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In 2010, Krause co. accrued, for financial statement reporting, estimated losses on disposal of unused plant facilities of 1,500,000. the facilities were sold in march 2011 and a 1,500,000 loss was recognized for tax purposes. Also in 2010, Krause paid 100,000 in premiums for a two year life insurance policy in which the company was the beneficiary. Assuming that the enacted tax rate is 30% in both 2010 and 2011 and that krause paid 780,000 in income taxes in 2010, the amount reported as the net deferred incoem taxes on krauses balance sheet at dec 31 2010 should be:
a. $420,000 asset
b. $360,000 asset
c. $360,000 liability
d. %450,000 asset
Explain the two (2) basic types of analysis that are used to compare accounting information. In addition to above posted explain how Managerial Accounting differs from Financial Accounting (GAAP).
What is bankruptcy? What is the difference between liquidation and reorganization? What is the main benefit of reorganization. What is a merger? How does a merger differ from other forms of acquisition.
Prepare the appropriate entries for the declaration and distribution of the stock dividend.
X company bought many equipment and sub-lease them with some margin to its customers. Customers will own after the lease payments. Question: Can X company claim depreciation of these equipments given of sublease? X company claims deductions of lea..
Jason Thompson purchased an office building 10 years ago for $780,000. The building was just appraised at $1.25 million. What value should be used for the building in Jason's accounting records? Support your answer.
Sally incurred a 90-mile round-trip commute every day, mainly because she could not get along with her supervisor at the sales office located four miles from her home. Sally works under a one-year contract
PM 106: Learning outcomes to be examined in this assessment: Analyse a set of financial statements including Income Statement, Statement of Financial Position and Statement cash flows.
Charles River Company has just sold a bond issue with 10 warrants attached. The bonds have a 20-year maturity, an annual coupon rate of 12.0 percent, and they sold at their $1,000 par value.
Question: Should this managerial reporting of standard variance practice be permitted to continue? If not why and what affects does this accounting practice have on the company and its investors?
The actual sale was effected on December 15, 2011, at a price of $600,000. The book value of the division's assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale.
Storm paid no installation charges under the monthly payment plan but a $200 installation charge would have been incurred with a cash purchase. The amount to be capitalized as the cost of the machine on October 31, 2010 would be ?
Prepare Dimsum Corporation's income statement for 20x3, including earnings per share, assuming a weighted average of 200,000 shares of common stock outstanding for 20x3.
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