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
Force Corporation is owned equally by Luke and his sister Leia, each of whom own 200 shares in the company. Force redeemed 100 shares of Luke's stock in the company on December 31 of this year paying Luke $1,000 per share.
Answers (1)
Sue and Neal are twins. She invests $5,000 at 7 percent when she is 25 years old, Neal invests $5,000 at 7 percent when he is 30 years old. Both investments compound interest annually. Both Sue and Neal retire at age 60.
Answers (1)
Conversion rights a. allow investors to convert to a different class. b. establish whether shareholders are entitled to dividends. c. are designed to prevent dilution of a shareholder's ownership in the company. d.
Answers (1)
The founder of a restaurant is an example of: Land Labor Capital Entrepreneurship
Answers (1)
Select the best answer for the question. 4. Which one of the following statements about the money supply is correct? Ins O A. The money supply is backed by government bonds. OB. The money supply is backed dollar for dollar with gold and silver. QC.
Answers (1)
New Questions in Business
For which of the following reasons did the office of juvenile justice and delinquency prevention in the late 1980s initiate an intensive community-based juvenile aftercare project called the intensive aftercare program (iap?
Answers (1)
If Malcolm shorts 500 shares of a stock priced at $15 per share, how much profit or loss will he realize for each $1 change in stock price? Select the best answer from the choices provided. A. $15 B. $33 C. $500 D. $7,500
Answers (1)
Hevesy Inc. produces and sells a single product. The selling price of the product is $200.00 per unit and its variable cost is $80.00 per unit. The fixed expense is $300,000 per month. The break-even in monthly unit sales is closest to: a. 2,500 b.
Answers (1)
There is only one small clothing store in the remote village of hooterville, and until recently all of the townspeople bought most of their shirts there.
Answers (1)
Each unit of a product requires 5 components. The average number of components is 5.50 due to component failure. Purchasing higher quality components can reduce the average number of components to 5 per unit. The cost per component is $450.
Answers (1)