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

A patient’s urine immunofixation electrophoresis shows excessive amounts of free monoclonal light chains. These light chains are referred to as: 

Between 50% and 70% of patients with primary HIV infection present with which of the following?

Pension cost should be accounted for on the:

Commercially prepared HIV ELISA simulation experiments have been designed to detect a hypothetical patient’s circulating IgM immunoglobins directed toward the viral (HIV) antigen.