ACC 577 Week 6 Quiz( 100 % Correct Answers) For more course tutorials visit www. uophelp. com
For its first year of operations, Cable Corp. recorded a $ 100,000 expense in its tax return that will not be recorded in its accounting records until next year. There were no other differences between its taxable and financial statement income. Cable ' s effective tax rate for the current year is 45 %, but a 40 % rate has already been passed into law for next year. In its year-end balance sheet, what amount should Cable report as a deferred tax asset( liability)?
Question 20
Tack, Inc. reported retained earnings balance of $ 150,000 at December 31, 20x3. In June 20x4, Tack discovered that merchandise costing $ 40,000 had not been included in inventory in its 20x3 financial statements. Tack has a 30 % tax rate. What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31, 20x4?
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ACC 577 Week 6 Quiz( 100 % Correct Answers) For more course tutorials visit www. uophelp. com
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