1 answer

Corning-Howell reported taxable income in 2018 of $220 million. At December 31, 2018, the reported amount of some assets and liabilities in the financial statements differed from their tax bases as indicated below:

carrying amt tax basis

Current | |||||||

Net accounts receivable | $ | 13 | million | $ | 18 | million | |

Prepaid insurance | 42 | million | 0 | ||||

Prepaid advertising | 6 | million | 0 | ||||

Noncurrent | |||||||

Investments at fair value with changes in OCI* | 7 | million | 0 | ||||

Buildings and equipment (net) | 420 | million | 350 | million | |||

Liabilities | |||||||

Current | |||||||

Liability—subscriptions received | 20 | million | 0 | ||||

Long-term | |||||||

Liability—postretirement benefits | 620 | million | 0 |

*Gains and losses taxable when investments are sold.

The total deferred tax asset and deferred tax liability amounts at January 1, 2018, were $260 million and $45 million, respectively. The enacted tax rate is 40% each year.

**Required:** **1.** Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2018.

**2.** Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2018.

**3.** Determine the income tax payable currently for the year ended December 31, 2018.

**4.** Prepare the journal entry to record income taxes for 2018.

1 answer
#####
Question 2: For the circuit shown, the switch was closed for long time, then opened at...

Question 2: For the circuit shown, the switch was closed for long time, then opened at t-Q. find for all time t a) The current in the inductor i(t) b) The voltage across the inductor vult) 10? t 0 50 i 20 40 V 10?...

1 answer
#####
A teacher prepares a test

A teacher prepares a test. She gives 5 objective type questions out of which 4 have to be answered. Find the total ways in which they can be answered if the first 2 question have 3 chioce and the last 3 have 4 choices.I think this a permutation question need help...

1 answer
#####
2. Compute the half-wave potential for the reduction of Fe to Fe in 0.1 M KCIO4 at 3+ 25 °C. To d...

2. Compute the half-wave potential for the reduction of Fe to Fe in 0.1 M KCIO4 at 3+ 25 °C. To do so use: (0) the standard potential for the Fe Fe2 couple, (ii) diffusion coefficients of Fe and Fe2, calculated from molar ionic conductivities (iii) activity coefficients, calculated from the Deby...

1 answer
#####
4. Systematics and Evolution (35 pts) Briefly describe the distinction between each pair of concepts: D....

4. Systematics and Evolution (35 pts) Briefly describe the distinction between each pair of concepts: D. Biological vs. Paleontological Species Concept E. Genetic Drift vs. Natural Selection F. Cladogenesis vs Anagenesis G. Microevolution vs. Macroevolution...

1 answer
#####
How do you find the vertical, horizontal or slant asymptotes for # f(x) =sqrt(x^2+1)+2-x#?

How do you find the vertical, horizontal or slant asymptotes for # f(x) =sqrt(x^2+1)+2-x#?...

1 answer
#####
4 -/12 points OSColPhysAP2016 6.1.WA.002. My Notes An automobile with 0.240 m radius tires travels 65,000...

4 -/12 points OSColPhysAP2016 6.1.WA.002. My Notes An automobile with 0.240 m radius tires travels 65,000 km before wearing them out. How many revolutions do the tires make neglecting any backing up and any change in radius due to wear? C rev...

1 answer
#####
Required a. Record journal entries for the following transactions for FY 2017. Make any computations to...

Required a. Record journal entries for the following transactions for FY 2017. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries (1...

1 answer
#####
You have just taken out a $19,000 car loan with a 4% APR, compounded monthly. The...

You have just taken out a $19,000 car loan with a 4% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermedi...

1 answer
#####
A 53-cm-diameter wheel accelerates uniformly about its center from 110 rpm to 330 rpm in 4.6...

A 53-cm-diameter wheel accelerates uniformly about its center from 110 rpm to 330 rpm in 4.6 s . The angular acceleration is 5.0 rad/s2 A. Determine the radial component of the linear acceleration of a point on the edge of the wheel 1.4 s after it has started accelerating. Express your answer to two...

1 answer
#####
Is oxygen produced during light reactions of photosynthesis an excretory product of plants?

Is oxygen produced during light reactions of photosynthesis an excretory product of plants?...

1 answer
#####
At 25 °C, the pH of a 0.15 M aqueous solution of CZ (the cesium salt...

At 25 °C, the pH of a 0.15 M aqueous solution of CZ (the cesium salt of HZ) is 10.70. What is the Ką for HZ?...

1 answer
#####
Amazon.com, Inc.’s financial statements are presented Financial statements of Wal-Mart Stores, Inc. are presented (a) Based...

Amazon.com, Inc.’s financial statements are presented Financial statements of Wal-Mart Stores, Inc. are presented (a) Based on the information contained in these financial statements, compute free cash flow for Amazon at December 31, 2016 and Wal-Mart for January 31, 2017. (Show a negativ...

1 answer
#####
(15 pts) A different patient has had a small stroke. There is some persistent cerebral damag...

(15 pts) A different patient has had a small stroke. There is some persistent cerebral damag but no evidence of damage to the spinal cord, brainstem, cerebellum, or cranial nerves. The symptoms include complete lack of sensation (pain, temperature, touch, or pressure) in her left cheek and the left ...

1 answer
#####
Does a reaction occur when aqueous solutions of sodium phosphate and cobalt(II) nitrate are combined? If...

Does a reaction occur when aqueous solutions of sodium phosphate and cobalt(II) nitrate are combined? If so what is the net ionic equation?...

1 answer
#####
Suppose a stationary police officer at point A sees you pass by at 5:10pm and his...

Suppose a stationary police officer at point A sees you pass by at 5:10pm and his colleague 10 miles down the road at point B sees you pass at 5:16pm. Suppose the speed limit on this stretch of road between A and B is 65mph. Then, can they prove that you must have broken the speed limit at some poin...