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Goody Inc. has no deferred tax asset or liability prior to 2010. Its pretax financial income for 2010 and 2011 is: 2010 $750,000 2011 920,000 The following items caused the only differences between pretax fmancial income and taxable income. 1. In Jan. 1, 2010, the company pays at once $48,000 of 3 years rent through 2012 for a leased warehouse. 2. The company pays, for environmental problems, $30,000 fine in 2010 and $35,000 fine in 2011. 3. The company receives $25,000 from its investment in municipal bonds in 2011. 4. In 2011, the company terminated a top executive and agreed to $510,000 of severance pay. The amount will be paid evenly per year from 2011-2013. The 2011 payment was made. The total severance pay was expensed in 2011. The enacted tax rates existing at December 31, 2010 are: 2010 30% 2011 40% 2012 45% 2013 50% INSTRUCTIONS: (a) Determine taxable income for 2010 and 2011. (b) Prepare the journal entry to record income taxes for 2010 and 2011. (c) Prepare the income tax expense section of the income statement for the year ended December 31, 2010 & 2011. (d) Show how the deferred income taxes should be reported on the balance sheet at Dec. 31, 2011.
A company accounts for Inventories on a FIFO basis. Compared to LIFO, is FIFO a more balance-sheet oriented approach to accounting for inventory, or is it a more income- statement approach? Explain. Generally, is FIFO or LIFO more susceptible to ear..
Decide how much to save for retirement. - Assume you plan to save $5000 per year with the first investment made one year from now.
Lucy owns 400 shares of Linus, Inc. (adjusted basis $210,000). On September 28, 2014, she sells the 400 shares for their fair market value of $195,000. What is the recognized gain or loss from the land transaction in 2014? Assume no gift tax was paid..
Tropic Resources, Inc. reports net sales of $1,500,000; a gross profit of $650,000; and net income of $90,000. What is the company's cost of goods sold?
Do the financial statements include a statement of cash flows for proprietary funds? In how many categories are the cash flows presented? Is the statement on a direct or an indirect basis?
Tracy invested $50,000 cash, a law library valued at $25,000, and office furniture valued at $20,000 into her business. Illustrate what accounts should be debited and credited for this transaction?
Determine the cost of a bowl of chili and prepare a batch of chili using the ingredients - Wendy's was founded on the concept of old-fashioned hamburgers. Each hamburger is a square patty, which is served directly from the grill when a customer place..
For the coming year, loudermilk inc. anticipates fixed costs of $600,000 a unit variable cost if $75 and a unit selling price of $125. the maximum sales within the relevant range are $2,500,000. construct a cost volume profit chart. estimate the brea..
What is the total contribution margin at the break-even point and what is the contribution margin ratio for the product?
Based on Nike Inc's acquisition of Converse (shoe company): elucidate the amount of goodwill or other intangible assets derived from the transaction and explain whether or not you support that this value was created as a result of the business co..
The differences between accrual and cash basis accounting can get confusing. Do your best to describe what each is, when you would use it, who it is best suited for, advantages, and disadvantages.
Use the following information to prepare the manufacturing statement for Forsythe Company for the month ended June 30.
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