Black Co., organized on January 2, year 1, had pretax accounting income of $500,000 and taxable income of $800,000 for the year ended December 31, year 1. The only temporary difference is accrued product warranty costs that are expected to be paid as follows:
Year 2 $100,000
Year 3 50,000
Year 4 50,000
Year 5 100,000
Black has never had any net operating losses (book or tax) and does not expect any in the future. There were no temporary differences in prior years. The enacted income tax rates are 35% for year 1, 30% for year 2 through year 4, and 25% for year 5. In Black�s December 31, year 1 balance sheet, the deferred income tax asset should be
$ 60,000
$ 70,000
$ 85,000
$105,000

Anderson, a computer engineer, and spouse, who is unemployed, provide more than half of the support for their child, age 23, who is a full-time student and who earns $7,000. they also provide more than half of the support for their older child, age 33, who earns $2,000 during the year. how many dependents may the andersons claim on their joint tax return?

Afreelance​ singer-songwriter is planning the restoration of a recently purchased civil​ war-era farmhouse. while he professes an enjoyment​ of, and talent in the construction​ trades, the theory of comparative advantage implies that a. the value of what he imports​ (in this​ case, professional contractor​ services) must equal the value of what he exports​ (songs). b. he should concentrate on the restoration work since his​ out-of-pocket costs will be much lower than if he hires professionals. c. ​self-sufficiency is​ advantageous, hence he should split his time between music and construction. d. the income lost while away from music will likely exceed the savings realized by doing the work​ himself, thus, he should hire professionals to do the restoration work. e. he ought to do as much of the work himself as possible since imports​ (in this​ case, professional contractor​ services) should always be restricted to those things that cannot be done internall

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