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In 2013, Ryan Management collected rent revenue for 2014 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 2013 was $40 million and $30 million at the end of 2014. Taxable income is $120 million. No temporary differences existed at the beginning of the year, and the tax rate is 30%. Prepare the appropriate journal entry to record income taxes for 2014.
Arness Woodcrafters sell $250,000 of receivables to commercial factors on a wth recourse basis . commercial asses a financial charge of 5%and retains an amount equal to 4% of accounts receivablex. arness estimates the fair value of the recourse ob..
In 2001, Genentech had 535.3 million average common shares outstanding, actual shares outstanding at year-end of 528.3 million and reported earnings per share of $.28. Genentech's reported net income in 2001 equals
Milner Corporation has been authorized to issue 20,000 shares of $100 par value, 10% noncumulative preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. Prepare the journal ent..
Bonnie did not elect to expense either of the assets under § 179, nor did she elect straight-line cost recovery. Determine the cost recovery deduction for 2007 for these assets.
Describe the key internal control structure policies and procedures related to Grant's property, equipment, and related transactions (additions, transfers, major maintenance and repairs, retirements, and dispositions) that Harris may consider in a..
What are the main approaches for setting transfer prices? How can the problems that these approaches create be reconciled between the selling and buying divisions?
How is annual cash inflow determined?
Assuming an income tax rate of 30% for all years, the net deferred tax liability that should be reflected on Smiley's balance sheet at December 31, 2010, should be
crypton electronics has a capital structure consisting of 41 common stock and 59 debt. a debt issue of 1000 par value
Record the following transactions of a company in a general journal form: Reacquired 8,000 of its own $10 par value common stock at $40 cash per share. The stock was originally issued at $15 per share.
what do we mean by amortization? suppose a loan is being amortized. what would happen over time to the size of the
as the partner in charge of audits at dewey wright and moore you have decided to accept av imports and exports as a new
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