Pharoah Corporation prepared the following reconciliation for its first year of operations: Pretax financial income for 2021 $2000000 Tax exempt interest (154000) Originating temporary difference (358000) Taxable income$1488000 The temporary difference will reverse evenly over the next 2 years at an enacted tax rate of 30%. The enacted tax rate for 2021 is 25%. What amount should be reported in its 2021 income statement as the deferred portion of income tax expense
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Pharoah Corporation prepared the following reconciliation for its first year of operations: Pretax financial income for 2021 $2000000 Tax ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Scott has just been given a project that has a specific completion date. After a discussion with top management he finds that while the date is important the cost is more important and a slip in delivery would be acceptable if required to meet the
Answers (2)
Any activity that results in the conversion of resources into products that can be used in consumption is called A. production. B. transformation. C. derived demand. D. substitution.
Answers (1)
How can statistics of a product's dimensions be used to assess the quality of the product?
Answers (1)
What types of records are best kept in safe deposit boxes? Credit card bills Budgets Cash flow statements Valuable records like marriage records or stock certificates
Answers (1)
Which are possible employers in the Financial career cluster? Check ALL that apply. private company government nonprofit organization bank stock market
Answers (2)
New Questions in Business
Which of the following items regarding references is NOT a red flag for hiring managers?
Answers (1)
Which of the following ways of investing/saving is the most liquid? A. Federal bond B. Real estate C. Certificate of deposit D. Savings account
Answers (1)
In its 2021 income statement, Cohen Corp. reported depreciation of $3,700,000 and interest revenue on municipal obligations of $700,000. Cohen reported depreciation of $5,500,000 on its 2021 income tax return.
Answers (1)
Ezra Industries uses machine hours to allocate manufacturing overhead. Last month, a total of $50,000 of overhead costs were allocated: $20,000 to the Assembly Department and $30,000 to the Finishing Department.
Answers (1)
Assume that Sara is partly correct in her assessment of the report. Upon further investigation, it is determined that 10 % of the order processing costs and 20 % of the delivery costs would not be avoidable if CRS were to drop Donnelly's.
Answers (1)