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In 2011, Ryan Management collected rent revenue for 2012 tenant occupancy. For financial reporting, the rent is recognized as income in the period earned, but for income tax reporting it is taxed when collected. The unearned portion of the rent collected in 2011 was $50 million. Taxable income is $180 million. No temporary differences existed at the beginning of the year, and the tax rate is 40%. Prepare the appropriate journal entry to record income taxes.
Sam owes Bob $8,000. Bob cancels (forgives) the debt. The cancellation is not a gift, but Sam is insolvent. Which of the following statements is correct concerning the impact of this transaction?
During its first year, the firm earned 249,000. Prepare the entry to close the firms income summary accounts as of its December 31 year end and to allocate the 249,000 net income to partners under each of the following separate assumptions:
in year 1 joe josephs cpa reviewed lander companys financial statements. however in year 2 the lander company hired
1. zanny electronics companyuses a standard cost system to collect costs related to the production of its water ski
nemani corporation is projecting a cash balance of 41785 in its december 31 2013 balance sheet. nemani schedule of
discuss what procedures a company may take to reduce the chance of computerized fraudulent employee activities. also if
How is the auditor's assessment of control risk affected if a documented control procedure is not operating effectively? Explain the effect of such an assessment on the nature of audit tests of account balances.
kincaid company sells flags with team logos. kincaid has fixed costs of 583200 per year plus variable costs of 4.80 per
doughboy bakery would like to buy a new machine for putting icing and other toppings on pastries. these are now put on
consider the following costs that were incurred during the current year1. tire costs incurred by ford motor company.2.
here is information related to virtual corporation for 2013total sales 90 are on credit 2000000accounts receivable at
shareholders want answers to all of the following questions except how does the company compare in profitability with
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