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At December 31, 2012 Raymond Corporation reported a deferred tax liability of $150,000 which was attributable to a taxable type temporary difference of $500,000. The temporary difference is scheduled to reverse in 2016. During 2013, a new tax law increased the corporate tax rate from 30% to 40%. Raymond should record this change by debiting?
Difference between debt ratio and insolvency
kimm company has gathered the following information about its product.direct materials each unit of product contains
-All sales are on credit. -Customer amounts on account are collected 50% in the month sale and 50% in the following month. -Cost of goods sold is 35% of sales. -Farley purchases and pays for merchandise 60% in the month of acquisition and 40% in th..
a. What is the average manufacturing cost per unit? b. What is the amount of ending finished goods inventory? c. What is the amount of gross margin?
For each of the following items indicate, whether the individual taxpayer must include any amount in gross income.
Presented below are unrelated cases involving investments in equity securities. Indicate the accounting required for each case separately.
how and why might the importance of the budget affect generally accepted accounting principles for external general-
Erik Co. elects to use the percentage-of-sales basis in 2012 to record bad debts expense. It estimates that 3% of net credit sales will become uncollectible. Sales are $808,455 for 2012, sales returns and allowances are $47,894, and the allowance ..
The extent of the company legal and financial responsibility for this accident, if any, can't be determined at this time.
On January 1, 2010, Ellison Co. issued eight-year bonds with a face value of $1,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%. Table values are: The present value of the ..
On January 1, Top Flight Company purchased a $68,000 machine. The estimated life of the machine was five years, and the estimated salvage value was $5,000. Compute the amount of depreciation expense for the first year, using each of the following m..
Sally incurred a 90-mile round-trip commute every day, mainly because she could not get along with her supervisor at the sales office located four miles from her home. Sally works under a one-year contract
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