Business, 03.06.2020 00:01 anytka21ovxqoa

Presented below is information for Santa Cruz Corporation:
a. January 1, 2020, Deferred Tax Liability $ 300,000
b. January 1, 2020, Deferred Tax Asset $ 10,000
c. 2020 Taxable Income $1,005,000
d. December 31, 2020 - Cumulative temporary differences, giving rise to future taxable amounts $2,030,000
e. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts $ 950,000
f. Tax rate for all years 20%
g. The company is expected to operate profitably in the future
Required:
1. Compute pretax financial income for 2020
2. Prepare the journal entry to record tax expense, deferred income taxes, and income taxes payable for 2020
3. Compute the effective tax rate for 2020

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 20:20

Jing-sheng facilitated a hiring committee for his advertising company. six employees (including two managers) met together to discuss applicants and select the finalists for a copywriter position in the public relations department. although the head of public relations would have the final nod on the candidate that would ultimately be hired, the evaluative work of the committee was very important because this group would send forward those persons they believed would be good work colleagues. in setting up this type of hiring process, the head of public relations was utilizing a(n) style of leadership.a. autocraticb. free-reinc. contingentd. participative

Answers: 3

Answer

Business, 22.06.2019 09:50

phillips, inc. had the following financial data for the year ended december 31, 2019. cash $ 41,000 cash equivalents 75,000 long term investments 59,000 total current liabilities 149,000 what is the cash ratio as of december 31, 2019, for phillips, inc.? (round your answer to two decimal places.)

Answers: 3

Answer

Business, 22.06.2019 19:20

Sanibel autos inc. merged with its competitor vroom autos inc. this allowed sanibel autos to use its technological competencies along with vroom autos' marketing capabilities to capture a larger market share than what the two entities individually held. what type of integration does this scenario best illustrate? a. vertical b. technological c. horizontal d. perfect

Answers: 2

Answer

Business, 22.06.2019 20:00

Miller mfg. is analyzing a proposed project. the company expects to sell 14,300 units, plus or minus 3 percent. the expected variable cost per unit is $15 and the expected fixed cost is $35,000. the fixed and variable cost estimates are considered accurate within a plus or minus 3 percent range. the depreciation expense is $32,000. the tax rate is 34 percent. the sale price is estimated at $19 a unit, give or take 3 percent. what is the net income under the worst case scenario?

Answers: 2

Answer

You know the right answer?

Presented below is information for Santa Cruz Corporation:
a. January 1, 2020, Deferred Tax L...

Questions