Business, 10.03.2020 00:16 shinekamui

At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $60 million attributable to a temporary book-tax difference of $240 million in a liability for estimated expenses. At the end of 2021, the temporary difference is $176 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2021 is $432 million and the tax rate is 25%. Payne has a valuation allowance of $10 million for the deferred tax asset at the beginning of 2021. Prepare the journal entry(s) to record Payne’s income taxes for 2021, assuming it is more likely than not that the deferred tax asset will be realized.

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 18:30

Theodore is researching computer programming he thinks that this career has a great employment outlook so he’d like to learn if it’s a career in which he would excel what to skills are important for him to have and becoming a successful computer programmer

Answers: 3

Answer

Business, 21.06.2019 20:30

Andrew cooper decides to become a part owner of a corporation. as a part owner, he expects to receive a profit as payment because he has assumed the risk of - serious inflation eroding the purchasing power of his investment.- being paid before the suppliers and employees are paid.- losing his home, car, and life savings.- losing the money he has invested in the corporation and not receiving profits.- the company giving all of the profits to local communities

Answers: 2

Answer

Business, 22.06.2019 13:40

Randall's, inc. has 20,000 shares of stock outstanding with a par value of $1.00 per share. the market value is $12 per share. the balance sheet shows $42,000 in the capital in excess of par account, $20,000 in the common stock account, and $50,500 in the retained earnings account. the firm just announced a 5 percent (small) stock dividend. what will the balance in the retained earnings account be after the dividend?

Answers: 1

Answer

Business, 22.06.2019 15:50

Singer and mcmann are partners in a business. singer’s original capital was $40,000 and mcmann’s was $60,000. they agree to salaries of $12,000 and $18,000 for singer and mcmann respectively and 10% interest on original capital. if they agree to share remaining profits and losses on a 3: 2 ratio, what will mcmann’s share of the income be if the income for the year was $15,000?

Answers: 1

Answer

You know the right answer?

At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $60 million...

Questions