In 2020. Hudson Motors recorded an expense and corresponding liability to recognize potential losses relating...
80.2K
Verified Solution
Link Copied!
Question
Accounting
In Hudson Motors recorded an expense and corresponding liability to recognize potential losses relating to a car recall of $ million. Its net income for the year was $ million. It was not able to take a deduction for tax purposes until later years when it actually paid for the expenses related to this recall. In with respect to this, Hudson Motors would have: A recognized a tax loss carryforward B recognized a deferred tax liability. C recognized a deferred tax asset D recognized a deferred equity loss
In Hudson Motors recorded an expense and corresponding liability to recognize potential losses relating to a car recall of $ million. Its net income for the year was $ million. It was not able to take a deduction for tax purposes until later years when it actually paid for the expenses related to this recall. In with respect to this, Hudson Motors would have:
A
recognized a tax loss carryforward
B
recognized a deferred tax liability.
C
recognized a deferred tax asset
D
recognized a deferred equity loss
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.