1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
bagirrra123 [75]
3 years ago
5

Loran's pretax accounting income in 20X1 is $100,000. Loran had bad debt expense for financial reporting purposes of $14,000 in

20X1. In 20X1, Loran deducted $4,000 in bad debts. Loran expects the temporary difference to reverse $3,000 in 20X2 and $7,000 in 20X3. The income tax rate is 40%. What is the amount in the deferred tax asset account at the end of 20X2?
Business
1 answer:
stira [4]3 years ago
6 0

Answer:

$2,800

Explanation:

Particulars                                                                       Amount

Favorable temporary difference at the end of 20X2   $7000

* Income tax rate                                                             <u>   40%  </u>

Deferred tax asset account at the end of 20X2         <u>$2,800</u>

You might be interested in
​A(n) ______ reveals how a​ firm's operations impact the natural environment. This document discloses to shareholders informatio
pickupchik [31]

Answer:

D. sustainability report

Explanation:

Here is the missing options in the question:

A. form 10K

B. Annual Report

C. environmental report card

D. sustainability report

E. form 8K.

Sustainability report : It is an initiative of the corporates that helps the world to know their impact on the global environment, economy and Socially. These report are backed by factual data and information, which can be positive or negative. This report build trust among stakeholder about the organization and help in maintaining a sustainable economy and world.

8 0
3 years ago
The adjusting entry to adjust supplies was omitted at the end of the year. This would affect the income statement by having expe
creativ13 [48]

Answer:

This would affect the income statement by having expenses

c. understated and therefore net income overstated revenues

Explanation:

Adjusting Entry:

It is such entry which is added at the end of the fiscal period in order to make the income statement accurate.

Overstated:

In Accounting, overstated amount means that amount is greater than the true amount.

Understated:

In Accounting, if an amount is less than the true amount then it is known as understated.

  • As in our case, the adjusting entry for supplies was not added so in this way expenses became understated means they become less as compared to actual expenses. Therefore, revenues overstated.

5 0
3 years ago
Read 2 more answers
The price of money borrowed or saved is called _____.<br> interest<br> loan<br> money supply
Vlad1618 [11]
The price of money borrowed or saves is called INTEREST.

When you borrow money, interest is also paid on the principal. When you save money, interest is earned on the savings. This is the price of money borrowed or saved. 
7 0
3 years ago
Consider two cigarette companies, PM Inc. and Brown Inc. If neither company advertises, the two companies split the market and e
Tanya [424]

Answer:

Explanation:

If these two companies were to behave as individual profit maximizers, both company will  advertise regardless of whether the other company advertises or not because their goal primary goal is to increase the profit and domination of the market.

7 0
3 years ago
On December 31, Slugger Batting Cages Company decides to trade in one of its batting cages for another one that has a cost of $5
torisob [31]

Answer:

There is a loss of 18,000

Explanation:

In this question, we are asked to calculate the amount of boot in this transaction.

We proceed as follows;

We must identify that to buy one asset, we exchanged one asset with another

Mathematically;

loss or gain = asset given up - Discount received in exchange

From the question we identify the following;

value of asset given up = 225,000 - 195,000 = 30,000

Discount received in exchange = 12,000

Thus, loss or gain is

= 30,000 - 12,000

So, there's a loss of 18,000

4 0
3 years ago
Other questions:
  • Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. U
    8·1 answer
  • Anchor Co. owns 40% of Main Co.'s common stock outstanding and 75% of Main's noncumulative preferred stock outstanding. Anchor e
    9·1 answer
  • Which major NIMS Component describes systems and methods that help to ensure that incident personnel and other decision makers h
    6·1 answer
  • Recording inventory transactions in the general journal and posting entries to T-accounts: Perpetual system LO 4-1 Milo Clothing
    9·1 answer
  • In the United States, which assessment system measures Inflation?
    12·1 answer
  • Indole is an end product created by the degradation of ________________.
    5·1 answer
  • Christine has obtained a job pitching a product at a local state fair. Her job is to demonstrate cookware, highlighting its feat
    8·1 answer
  • Last year ABC Media had $425 million of sales, and it had $270 million of fixed assets that were used at 65% of capacity. In mil
    5·1 answer
  • Teresa is considering purchasing a home for $220,000 by taking out a loan with an interest rate of 4.3% for 30 years. What would
    13·1 answer
  • Explain the basic assumption of economics with respect to rational self-interest. Describe two detailed real-life examples apply
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!