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Kara Fashions uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. Three years after its purchase, one of Kara's buildings has a carrying value of $400,000 and a tax basis of $300,000. There were no other temporary differences and no permanent differences. Taxable income was $4 million and Kara's tax rate is 40%.
1.What is the deferred tax liability to be reported in the balance sheet? (Enter your answer in whole dollars.)
2.Assume that the deferred tax liability balance was $32,000 the previous year. Prepare the appropriate journal entry to record income taxes this year.
The balance in Accounts Receivable was $200,000 at 1/1 and $240,000 at 12/31. At 12/31/10, Smithson estimates that 5% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2010?
Lyle O 'Keefe invests $21,900 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 9 years. At the end of the 9 years, Lyle withdrew the accumulated amount of money.
Contrast the difference between the impairment testing of goodwill and the impairment testing requirements for other assets. Examine the purpose of the differences identified in testing impairment of goodwill and other assets.
explain how the concept of the lower of cost or market rule satisfies the conservatism principle. is the lcm rule a
a machine can be purchased for 10500 including transportanottion charges but installation costs will require 1500
The inventory cost Yukon $260,000 and was sold to Ontario for $390,000. Ontario still had $60,000 of the goods in its inventory at the end of the year. The amount of unrealized intercompany profit which should be eliminated in the consolidation pr..
The expected life and salvage value each are four years and $15,000 respectively. Lake Shuttle has an average cost of capital of 14%. A. Calculate the net present value of the investment opportunity.
Orbit Airways ourchased a baggage-handling truck for $41,000. Suppose Orbit sold the truck on December 31,2008 for $28,000 cash,, after using the truck for two full years and accumulationg depreciation of $16,000. Make the journal entry to record ..
Provide examples from the manufacturing industry of: a) a journal entry that would be recorded that impacts the balance sheet. b) a journal entry that would be recorded affecting the income statement.
Draw Jim's budget line (throughout, please put coffee on the vertical axis)-Use a budget line-indifference curve map analysis to explain which pricing scheme Jim prefers.
9,000 units were in process at the beginning of the month and were 40% complete. 8,000 units were in process at the end of the month, and were 70% complete. The company uses weighted average process costing.
during the fourth quarter of 20x6 cablevision inc. generated excess cash which the company invested in securities as
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