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qaws [65]
2 years ago
9

Dwyer Company reported the following results for the year ended December 31, 2007, its first year of operations: 2007 Income (pe

r books before income taxes) $ 1,500,000 Taxable income 2,400,000 The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2008. What should Dwyer record as a net deferred tax asset or liability for the year ended December 31, 2007, assuming that the enacted tax rates in effect are 40% in 2007 and 35% in 2008?
Business
1 answer:
Art [367]2 years ago
8 0

Answer: $315,000 deferred tax asset

Explanation:

The amount that Dwyer should record as a net deferred tax asset or liability for the year ended December 31, 2007 will be calculated thus:

= ($2400000 – $1500000) × 35%

= $900000 × 35%

= $900000 × 35/100

= $900000 × 0.35

= $315000.

Therefore, the answer is $315,000 deferred tax asset

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3 years ago
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8_murik_8 [283]

Answer:

Explanation:

- mutually exclusive (ME): If one event occur the other doesn't

- collectively exhaustive (CE): one of the events must occur

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7 0
3 years ago
The desired reserve ratio is 10 percent of deposits, and the currency drain ratio is 1 percent of deposits.
Flauer [41]

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3 years ago
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