Solution-What is the amount of deferred tax asset as of

What is the amount of deferred tax asset as of december

Reference no: EM133022308

Question - An entity accrued warranty expense of 300,000 in 2021. Warranty costs are tax-deductible only when paid. Warranty cost of 125,000 were paid on 2021. It is expected that the remaining accrued warranty costs will be paid as follows: 100,000 on 2022, 75,000 on 2023. The income tax rate in 2021 is 30% and a law was enacted to increase the tax rate for 2022 and forward at 35%. What is the amount of deferred tax asset as of December 31, 2021?

Reference no: EM133022308

Questions Cloud

How can the company manage this risk : Present exchange rate is Rs 73 per dollar. How can company manage this risk if their risk appetite is that a fall or rise in the rate by Rs.0.25 is acceptable

Compute the weighted average common shares outstanding : Question - The following information is available for Turncoat Corporation: Compute the Weighted Average Common Shares Outstanding

What final payment will the bank require : If the interest rate on the loan is 6.98%, what final payment will the bank require you to make so that it is indifferent between the two forms of payment

Provide an example of a non-taxable transaction : In the context of the current GST taxation system, provide answers to the following questions: Provide an example of a non-taxable transaction

What is the amount of deferred tax asset as of december : A law was enacted to increase the tax rate for 2022 and forward at 35%. What is the amount of deferred tax asset as of December 31, 2021

Prepare all journal entries required for a worksheet : Prepare all journal entries required for a consolidation worksheet for the preparation of the consolidated financial statements of Kumar Ltd at 30 June 2021

Determine income before income taxes for the year : Assuming that operating expenses other than those indicated in the above transactions amounted to $174,000, determine income before income taxes for the year

What is the firm estimated intrinsic value per share : The firm's WACC is 10.00%, its end-of-year free cash flow (FCF1) is expected to be $70.0 million, What is the firm estimated intrinsic value per share

Which number is closest to how much it has to invest today : If it can earn a 6% annual return, which number is closest to how much it has to invest today so that the fund is worth $150,000 at the end of five years

User Account

All Pages

What is the amount of deferred tax asset as of december

Reference no: EM133022308

Reference no: EM133022308

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

Record the transactions in the general journal

How much should uno report as cash and cash equivalents

What is the company debt ratio for year

Make journal entries on may to show the flow of cost

What is the purpose of the staffing component

What total amount should be reported as current liabilities

What the journal entries to record the admission

What is the amount of the annual depreciation

How should cash discounts that are received for the purchase

Determine the amount of write-down

Determine for Alpha Company dollar amount of Cafeteria costs

How much will the company income increase or decrease

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT