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Ohio Corp. reported a deferred tax liability of $6,000,000 for year ended 31st December, 2012, when the tax rate was 40%. The deferred tax liability was related to a brief difference of $15,000,000 caused by an installment sale in 2012. The temporary difference is expected to reverse in years 2013 through 2015 as $5,000,000 of installment income is expected to be known as taxable income in each of those years. There are no other temporary differences. A new tax law was passed in 2013 with tax rate remaining 40 percent through 31st December, 2013, then increase to 45% for tax years beginning after December 31, 2013. Taxable income for the year 2013 is $30,000,000. Income tax expense reported by Ohio on its year end 31st December, 2013 income statement is:
Record the journal entries necessary on Crain's books for 2005 assuming that Crain uses the equity method to account for its investment in Downey.
Calculation of variance and standard deviation - Find the expected return and the standard deviation of the return on Kate's investment?
Prepare a bank reconciliation at July 31, 2007 and Journalize the adjusting entries at July 31 on the books of DeVries Company.
Block Company issued a 20,000 10 year bond on 7/1/2008 when the market rate was 6.5%. Assume that the accounting year of Block Company ends on December. Journalize the following transactions.
Ratio analysis from given income statement - What are Lucrative's Net Profit Margin for the year ending December 31, 2005 and what are Lucrative 's earnings before interest, taxes, depreciation, and amortization (EBITDA) for the year ending Decembe..
Recognize who, other than O'Conner, could be harmed by this theft. In what ways would they be harmed? Show the role accounting plays in this situation.
Describe the major weakness of the performance report and describe clearly why all the variances for the variable expenses are unfavorable (U).
Prepare adjusting entries using the following information in the General Journal and Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances.
Using the cost model, at what amount could the land be reported in the statement of financial position of Jeng Ting Ltd for each reporting date? Describe your answers.
Determine what balance would be included in a December 1, 2010 consolidation.
Evaluation of owners equity and net income for financial statement - Show the effect of this entry on current-year net income and the balance in the owners' equity account at year-end
Suppose that if the thermostats were purchased, Climate-Control, Inc., could use the freed capacity to launch a new product. The segment margin of the new product would be $65,000 per year. Should Climate-Control, Inc., accept the offer to buy the..
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