User Account

All Pages

What is journal entry to adjust the carry-forward balance

Assignment Help Financial Accounting
Reference no: EM132531589

Brendan Ltd has the following tax balances as at 30 June 2019:

Deferred Tax asset: $450,000

Deferred Tax Liability: $150,000

  • The balances were calculated when the tax rate was 30%. On 30 September 2019, the government announced a change to the company tax rate to 40%, effective immediately.

REQUIRED

Question 1: What is the journal entry to adjust the carry-forward balances of the deferred tax asset and deferred tax liability?

Reference no: EM132531589

Questions Cloud

Identify frannie ltd will incurred deferred tax asset : Identify whether Frannie Ltd will incurred Deferred tax asset or liability and the amount of deffered tax.Frannie Ltd made credit sales for period of $100 000.
Find what is carrying amount : What is carrying amount for 20x2? On 31 December 20X0, 008Corporation issues a bond with a three year maturity and a principal of $1,000.
Affect the standards for network security : What do you think were the critical factors that fueled the need for IT governance? In what ways did ISO affect the standards for network security?
Fair expected rate of return on the two stocks : Consider the following two scenarios for the economy and the expected returns in each scenario for the market portfolio, an aggressive stock A, and a defensive
What is journal entry to adjust the carry-forward balance : Brendan Ltd, What is the journal entry to adjust the carry-forward balances of the deferred tax asset and deferred tax liability?
Understanding the seven layers of computer networks : Understanding the function and responsibilities of each layer of the OSI model will help you to understand how network communications function.
Find what is carrying amount : What is carrying amount for 20x2? On 31 December 20X0, 008Corporation issues a bond with a three year maturity and a principal of $1,000.
Prepare the statement of cash flows of Fools Paradise Ltd : Wages expense shown in the income statement is $75,000. Prepare the statement of cash flows of Fool's Paradise Ltd for the year to 31 December 2019
Which atios measure the overall efficiency of the firm : Which ratio or ratios measure(s) the overall efficiency of the firm in managing its investment in assets and in generating return to shareholders?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare the journal entries assuming no commercial substance

On May 1, 2012, Milkway Company decided to trade-in their used equipment (ovens, refrigerators, ect.) for new models at Luigi Inc. The old equipment was initially purchased for $120,000 in January 2010. At that time, the useful life was determined to..

  Deducted for depreciation on the corporation

Assuming a 30% tax rate, what amount was deducted for depreciation on the corporation's tax return for the current year?

  Calculate the gross profit for each month using formula

What is your initial impression of the overall result for the month of March 20XX when compared to previous months? (Looks good, Looks bad, Something doesn't

  How many should it manufacture and how many should purchase

Assuming Martens plans to meet the expected demand for 20,000 attic fans, how many should it manufacture and how many should it purchase from Harris Products? Explain your reasoning with calculations.

  Calculate the annual end-of-year loan payment

Joe borrowed RM15,000 at 14 percent annual rate of interest to be repaid over three years. The loan is amortized into three equal annual end-of-year payments. a. Calculate the annual end-of-year loan payment. b. Prepare a loan amortization schedule, ..

  Prepare journal entries for each of the dates as indicated

The Town of Quincy's fiscal year ends on June 30. The following data relate to the property tax levy for the fiscal year ended June 30, 2017.

  Identify any internal control weaknesses

Identify any internal control weaknesses and suggest improvements to strengthen the internal controls over machinery and equipment at Rider.

  Evaluate the total cash flows

Evaluate the total cash flows for the first year of the project, Years 2-9, and for the last year of the project. Use the minus sign to show cash outflows.

  Important to collect on receivables in a timely manner

How does Net Income/Profit defer from the cash balance of a business? Why is it important to collect on receivables in a timely manner?

  What was the effective interest rate for the loan

The Roadside Inn borrowed $100,000 for two years at an annual interest rate of 10% from a bank that required a $20,000 compensating balance. What was the effective interest rate for the loan?

  Increasingly made up of part-time or contingent employees

Today's workforce is increasingly made up of part-time or contingent employees. Is organizational culture important if the workforce is comprised of mostly temporaries

  What amount should kale report as cash and cash equivalents

Kale classifies investments with original maturities of three months or less as cash equivalents. In its December 31, 2011, balance sheet, what amount should Kale report as cash and cash equivalents?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd