The following facts relate to Duncan Corporation. 1. Deferred tax liability, January 1, 2020, $30,000.
2. Deferred tax asset, January 1, 2020, $10,000.
3. Taxable income for 2020, $105,000.
4. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $230,000.
5. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $95,000.
6. Tax rate for all years, 20%. No permanent differences exist.
7. The company is expected to operate profitably in the future.
Instructions
(a) Compute the amount of pretax financial income for 2008.
(b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2008.
(c) Prepare the income tax expense section of the income statement for 2008, beginning with the line "Income before income taxes."
(d) Compute the effective tax rate for 2008.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

you can put this in your 11 sentence summary

" most of the money would be invested in innovation, economic convergence."

since the options are not listed, when you are working on your budget you should also add water, tv, internet, miscellaneous and your 'fun' money for in your budget. when budgeting, you need to allow for fun money, and mis/accidental money so that you stick to the budget and not go crazy because you feel strapped to the budget.