Superior Developers sells lots for residential development. When lots are sold, Superior recognizes income for financial reporting purposes in the year of the sale. For some lots, Superior recognizes income for tax purposes when the cash is collected. In 2020, Superior sold lots for $40 million for which no cash was collected at the time of the sale. This cash will be collected equally over 2021 and 2022. The enacted tax rate was 40% at the time of the sale. In 2021, a new tax law was enacted, revising the tax rate from 40% to 25% beginning in 2022. Calculate the total amount by which Superior should change its deferred tax liability in 2021. (Enter your answer in millions rounded to 2 decimal places (i. e., 5,500,000 should be entered as 5.50).)
Answers: 3
Business, 22.06.2019 11:00
Your debit card is stolen, and you report it to your bank within two business days. how much money can you lose at most? a. $500 b. $25 c. $50 d. $150
Answers: 2
Business, 22.06.2019 12:40
When cell phones were first entering the market, they were relatively large and reception was undependable. all cell phones were essentially the same. but as the technology developed, many competitors entered, introducing features unique to their phones. today, cell phones are only a small fraction of the size and weight of their predecessors. consumers can buy cell phones with color screens, cameras, internet access, daily planners, or voice activation (and any combination of these features). the history of the cell phone demonstrates what marketing trend?
Answers: 3
Business, 23.06.2019 01:00
Why does the downward-sloping production possibilities curve imply that factors of production are scarce?
Answers: 1
Business, 23.06.2019 04:40
What are the advantages and disadvantages for an individual who accepts a job as a human resource manager in a firm that is in the midst of a retrenchment corporate strategy? a reactor business strategy?
Answers: 3
Superior Developers sells lots for residential development. When lots are sold, Superior recognizes...
Physics, 05.07.2021 03:20
Mathematics, 05.07.2021 03:30
Mathematics, 05.07.2021 03:30
Biology, 05.07.2021 03:30
Mathematics, 05.07.2021 03:30
Advanced Placement (AP), 05.07.2021 03:40
Mathematics, 05.07.2021 03:40
Mathematics, 05.07.2021 03:40
Mathematics, 05.07.2021 03:40