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On January 1, 2015, Gore, Inc. purchased a machine for $1,350,000 which will be depreciated $135,000 per year for financial statement reporting purposes. For income tax reporting, Gore elected to expense $150,000 and to use straight-line depreciation which will allow a cost recovery deduction of $120,000 for 2015. Assume a present and future enacted income tax rate of 30%. What amount should be added to Gore's deferred income tax liability for this temporary difference at December 31, 2015?
$45,000
$40,500
$36,000
$81,000
Based on this information what amount can Katie claim as a tax deduction for the year ended 30 June 2014? Will she have to include any amount in assessable income? Support your discussion with reference to appropriate authority.
What contribution margin per unit will be needed on the remaining 130,000 units to cover the remaining fixed costs and to earn a profit of $210,000 this year?
You have the opportunity to invest $10,000 in one of two companies that are part of the same industry.
Determine the companys predetermined overhead rate using direct-labor cost as the single cost driver and determine the full product costs and selling prices of one pound of Kona coffee and one pound of Malaysian coffee.
ending work in process 5,470 units that are 100% complete as to materials and 40% complete as to conversion costs. Calculate the equivalent units of production for (a) materials and (b) conversion costs for the month of November.
Illustrate what is the factory overhead rate for Factory 1 (dollar amount per machine hr), Factory 2 (dollar amount per direct labor hr),balances of the factory accounts for each factory as of November 30.
(Recognition of Profit and Balance Sheet Amounts for Long-Term Contracts) Harman Construction Company began operations January 1, 2014. During the year, Harman Construction entered into a contract with Kardon Corp. to construct a retail showcase faci..
Boyne Inc. had beginning inventory of $13,600 at cost and $20,500 at retail. Net purchases were $114,668 at cost and $172,300 at retail. Net markups were $10,800; net markdowns were $8,200; and sales revenue was $155,700. Compute ending inventory at ..
As SP6, you prepare the worksheet for this problem. You can use the posted excel worksheet which has been started and shows totals for the debits and credits in the consolidating entries columns. We'll start the problem here so you will have all the ..
Austin Company uses a job order cost accounting system. The company's executives estimated that direct labor would be $10,500,000 (1,050,000 hours at $10/hour) and that factory overhead would be $6,600,000 for the current period. calculate the under-..
During the current period, Department A finished and transferred 50,000 units to Department B. - how much overhead should be allocated to the ending goods in process inventory
Dan, Inc., has sales of $603,000, costs of $255,000, depreciation expense of $62,000, interest expense of $29,000, and a tax rate of 30 percent. The firm paid out $45,000 in cash dividends and has 58,000 shares of common stock outstanding. What are t..
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