Business, 15.10.2020 08:01 liln223

Isaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment payments. In 2021, Isaac had $653 million in sales of this type. Scheduled collections for these sales are as follows:

2021 $70 million
2022 128 million
2023 126 million
2024 156 million
2025 173 million
$653 million

Assume that Isaac has a 25% income tax rate and that there were no other differences in income for financial statement and tax purposes. Ignoring operating expenses and additional sales in 2022 what deferred tax liability would Isaac report in its year-end 2022 balance sheet?

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 16:40

Job 456 was recently completed. the following data have been recorded on its job cost sheet: direct materials $ 2,418 direct labor-hours 74 labor-hours direct labor wage rate $ 13 per labor-hour machine-hours 137 machine-hours the corporation applies manufacturing overhead on the basis of machine-hours. the predetermined overhead rate is $14 per machine-hour. the total cost that would be recorded on the job cost sheet for job 456 would be: multiple choice $3,380 $5,298 $6,138 $2,622

Answers: 1

Answer

Business, 22.06.2019 18:10

Ashop owner uses a reorder point approach to restocking a certain raw material. lead time is six days. usage of the material during lead time is normally distributed with a mean of 42 pounds and a standard deviation of four pounds. when should the raw material be reordered if the acceptable risk of a stockout is 3 percent?

Answers: 1

Answer

Business, 22.06.2019 21:10

Skychefs, inc. prepares in-flight meals for a number of major airlines. one of the company's products is grilled salmon in dill sauce with baby new potatoes and spring vegetables. during the most recent week, the company prepared 4000 of these meals using 960 direct labor hours. the company paid these direct labor workers a total of $19,200 for this work, or $20.00 per hour. according to standard cost card for this meal, it should require 0.25 direct labour-hours at a cost of $19.75 per hour.1. what is the standard labor-hours allowed (sh) to prepare 4,000 meals? 2. what is the standard labor cost allowed (sh x sr) to prepare 4,000 meals? 3. what is the labor spending variance? 4. what is the labor rate variance and the labor efficiency variance?

Answers: 3

Answer

Business, 23.06.2019 10:10

Burnley and co., a graphic design firm, has offices in new york, texas, california, new mexico, and new jersey. each of these offices is headed by a president who reports directly to emma burnley, the ceo. the heads of the centralized hr, finance, and marketing teams report to emma burnley as well. managers in the various offices also report to the ceo directly. based on this information, which of the following statements is most likely to be true? a) emma burnley has a wide span of control. b) burnley and co. has a tall hierarchical structure. c) emma burnley is underworked. d) burnley and co. is a mechanistic organization.

Answers: 3

Answer

You know the right answer?

Isaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the...

Questions