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MaRussiya [10]
2 years ago
9

In 2017, Kerry Corp's financial statement showed accrued losses on disposal of unused plant facilities of $3,600,000. The facili

ties were sold in December 2018 and a $3,600,000 loss was recognized for tax purposes then. Also in 2018, Kerry Corp's paid $150,000 for a two-year life insurance policy for their CEO Kerry, and the company was the beneficiary. Assuming that the enacted tax rate is 35% in both 2017 and 2018.
Question: the amount reported as net deferred income taxes on Kerry's balance sheet at December 31, 2017 should be an asset or liability?
Business
1 answer:
Margarita [4]2 years ago
8 0

Answer:

$1,260,000  Asset

Explanation:

The amount that Kerry Corp should report is as follows:

Amount to be reported = $3,600,000 * 35% = $1,260,000  asset.

Deferred tax arises because of temporary differences which results in future deductible amount. Future deductible amount leads to reduce taxable income and will provide future economic benefits of the company.

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American express established a consulting program that sent expert teams of employees into nonprofits to solve organizational pr
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How would you array the following organizations in terms of the depth and breadth of their product lines?
Evgen [1.6K]

Answer:

a. The depth of a solo practice family practitioner is narrow whereas its breadth can be wide.

b. They have wide depth and breadth.

c. It has narrow depth and breadth.

d. They have narrow depth and narrow breadth.

Explanation:

Depth means number of variants of each product. Breadth means variety of different products offered.

A solo practice family practitioner has limited its practice and decided not to deliver babies. It has narrow breadth whereas depth is high as it can offer counselling service, immediate help to the patient, family planning guidance and so on.

Multi specialty group has wide depth and breadth as it offers group practice at different locations.

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5 0
3 years ago
g "With respect to the types of information systems used in organizations, financial, operations, and human resource management
34kurt

Answer:

enterprise resource planning.

Explanation:

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For example ERP can be set up in a company to define various functions of human resources, accounting, amd operations.

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3 years ago
Employers are generally allowed to deduct reasonable compensation paid to employees, but the level of deductible compensation is
DENIUS [597]

Answer:

1 million.

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Employers are generally allowed to deduct reasonable compensation paid to employees, but the level of deductible compensation is limited to a maximum of $ 1,000,000 for the CEO, CFO, and the next three highest paid officers of publicly traded corporations unless certain exceptions are met.

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