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The Ambrosia Corporation's lead accountant shows the following info:
On Jan 1, 2012, Ambrosia purchased a bottling machine for $800000 A) Straight-line basis depreciation for 5 years for tax purposesB) Half year convention for 8 years for financial reporting (See Appendix 11A.)C) Tax- exempt municipal bonds yielded interest of $150000 in 2013.D) Pretax financial income is $2300000 in 2012 and $2400000 in 2013.E) The company recognized an extraordinary gain of $150000 in 2013 (which is fully taxable).F) Taxable income is expected in future years with an expected tax rate of 35%.
Required: 1) Compute taxable income and income taxes payable for 2013.
Accounting is becoming a global business language. Provide some evidence of this assertion. What are some of the implications of this trend?
The Financial Accounting Standards Board has developed a conceptual framework for financial accounting and reporting. The FASB has issued seven Statements of Financial Accounting Concepts.
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