User Account

All Pages

What huff should report a deferred income tax liability of

Assignment Help Financial Accounting
Reference no: EM132794600

Problem 1: On December 2, Huff Corp. received a condemnation award of $450,000 as compensation for the forced sale of land purchased 5 years earlier for $300,000. The gain was not reported as taxable income on its income tax return for the year ended December 31 because Huff elected to replace the land within the allowed replacement period for at least $450,000. Huff has an income tax rate of 25% for the current year, and the enacted rate is 30% for subsequent years. There were no other temporary differences. In its December 31 balance sheet, Huff should report a deferred income tax liability of

A. $135,000

B. $45,000

C. $37,500

D. $0

Reference no: EM132794600

Questions Cloud

Difference between reactive and planning inventory logics : Discuss the difference between reactive and planning inventory logics and some pros and cons of both
What is fern effective tax rate : What is Fern's effective tax rate? Fern Co. has net income, before taxes, of $200,000, including $20,000 interest revenue from municipal bond
Purpose of a strategic plan and an operational plan : 1. Explain the purpose of a Strategic Plan and an Operational Plan, and the role of an Operational Plan in achieving the organisation's objectives.
How much did JOVIT pay for the interest in BALDIBALLIN : BALDIBALLIN' reported net income of 1,500,000 for the year ended December 31, 2020. How much did JOVIT pay for the 30% interest in BALDIBALLIN'
What huff should report a deferred income tax liability of : There were no other temporary differences. In its December 31 balance sheet, Huff should report a deferred income tax liability of
What the amount of equity method goodwill : What the amount of equity method goodwill related to Jennie's acquisition of Katlee at January 1 was? Jennie has the ability to exercise significant influence
Which liability that represents the accumulated : Which liability that represents the accumulated difference between the income tax expense reported on the firm's books and the income tax actually paid is
What is the incoterms rule : What is the Incoterms rule that is most importer friendly? Least importer friendly? Justify your answer.
Describe the concept of cash in advance : Describe the concept of cash in advance and the situations where it would or would not be a good strategy for the exporter.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd