Suppose that the income tax rate is 16% and income tax liability for the current...
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Accounting
Suppose that the income tax rate is 16% and income tax liability for the current year is 10400. The sales revenue is
a.
$77,200
b.
$65,000
c.
$10,400
d.
$75,400
Assume that on 1 January 2017 X has a patent (limited life) on how to extract oil from shale rock. The expected future net cash flows from this patent 7500000 and the carrying amount $50000000. The fair value of its patent to be $20000000. The loss on impairment is
a.
20000000
b.
30000000
c.
No impairment loss
d.
50000000
Clear my choice
On 1 January 2020, X company borrowed 4-year $10000 zero-interest bearing notes from Arab bank. The interest is payable on December 31. The implicit interest rate is 0.08. X will received
a.
$7350
b.
$7722
c.
$7034
d.
$8234
Clear my choice
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