Betta Group Just Completed Its Second Year of Operations and Has

question 27

Multiple Choice

Betta Group just completed its second year of operations and has a deferred tax asset of $75,200 related to a net operating loss of $235,000 from the previous year.In the current year Betta generates $645,000 in revenues and incurs $321,000 in expenses.There are no permanent or temporary book-tax differences.Assuming the same tax rate as last year,what is the tax related journal entry for the current year?

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Definitions:

Pure Monopoly

A market structure characterized by a single seller facing no competition, possessing the power to control prices and market supply.

Differentiated Products

Products that are distinct from one another on the basis of quality, design, branding, or other features that are not purely based on price.

Economic Profits

The surplus achieved when a firm's revenue exceeds all its costs, incorporating both opportunity costs and explicit costs, measured over time.

Optimal Productive Efficiency

The state in which an economy or production operation can produce the maximum output with the given resources and technology, without wasting resources.