Find the slope of the line defined by the graph below.  Note:  The graph below is of a line that passes through the points (-1, 2) and (1, -2).

Expand into sums and/or differences of logarithms.  Assume all variables represent positive real numbers.

Beta Corp has pretax financial income of $100,000 in 2021.  Beta has a single difference from the tax return, which is a $40,000 deductible temporary difference that will reverse in 2023.  The tax rate for 2021 is 30%.  The enacted tax rate for 2023 is 20%. What is net income for 2021?

Glueck Inc. leases an asset with a cost of $320,000 to Perl Company.  The present value of the annual lease payments is $320,000 and control of the asset is transferred to Perl Company.  What accounts should Glueck use at the commencement of the lease?

Nolan Company sells its product on an installment basis, earning a $450 pretax gross profit on each installment sale. For accounting purposes the entire $450 is recognized in the year of sale, but for income tax purposes the installment method of accounting is used. Assume Nolan makes one sale in 2019, another sale in 2020, and a third sale in 2021. In each case, one-third of the gross sales price is collected in the year of sale, one-third in the next year, and the final installment in the third year. If the tax rate is 50%, what amount of deferred tax liability should Nolan Company show on its December 31, 2021 balance sheet: 

Chapter 20

A deferred tax account is classified on the balance sheet as

On January 1, 2021, BeachCo leased printing equipment from LeaseCorp. LeaseCorp purchased the equipment from CompuDec Corporation at a cost of $479,079. BeachCo’s borrowing rate for similar transactions is 10%. The lease agreement specifies four annual payments of $100,000 beginning January 1, 2021, the beginning of the lease, and at each December 31 from 2021 through 2023. The useful life of the equipment is estimated to be six years. The present value of those four payments at a discount rate of 10% is $348,685. The lease is correctly accounted for as an operating lease.  What amount of amortization of the Right of Use asset will BeachCo record for 2021?

Chapter 21

Rein Inc. reported deferred tax assets and deferred tax liabilities at the end of 20X3 and at the end of 20X4.According to Statement of Financial Accounting Standard No. 109, Accounting for Income Taxes, for the year ended 20X4, Rein should report deferred income tax expense or benefit equal to the