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Natasha_Volkova [10]
2 years ago
11

Information for Kent Corp. for the year 2021: Reconciliation of pretax accounting income and taxable income: Pretax accounting i

ncome $ 179,800 Permanent differences (16,300 ) 163,500 Temporary difference-depreciation (13,400 ) Taxable income $ 150,100 Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2020 $ 14,300 As of December 31, 2021 $ 27,700 The enacted tax rate was 26% for 2020 and thereafter. What should be the balance in Kent's deferred tax liability account as of December 31, 2021?
Business
1 answer:
lianna [129]2 years ago
7 0

Answer:

$7,202

Explanation:

Calculation for What should be the balance in Kent's deferred tax liability account as of December 31, 2021?

December 31, 2021 Deferred tax liability=$ 27,700 x 26%

December 31, 2021 Deferred tax liability=

= $7,202

Therefore What should be the balance in Kent's deferred tax liability account as of December 31, 2021 is $7,202

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Answer:

(A)

we are given for last year

cost of goods sold was $7.5 million and inventory was $1.5 million

firstly , we will find average cost of sold good on week basis

=cost of goods / total number of weeks in a year

so, we get

average cost of sold good on week basis as :

=\frac{7.5}{52}= 0.1442 million

now, we can find weeks supply

Weeks supply=Investment in inventory/ Average cost of sold good on week basis

week supply = 1.5/0.1442 =10

so, week supply = 10 ...........Answer

(B)

we are given for this year

cost of goods sold is $8.6 million and inventory investment is $1.6 million

firstly , we will find average cost of sold good on week basis

=cost of goods / total number of weeks in a year

so, we get

average cost of sold good on week basis as :

=\frac{8.6}{52}= 0.1654 million

now, we can find weeks supply

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so, week supply = 10 ...........Answer

(C)

yes , reduced by 7%

6 0
3 years ago
Furnaces & Filters Inc. is a public company whose shares are traded in the public securities markets. Under the Sarbanes-Oxl
Veseljchak [2.6K]

Answer:

internal disclosure controls and procedures.

Explanation:

"Internal disclosure controls and procedures" is a new term created by the Sarbanes-Oxley Act of 2002 and it refers to controls and procedures that must be setup by top management of a corporation in order to ensure that the information it discloses under the Securities Exchange Act is properly recorded, processed, summarized and reported.

4 0
3 years ago
The Lin household’s annual income is $188000. Based on the U.S. federal tax rates below, what is the average tax rate for the Li
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Answer:

24%

Explanation:

For the taxes due on April 2020 (current year taxes):

The Lin household falls under the fourth tax bracket for married individuals filing jointly:

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If no deductions were available, they would owe $188,000 x 24% = $45,120 in taxes.

6 0
3 years ago
Andrew Flint is the CEO of a small, publicly held company based in Idaho Falls, Idaho. Flint earned $76,000 last year as CEO. In
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Answer:

D, Flint can simply write ot the SEC to voice his concerns.

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Since Flint does not have a case that warrants a court challenge but rather an observation, Flint can simply write to the SEC to intimate them about his observations and/or findings, as well as let the SEC know the position of his company on the rule being proposed by it.

Cheers.

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3 years ago
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Variable administrative cost to allocate to Department 1= $80,000

Therefore The Variable administrative cost to allocate to Department 1 would be $80,000

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2 years ago
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