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makkiz [27]
3 years ago
10

g had reported a deferred tax asset of $130 million with no valuation allowance. At December 31, 2021, the account balances of R

oss showed a deferred tax asset of $170 million before assessing the need for a valuation allowance and income taxes payable of $90 million. Ross determined that it was more likely than not that 30% of the deferred tax asset ultimately would not be realized. Ross made no estimated tax payments during 2021. What amount should Ross report as income tax expense in its 2021 income statement
Business
1 answer:
andrew-mc [135]3 years ago
5 0

Answer: $101 million

Explanation:

The amount that Ross should report as income tax expense in its 2021 income statement will be calculated thus:

First, we'll calculate the deferred tax asset in valuation allowance which will be:

= Deferred tax asset before valuation allowance - Deferred tax asset after valuation allowance

= $170 million - $130 million

= $40 million

Then, income tax expense will be:

Income taxes payable= $90 million

Add: DTA not be realized = $170 million × 30% = $51 million

Less: Deferred tax asset in valuation allowance = ($40 million)

Income tax expense = $101 million

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During March, the production department of a process operations system completed and transferred to finished goods 25,000 units
lesya692 [45]

Answer:

175,000 units

Explanation:

total transferred units = beginning work in progress units + number of units started and completed

  • beginning work in progress = 25,000 units
  • units started and completed during March = 150,000 units

total transferred units = 25,000 + 150,000 = 175,000 units

7 0
3 years ago
What cortex is the decision-making and planning center of consciousness
adelina 88 [10]

Prefrontal cortex is the decision-making and planning center of consciousness.

<h3>What is prefrontal cortex?</h3>

The prefrontal cortex is said to be the seat of planning.

The cortex is a part of the brain which is the control of all mind activity. The prefrontal is located at the front of the brain and it helps planning of activities.

Therefore, prefrontal cortex is the decision-making and planning center of consciousness.

Learn more on planning below,

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3 0
2 years ago
File:///C:/Users/DAVIS/Downloads/560bfbbee4b07d4dde92ebf8-airforce2be-1443626318200-aaf2l_project2_wr%20(1).pdf
kodGreya [7K]
JEBBERZ that link isn't even clickable
3 0
3 years ago
Ana offers Corey her vacuum cleaner for $300. Corey rejects the offer, so Ana promises to sell the vacuum cleaner to Abey. Howev
fenix001 [56]

Answer:

A

Explanation:

6 0
3 years ago
A company currently sells products in the United States and is considering expanding to China or Vietnam. Expanding won't impact
mariarad [96]

Answer: Company should not expand to either.

Explanation:

Find the expected values of expanding to either country and pick the country with the highest expected value:

China:

= ∑(Probability of outcome * Outcome)

= (20% * 2,000,000) + (30% * 1,000,000) + (50% * -2,000,000)

= -$300,000

Vietnam:

= (70% * 1,000,000) + (30% * -2,500,000)

= -$50,000

<em>Both countries result in an expected loss so company should not expand to either of them. </em>

3 0
3 years ago
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