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Computation of taxable income.
The records for Frish Co. show this data for 2011:
Gross profit on installment sales recorded on the books was $360,000. Gross profit from collections of installment receivables was $270,000.Life insurance on officers was $2,900.Machinery was acquired in January for $300,000. Straight-line depreciation over a 10-year life (no salvage value) is used. For tax purposes, MACRS depreciation is used and Frish may deduct 14% for 2011.Interest received on tax exempt Iowa State bonds was $6,000.The estimated warranty liability related to 2008 sales was $19,600. Repair costs under warranties during 2011 were $13,600. The remainder will be incurred in 2012.Pretax financial income is $700,000. The tax rate is 30%.
Instructions
a) Prepare a schedule starting with pretax financial income and compute taxable income.
b) Prepare the journal entry to record income taxes for 2011.
Preparation of a classified balance sheet-From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
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From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
Examine the corporate financial decision-making procedure at your selected organization (Walt Disney). In your analysis be sure to address the following items:
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American leases various types of equipment and property, primarily aircraft and airport facilities. The future minimum lease payments required under capital leases
Make the journal entries to record the above three securities purchases. Make the journal entry for the security sale on May 20. Compute the unrealized gains or losses and prepare the adjusting entry for Arantxa on December 31, 2008.
Give a detailed overview of U.S. publicly traded company, Priceline. This should be 3 pages. Measure the company's vulnerability to current financial threats, such as a recession, higher interest rates, and global competition.
Tax professional to decide on the best course of action from a tax perspective on their issues. make a three page memo (at least 300 words per page) to John and Jane Smith addressing the issues presented.
How would the concepts of utility, income, and substitution impact your purchases based on the rise in the cost of carbonated beverages?
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