
iVinArrow [24]

Answer:

e. a and c

Explanation:

The law of demand states that the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded. This occurs because of the law of diminishing marginal utility.

The law of diminishing marginal utility states that the more of a commodity is consumed, the lower the utility derived from the consumption of the product.

It follows that Jorge and karissa would demand less of pencils and sweaters as their prices rise.

The demand curve is usually downward sloping to illustrate the law of demand.

4 0
3 years ago
___________ is the current strategy for many manufacturers where a company produces a large quantity of items but customizes the
givi [52]

Answer:

mass customization

Explanation:

As it names says , companies will produce a large amount to customized product. This is implies higher cost but it helps for differentiation.

7 0
3 years ago
he units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 22 units @ $29 $638 June 16 Purc
Mama L [17]

Answer:

Thus, difference in gross profit = $144 + $144 = $288

Profit as per FIFO is higher than profit as per LIFO

Explanation:

In the given case, as per both the methods computation shall be as follows:

Date                    Quantity                   Rate              Amount

Mar 1                     22 units                   $29                 $638

Jun 16                   31 units                    $30                 $930

Nov 28                 41 units                     $37                 $1,517

Total                     94 units                                           $3,085

Closing units = 18

That means sales = 94 - 18 = 76 units

Thus as per LIFO cost = 41 units @ $37 + 31 units @ $30 + 4 units @ $29

= $2,563

Closing stock = 18 units @ $29 = $522

As per FIFO cost = 22 units @ $29 + 31 units @ $30 + 23 units @ $37 = $2,419

Closing stock = 18 units @ $37 = $666

Thus, difference of closing stock = $666 - $522 = $144

Profit as per FIFO is higher by $144

Cost is higher in LIFO by $2,563 - $2,419 = $144

Thus, difference in gross profit = $144 + $144 = $288

6 0
3 years ago
How many people lost their jobs when the minimum wage increased from $12 to $18
Inessa05 [86]
I would say 33.. But im not 100% sure
3 0
3 years ago
Other questions:
  • What are the rights of incidental beneficiaries?
    11·1 answer
  • Choose five of the ethical behaviors (enthusiasm, quality, cooperation, productivity, and safety) and post five rules that you w
    6·1 answer
  • On November 1, 2018, Uno, Inc. declared a dividend of $4.50 per share. Uno, Inc. has 23,000 shares of common stock outstanding a
    13·1 answer
  • Sights Unseen, Inc., (SUI) sells telescopes with distinctively designed lenses and mirrors. Later, without SUI’s permission, Tel
    7·1 answer
  • Which option best describes MacHack 6?
    10·1 answer
  • In order to obtain a job you may have to go through the typical sequence of interviews, which includes
    14·1 answer
  • How could you be of help to solve deforestation​
    11·1 answer
  • During 2020, a self-employed taxpayer drives her car 4,000 miles to visit clients, 3,000 miles to get to her office, and 1,000 m
    8·1 answer
  • A legal agreement that helps protect a lender if a borrower does not make required payments on notes or bonds is called a(n):
    11·1 answer
  • According to the job characteristics theory, the degree to which a job requires an employee to complete a number of different ac
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!