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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

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Answer:

B. full-service agency.

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Under what conditions would a nation be viewed as being neither a net borrower nor a net lender in the international economy?.
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2 years ago
Determine the value of the investment at the end of 5 years. Write a function f that determines the value of the investment (in
Fofino [41]

Complete Question:

Suppose that $1500 is invested in an account with an APR of 3.1% compounded continuously.   Determine the value of the investment at the end of 5 years.   Write a function that determines the value of the investment in terms of the number of years , since the investment was made.    What is the annual percent change for the account?

Answer:

Function that determines the value of the investment f(t) = 1500 exp(rt)

Investment after 5 years, f(5) = $1751.49

Annual Percent change = 3.14%

Explanation:

Function that determines the value of the investment

Initial amount invested, f₀ =  $1500

f(t) = f₀ exp(rt)

f(t) = 1500 exp(rt)

r = 3.1% = 3.1/100 = 0.031

f(t) = 1500 exp(0.031t)

Value of the investment at the end of 5 years:

f(5) = 1500 exp (0.031 *5)

f(5) = $1751.49

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f(1) = 1500 exp(0.031)

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Annual Percent yield = [(New Investment - Original investment)/ Original investment] * 100%

Annual Percent yield = [(1547.23 - 1500)/1500] * 100%

Annual Percent yield = (47.23/1500) * 100

Annual Percent yield = 3.14%

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