Deferred property tax revenues are a: Select one: A. Deferred inflows of resources B. Financial asset...
Deferred property tax revenues are a: Select one:
A. Deferred inflows of resources
B. Financial asset
C. Deferred outflows of resources
D. Near-term liability
Homework Answers
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correct answer is option ; A. Deferred inflows of resources
explanation : Taxes collected in advance pertain to a future time period in which they are legally due and hence are classified as Deferred inflows of resources.
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Deferred property tax revenues are a: Select one:
A. Deferred inflows of resources
B. Financial asset...
The deferred tax expense is the Select one: o a. increase in balance of deferred tax...
The deferred tax expense is the Select one: o a. increase in balance of deferred tax liability from the beginning to the end of the accounting period. O b. increase in balance of deferred tax liability minus the decrease in balance of deferred tax asset. O C. decrease in balance of deferred tax asset plus the increase in balance of deferred tax liability. O d. increase in balance of deferred tax asset minus the increase in balance of deferred tax...
6) For reporting purposes, deferred tax assets and deferred tax labilities for the same company and...
6) For reporting purposes, deferred tax assets and deferred tax labilities for the same company and tax jurisdiction are: a. Reported separately in the balance sheet. b. Reflected only in the notes to the financial statements. C. Combined with noncurrent deferred tax assets and noncurrent deferred tax liabilities in the balance sheet to show a single net noncurrent among. d. Netted against one another and show as a net current asset or liability in the balance sheet. 7) of the...
Total assets and deferred outflows Total liabilities and deferred inflows Total revenues Total expenditures/expenses Governmental funds...
Total assets and deferred outflows Total liabilities and deferred inflows Total revenues Total expenditures/expenses Governmental funds $ 45,000,000 16,000,000 250,000,000 242,000,000 Enterprise funds $ 12,000,000 8,000,000 40,000,000 39,000,000 The county has four special revenue funds, with the following characteristics: Beach preservation Health education Community protection Emergency call service $ 5,000,000 $ 2,000,000 $ 4,800,000 $3,000,000 Total assets and deferred outflows Total liabilities and deferred inflows Total revenues Total expenditures 3,000,000 21,000,000 19,000,000 1,400,000 10,000,000 9,000,000 30,000,000 25,000,000 2,000,000 27,000,000 23,000,000...
please bold answers in explanation a. The balance in Deferred Inflows—Property Taxes was $77,000 at the...
please bold answers in explanation
a. The balance in Deferred Inflows—Property Taxes was $77,000 at the end of the previous year. This was recognized as revenue in the current year in a reversing journal entry. b. On July 1, 2019, property taxes in the amount of $9,100,000 were levied. It was estimated that 0.5 percent would be uncollectible. The property taxes were intended to finance the expenditures for the year ended June 30, 2020. c. October 31, $4,900,000 in property...
To financial analyst the relevant measure of inflows and outflows is: Select one: A. Cash based...
To financial analyst the relevant measure of inflows and outflows is: Select one: A. Cash based B. Fiscal year based C. Accrual based
Annual Ltd has an asset with a carrying amount of $50,000. The tax base of this...
Annual Ltd has an asset with a carrying amount of $50,000. The tax base of this asset is $75,000. The company tax rate is 30%. The deferred tax item to be recognised by Annual Ltd is: Select one: O a. Deferred tax liability of $7,500 O b. Deferred tax liability of $25,000 O c. Deferred tax asset of $7,500 O d. Deferred tax asset of $25,000
question 1 At the end of 2020, Payne Industries had a deferred tax asset account with...
question 1 At the end of 2020, Payne Industries had a deferred
tax asset account with a balance of $95 million attributable to a
temporary book-tax difference of $380 million in a liability for
estimated expenses. At the end of 2021, the temporary difference is
$288 million. Payne has no other temporary differences and no
valuation allowance for the deferred tax asset. Taxable income for
2021 is $684 million and the tax rate is 25%.
Required:
1. Prepare the journal...
Why is this called a deferred tax asset and not a deferred tax liability? During its...
Why is this called a deferred tax asset and not a
deferred tax liability?
During its first year of operations, Nile.com reported a net operating loss of $15 million for financial reporting and tax purposes. The enacted tax rate is 40%. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Because the loss year is the Nile.com's first year of operations, the carryback option is unavailable. The loss is carried forward. Journal entry Deferred...
Danna Spice Inc. has the following Deferred tax assets and liabilities. Deferred Tax Assets Deferred Tax...
Danna Spice Inc. has the following Deferred tax assets and liabilities. Deferred Tax Assets Deferred Tax Liabilities Allowance for bad debts $72,450 Depreciation (2,100,000) Reserve for warranties 90,300 Net Operating loss carry-forward 5,040 Deferred Compensation 252,000 Contributions carry-forward 0 Capital Loss carry-forward 0 Valuation allowance for deferred tax assets 0 Deferred tax assets, net of valuation allowance $419,790 Total Deferred Tax Liabilites $(2,100,000) What should Danna Spice Inc. recognize on the balance for these deferred tax assets and liabilities? a....
Income tax payable is calculated as Select one: O a. Taxable income multiplied by the enacted...
Income tax payable is calculated as Select one: O a. Taxable income multiplied by the enacted tax rate. O b. Financial income multiplied by the effective tax rate. O c. Taxable income multiplied by the effective tax rate. O d. Financial income multiplied by the enacted tax rate. Clear my choice Santiago Corp. has 100,000 common shares outstanding with par value of $15 per share. On January 15, 2014, Santiago declares a 3-for-2 stock split. On March 1st, 2014, the...
The deferred tax expense is the Select one: o a. increase in balance of deferred tax liability from the beginning to the end of the accounting period. O b. increase in balance of deferred tax liability minus the decrease in balance of deferred tax asset. O C. decrease in balance of deferred tax asset plus the increase in balance of deferred tax liability. O d. increase in balance of deferred tax asset minus the increase in balance of deferred tax...
6) For reporting purposes, deferred tax assets and deferred tax labilities for the same company and tax jurisdiction are: a. Reported separately in the balance sheet. b. Reflected only in the notes to the financial statements. C. Combined with noncurrent deferred tax assets and noncurrent deferred tax liabilities in the balance sheet to show a single net noncurrent among. d. Netted against one another and show as a net current asset or liability in the balance sheet. 7) of the...
Total assets and deferred outflows Total liabilities and deferred inflows Total revenues Total expenditures/expenses Governmental funds $ 45,000,000 16,000,000 250,000,000 242,000,000 Enterprise funds $ 12,000,000 8,000,000 40,000,000 39,000,000 The county has four special revenue funds, with the following characteristics: Beach preservation Health education Community protection Emergency call service $ 5,000,000 $ 2,000,000 $ 4,800,000 $3,000,000 Total assets and deferred outflows Total liabilities and deferred inflows Total revenues Total expenditures 3,000,000 21,000,000 19,000,000 1,400,000 10,000,000 9,000,000 30,000,000 25,000,000 2,000,000 27,000,000 23,000,000...
please bold answers in explanation
a. The balance in Deferred Inflows—Property Taxes was $77,000 at the end of the previous year. This was recognized as revenue in the current year in a reversing journal entry. b. On July 1, 2019, property taxes in the amount of $9,100,000 were levied. It was estimated that 0.5 percent would be uncollectible. The property taxes were intended to finance the expenditures for the year ended June 30, 2020. c. October 31, $4,900,000 in property...
Annual Ltd has an asset with a carrying amount of $50,000. The tax base of this asset is $75,000. The company tax rate is 30%. The deferred tax item to be recognised by Annual Ltd is: Select one: O a. Deferred tax liability of $7,500 O b. Deferred tax liability of $25,000 O c. Deferred tax asset of $7,500 O d. Deferred tax asset of $25,000
question 1 At the end of 2020, Payne Industries had a deferred
tax asset account with a balance of $95 million attributable to a
temporary book-tax difference of $380 million in a liability for
estimated expenses. At the end of 2021, the temporary difference is
$288 million. Payne has no other temporary differences and no
valuation allowance for the deferred tax asset. Taxable income for
2021 is $684 million and the tax rate is 25%.
Required:
1. Prepare the journal...
Why is this called a deferred tax asset and not a
deferred tax liability?
During its first year of operations, Nile.com reported a net operating loss of $15 million for financial reporting and tax purposes. The enacted tax rate is 40%. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Because the loss year is the Nile.com's first year of operations, the carryback option is unavailable. The loss is carried forward. Journal entry Deferred...
Income tax payable is calculated as Select one: O a. Taxable income multiplied by the enacted tax rate. O b. Financial income multiplied by the effective tax rate. O c. Taxable income multiplied by the effective tax rate. O d. Financial income multiplied by the enacted tax rate. Clear my choice Santiago Corp. has 100,000 common shares outstanding with par value of $15 per share. On January 15, 2014, Santiago declares a 3-for-2 stock split. On March 1st, 2014, the...
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