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Johnny Bravo Company began operations in 2015 and has provided the following information. 1.Pretax financial income for 2015 is $100,000. 2.The tax rate enacted for 2015 and future years is 40%. 3.Differences between the 2015 income statement and tax return are listed below.1.Warranty expense accrued for financial reporting purposes amounts to $5,000. Warranty deductions per the tax return amount to $2,000. 2.Gross profit on construction contracts using the percentage-of-completion method for book purposes amounts to $92,000. Gross profit on construction contracts for tax purposes amounts to $62,000. 3.Depreciation of property, plant, and equipment for financial reporting purposes amounts to $60,000. 4.Depreciation of these assets amounts to $80,000 for the tax return. 5.A $3,500 fine paid for violation of pollution laws was deducted in computing pretax financial income. 6.Interest revenue earned on an investment in tax-exempt municipal bonds amounts to $1,400. 4.Taxable income is expected for the next few years. Use the spreadsheet Journal Entries to prepare the journal entry to record income tax expense, deferred taxes, and income taxes payable for 2015. Draft the income tax expense section of the income statement, beginning with "Income before income taxes"
Shelly offers to sell Jane goods both parties know are stolen. Jane accepts the offer, and agrees to pay for the goods. Later, Jane refuses to accept or pay for the goods. If Shelly sues Jane for breach of contract, what is the probable result?
Assume that the market interest rate at the date of issuance is 10 percent (5 percent per semiannual period). What is the issue price of the bond?
Michael just graduated from college and has his first job. Calculate the total amount of cash that Michael would pay in under part C. Why is there a difference?
Bateman Corporation sold an office building that it used in its business for $800,000. Bateman bought the building ten years ago for $600,000 and has claimed $200,000 of depreciation expense. What is the amount and character of Bateman's gain or l..
What is the break-even point in bags? Calculate the profit or loss on 12,000 bags and on 25,000 bags. What is the degree of operating leverage at 20,000 bags and at 25,000 bags? Why does the degree of operating leverage change as the quantity sold ..
1.a deposit of 350 earns the following interest rates a 8 percent in the first year b 7 percent in the second year and
i. cvp analysis using composite units home builders sells windows and doors in the ratio of 82 windowsdoors. the
prepare adjusting entries for the following items.a. depreciation on machinery is 940 for the accounting period.b.
1.gulick company developed the following data for the current year beginning work in process inventory 160000 direct
start with the original assumptions. notice that managed care plan 1 receives a much lower price in return for sending
eln waste management has a subsidiary that disposes of hazardous waste and a subsidiary that collects and disposes of
the constraint at dalbey corporation is time on a particular machine. the company makes three products that use this
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