At December 31, 2010, Percheron Inc. had a deferred tax asset of $30,000. At December 31, 2011,
Question:
At December 31, 2010, Percheron Inc. had a deferred tax asset of $30,000. At December 31, 2011, the deferred tax asset is $59,000. The corporation’s 2011 current tax expense is $61,000. What amount should Percheron report as total 2011 tax expense?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (10 reviews)
Deferred tax asset 123111 Deferre...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
At December 31, 2012, Percheron Inc. had a deferred tax asset of $30,000. At December 31, 2013, the deferred tax asset is $59,000. The corporations 2013 current tax expense is $61,000. What amount...
-
At December 31, 2018, Percheron Inc. had a deferred tax asset of $30,000. At December 31, 2019, the deferred tax asset is $59,000. The company's 2019 current tax expense is $61,000. What amount...
-
At December 31, 2014, Percheron Inc. had a deferred tax asset of $30,000. At December 31, 2015, the deferred tax asset is $59,000. The corporation's 2015 current tax expense is $61,000. What amount...
-
Describe the relationship of the AD, SRAS, and LRAS curves when the economy is in long-run macroeconomic equilibrium.
-
An Associated Press article noted that some groups have filed law suits over what the groups describe as "overzealous licensing schemes, in occupations such as hair braiders, yoga teachers and casket...
-
Please describe the current IS technology at Benton?
-
Height, Weight, and BodyFat Figure 2.87 shows a bubble plot of height, weight, and body fat percentage for a sample of $100 \mathrm{men}$, from the dataset BodyFat. The body fat percentage is...
-
Given the information below for Seger Corporation, compute the expected share price at the end of 2008 using price ratioanalysis. Year Price EPS CFPS SPS 2003 94.50 4.34 7.27 52.60 2005 $99.10 5.22...
-
Units Beginning work in process inventory 32,000 Percent Complete 65% Percent Complete 35% Units started this period 410,000 Completed and transferred out 412,000 Ending work in process inventory...
-
Given a database of the results of an election, find the number of seats won by each party. There are some rules to going about this: There are many constituencies in a state and many candidates who...
-
At December 31, 2010, Suffolk Corporation had an estimated warranty liability of $105,000 for accounting purposes and $0 for tax purposes. (The warranty costs are not deductible until paid.) The...
-
At December 31, 2010, Hill yard Corporation has a deferred tax asset of $200,000. After a careful review of all available evidence, it is determined that it is more likely than not that $60,000 of...
-
Two gliders are set in motion on an air track. A spring of force constant k is attached to the near side of one glider. The first glider, of mass m1, has velocity v1, and the second glider, of mass...
-
One rider is in a descending clevator that is accelerating to a stop. Another is in an elevator that is accelerating upward from rest. With their eyes closed, can the riders tell which of the two...
-
How does the use of inflation targeting improve central bank credibility? What is the main disadvantage of inflation targeting?
-
Think of a system of two objects of different inertias \(m_{1}
-
In an elastic collision between a lightweight object and a heavy object, which one carries away more of the kinetic energy? Does the answer depend on the initial speeds? (Begin with the zero-momentum...
-
Riding up an escalator while staying on the same step for the whole ride takes \(30 \mathrm{~s}\). Walking up the same escalator takes \(20 \mathrm{~s}\). How long does it take to walk down the up...
-
The text defines 10 representative sectors, repeated here in Exhibit 9-1. Suppose the classification system is based on the criterion of a companys principal business activity as judged primarily by...
-
Ashlee, Hiroki, Kate, and Albee LLC each own a 25 percent interest in Tally Industries LLC, which generates annual gross receipts of over $10 million. Ashlee, Hiroki, and Kate manage the business,...
-
Compare the costs for performing an order-of-magnitude estimate and a detailed estimate for a plant that cost $5.0 10 6 to build.
-
On July 31, 2014, Mexico Company paid $3,000,000 to acquire all of the common stock of Conchita Incorporated, which became a division of Mexico. Conchita reported the following balance sheet at the...
-
In 2013, Austin Powers Corporation developed a new product that will be marketed in 2014. In connection with the development of this product, the following costs were incurred in 2013: research and...
-
In 2014, Ghostbusters Corp. spent $420,000 for "goodwill" visits by sales personnel to key customers. The purpose of these visits was to build a solid, friendly relationship for the future and to...
-
A retirement home in Florida costs $ 2 0 0 , 0 0 0 today. Housing prices in Florida are increasing at a rate of 4 % per year. Joe wants to buy the home in 8 years when he retires. Joe has $ 2 5 , 0 0...
-
1. (55 points) Answer the following questions about the steady state system shown below. (Don't worry about starting from 1st Law - use common engineering assumptions.) a) Is it appropriate to use...
-
Describe at least three ways that Guidance Software responds to and helps to manage changes in our technology - driven world? Describe what forecasting involves and list three limitations to...
Study smarter with the SolutionInn App