Question
Rollerblades Return Co. purchased a short-term investment on January 1, 20X1 as shown below. Cost of the short-term investment 325,000 Fair value of the short-term
Rollerblades Return Co. purchased a short-term investment on January 1, 20X1 as shown below.
| Cost of the short-term investment | 325,000 |
| Fair value of the short-term investment at year-end | 395,000 |
| Tax rate | 30% |
| Sales | 1,370,000 |
| Operating expenses | 1,170,000 |
| Estimated tax payment | 32,000 |
What is deferred taxes payable-short-term investment at December 31, 20X1?
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Financial and Managerial Accounting
Authors: Horngren, Harrison, Oliver
3rd Edition
978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978
