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1. J-Matt, Inc., had pretax accounting income of $291,000 and taxable income of $300,000 in 2011. The only difference between accounting and taxable income is estimated product warranty costs for sales this year. Warranty payments are expected to be in equal amounts over the next three years. Recent tax legislation will change the tax rate from the current 40% to 30% in 2013. Determine the amounts necessary to record J-Matt's income taxes for 2011 and prepare the appropriate journal entry.
in its first month of operations giffin company made three purchases of merchandise in the following sequence 1 300
The old machine has an adjusted basis of $36,000 and the new machine has a fair market value of $80,000. What is the recognized gain or loss and the basis of the new machine?
on december 31 2004 the account unearned rent revenue had a balance of 3300 on the books of joliet corporation after
the indiana company manufactures a product that goes through three processing departments. information relating to
During 2006, NICO Corporation had EBIT of $100,000, a change in net fixed assets of $400,000, an increase in net current assets of $100,000, an increase in spontaneous current liabilities of $400,000, a depreciation expense of $50,000, and a tax r..
here are 2 hypothetical examples of manufacturing companiesltbr gt1. williams watches builds fine watches by hand sell
diamond window corporations sales half of which are for cash march april may 140000 240000 160000 a. estimate
1. straightforward net-present-value and payback computationsstl entertainment is considering the acquisition of a
Utilities are typically a ‘mixed cost,' containing both a fixed and variable element. Given the following history of electric bills and machine hours, use the "High/Low Method" to determine the variable cost component per machine hour:
in each of the following independent situations involving transfers of tangible property determine which transfer
videosoft company maintains a checking account at the intelex bank. at july 31 selected data from the general ledger
the president of the retailer prime products has just approached the companys bank with a request for a 33000 90-day
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