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
Fact Pattern: Jackson Industries employs a standard cost system in which direct materials inventory is carried at standard cost.
Yuri [45]

Answer:

Efficiency varaince 6,000 unfavorable.

 

Explanation:

(standard\:hours-actual\:hours) \times standard \: rate = DL \: efficiency \: variance

std  hours          27,500.00 (22.000 units x 1.25 units per hour)

actual hours          28,000.00

std rate                 $          12.00

difference                 -500.00

efficiency variance $  (6,000.00)

3 0
3 years ago
Only you can open your safety deposit box. True False
Amanda [17]
Yes and No. In the event of your death or a sickness, you can appoint someone as a deputy to be responsible for the contents of your box. However, other people, like the IRS, cannot open your <span>safety deposit box.</span>
4 0
3 years ago
Read 2 more answers
Which of the following is an essential part of being an entrepreneur?
Molodets [167]

Answer:

B. Taking risks.

Explanation:

4 0
3 years ago
The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of mi
drek231 [11]

Answer:

Price floor binding

b. price ceiling binding

price floor and binding

Explanation:

A price floor is when the government or an agency of the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.

Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.

The minimum price of milk is above equilibrium price. So, it is a binding price floor

The maximum price of milk is below equilibrium price. It is binding price ceiling

If teenagers can't find jobs due to minimum wages law. It means that the minimum wage must be above equilibrium price. This is because it is when price is above equilibrium price that supply of labour outstrips demand. So, it is a binding price floor

8 0
3 years ago
Suppose the customer data analysis software used by ABC Bank is significantly changed, and its documentation is therefore revise
viva [34]

Based on the information given this type of maintenance is called a maintenance release.

A maintenance release is a release which help to make correction on security issues such as threat  or vulnerability without modifying or adding new features to the software.

Maintenance release help to fix or repair programming errors that  occur during the software life cycle stage or programming error that occur due to mistake during the requirement stage validating process.

Software that are released often undergo a maintenance release so as  detect and fix any error or bug that was detected.

Inconclusion this type of maintenance is called a maintenance release.

Learn more about maintenance release here:brainly.com/question/13860230

6 0
2 years ago
Other questions:
  • Assuming that diminishing marginal utility applies to both pomegranates and bananas, if Vanessa buys more pomegranates and fewer
    6·1 answer
  • There is a bill pending before the kansas state legislature that would prohibit private companies from selling health insurance
    8·1 answer
  • You have $1200 to invest in a bank account with an interest rate of 4.5%, compounded monthly. After how many years will your acc
    6·1 answer
  • Ross Electronics has one product in its ending inventory. Per unit data consist of the following: cost, $26; selling price, $36;
    6·1 answer
  • There are zero coupon bonds outstanding that have a YTM of 5.97 percent and mature in 19 years. The bonds have a par value of $1
    9·1 answer
  • A low-risk investment might have a high price if
    6·1 answer
  • Rowe Furniture Corporation is a Virginia-based manufacturer of furniture. In a recent quarter, it reported the following activit
    9·1 answer
  • What is time consuming in business communities​
    15·1 answer
  • Sample ________<br> is the number of people questioned for a survey.
    12·2 answers
  • Project ____ management involves generating, collecting, disseminating, and storing project information.
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!