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Begal Corporation paid $20,000 in January of 2011 for premiums on a two- year life insurance policy which names the company as the beneficiary. Additionally, Begal Corporation's financial statements for the year ended December 31, 2011, revealed the company paid $105,000 in taxes during the year and also accrued estimated litigation losses of $200,000. Assuming the lawsuit was resolved in February of 2012 (at which time a $200,000 loss was recognized for tax purposes) and that Begal's tax rate is 30 percent for both 2011 and 2012, what amount should Begal report as asset for net deferred income taxes on its 2011 balance sheet?
A) $54,000
B) $57,000
C) $60,000
D) $66,000
In December 2010, Gomez Company's manager estimated next year's total direct labor cost assuming 50 persons working an average of 2,000 hours each at an average wage rate of $15 per hour. The manager also estimated the following manufacturing over..
You're a US company with a customer that is going to pay you 10,000 Euros in six months. The correct futures hedge for this condition is to enter in a contract in which you buy Euros (True or False)
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At the end of the current year, the following information is available for both Kumar Company and Asher Company.
Future,Inc. reported the following results for the year: Future's taxable income for the year was:
The effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate should be reported:
The payroll costs for the year were $100,000, and the accounting costs for the year totaled $50,000. The departments and the average cost of store equipment and average cost of inventory for each are as follows:
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What is your conclusion about the fairness of the recorded balance in accounts payable for pinnacle manufacturing as it affects the income statement and balance sheet?
Pam owns a sole proprietorship and Kevin is the sole shareholder of a C (regular) corporation. Each business sustained a $16,000 operating loss and a $2,500 capital loss for the year. Evaluate how these losses will affect the taxable income of the..
Brimful Corp incurred the following manufacturing costs this period: dirct labor, $912000; direct materials, $782000; and factry overhead, $219000. Compute overhead costs as a percent of (1) dirct labor and (2) dirct materials.
The shareholders' equity of Green Corporation includes $200,000 of $1 par common stock and $400,000 of 6% cumulative preferred stock. The board of directors of Green declared cash dividends of $50,000 in 2011 after paying $20,000 cash dividends in..
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