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Southern Atlantic Distributors began operations in January 2013 and purchased a delivery truck for $100,000. Southern Atlantic plans to use straight-line depreciation over a four-year expected useful for financial reporting purposes. For tax purposes, the deduction is 45% of cost in 2013, 30% in 2014, and 25% in 2015. Pretax accounting income for 2013 was $460,000, which includes interest revenue of $55,000 from municipal bonds. The enacted tax rate is 40%.
Assuming no differences between accounting income and taxable income other than those described above:
1. Complete the following table given below and prepare the journal entry to record income taxes in 2013.
Prepare an Income Statement, Statement of Changes in Stockholders' Equity and a Balance Sheet. (Assume that the company issued $60,300 of common stock on January 2, 201X. Explain the purpose of a post-closing trial balance.
Conduct periodic bank statement reconciliations
China is a manufacturing superpower. Assume that you are CFO of an automobile manufacturer looking to build a $U.S.800 million plant in China. You are discussing this project with your spouse, who is intelligent, but has no background in finance. You..
On June 3, Pronghorn Company sold to Chester Company merchandise having a sale price of $3,800 with terms of 4/10, n/60, f.o.b. shipping point. An invoice totaling $91, terms n/30, was received by Chester on June 8 from John Booth Transport Service f..
The board of directors of Dell declared cash dividends of $70,000 in 2011 after paying $40,000 cash dividends in 2010 and $50,000 in 2009.
Comparative financial statements for Weller Corporation, a merchandising company, for the fiscal year ending December 31 appear below. The company did not issue any new common stock during the year. Compute the following financial data for this year..
Calculating Partnership Ordinary Income/Loss and Partner Taxable Income Partner Q is a partner in Partnership QRST. The partnership agreement states that Q’s share of income and losses is 30 percent. Using Form 1065, page 1 as a guide; calculate QRST..
At the beginning of 2010; Tigrob, Inc. had a deferred tax asset of $4,000 and a deferred tax liability of $6,000. Pre-tax accounting income for 2010 was $300,000 and the enacted tax rate is 40%. Determine ending balance in Tigrob, Inc's deferred..
Assume the following information for the month of August. June sales = $40,000; July sales = $65,000; August sales = $52,850. All sales are on account and are collected as follows: 20% in the current month, 50% in the month following, 25% in the seco..
differences between a state or local governments budgetary practiceswhat are the possible differences that may occur
On December 2, 2014, Loofa Company, which operates a furniture rental business, traded in a used delivery truck with a carrying amount of $5,400 for a new delivery truck having a list price of $16,000 and paid a cash difference of $7,500 to the deale..
A company issued 10-year bonds with a par value of $20,000,000 and an 8% annual face on January 1, 2014. The market rate on similar bonds is 9%. The bonds mature in 10 years and are paid out semi-annually. Determine the issue price of the bonds. Reco..
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