Answer:
The income tax expense for 2021 income statement is $101 million as computed in the explanation section below.
Explanation:
The income tax expense in the year 2021 is the income taxes payable while adding the reduction in deferred tax asset or deducting the increase in deferred tax asset plus the portion of the current deferred tax asset not realizable using the applicable tax rate as found below:
Income tax payable $90 million
deduct;increase in deferred tax asset($170-$130) ($40 million)
Add;unrealized deferred tax asset($170*30%) $51 million
Income tax expense for 2021 income statement $101 million
The right answer for the question that is being asked and shown above is that: "c. Replace some workers with machines." one action an employer can take to lower wage levels is that <span>c. Replace some workers with machines.</span>
Answer: (D) Accept the risk
Explanation:
According to the given question, the one of the best solution is to accept the risk as the 2 given risks in the project cannot be removed or also outsourced from the given project scope.
Accepting the risk is one of the risk retention process in which we sometimes cannot avoid the given risk in the risk management and it is commonly found in the various types of investment process and also in the business.
On the basis of the given scenario, we could not eliminate the two risks in the project so the best solution is to using the risk acknowledgement due to some limitations. Therefore, Option (D) is correct answer.
Answer:
A. = (15% X $2M) + (21% X $2M) = $720,000. Since there is no mechanism for mitigating double taxation, the branch profit will be taxed on the to tax rate of 15% and 21% which is $300,000 and $420,000.
B. The total tax for $2m branch profit if US corporations can remove foreign based profit from US taxation will be just the 15% x $2m = $300,000.
C.If they are allowed to take deductions for foreign income taxes, the total tax on the $2m branch profit will be (21% -15%) x $2m = $120,000.
Explanation:
D.1. If credit are allowed for foreign income tax paid, total tax will be ($2m - $300,000 been foreign tax paid) x 21% = $357,000
D.2.
If the charge foreign income taxes at 30% and US corporations can claim refundable credit for foreign income tax paid on foreign source income = ($2m - $300,000 been the foreign income tax paid) = $1 700,000 x 30% = $510,000
Answer:
At year-end, factory overhead is $21,000
Explanation:
Predetermined overhead rate = (Estimated overhead costs/Estimated direct labor costs)
Predetermined overhead rate = ($404000 / $2020000) = 20%*Direct labor costs
Hence, Applied overhead costs= (20% * $1,810,000)
Applied overhead costs=$362000.
Hence balance in factory overhead account at year end = $383,000 - $362,000
=$21,000.
