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On 31st December, 2010 the south Padre Company had a deferred tax liability balance of $8100 starting from an excess of MACRS depreciation for tax purpose over straight line depreciation for accounting purposes. The tax effects of that timing difference are expected to reverse in the subsequent years:
Year timing difference enacted tax rate Deferred tax liability
2011 6000 30% 1800
2012 8000 35% 2800
2013 10000 35% 3500
8100
On 27th January, 2011, Congress raised effective income tax rate to 38 percent for all future years, including the existing year, 2011.
Required:
Prepare the entry record any adjustments required due to the income tax rate increase on 27th January, 2011.
Eloise Camera Shop uses the lower-of-cost-or-market basis for its inventory and Farman Appliance Mart began operations on May 1. It uses a perpetual inventory system.
Grandma's Applesauce, Inc. has a 0.60 probability of a good year with operating cash flow of $50,000; and 0.40 probability of a bad year with operating cash flow of $30,000. The company has a debt of $35,000 with 8 percent interest due next year.
Determine how the responsibilities of the board of directors audit committee have changed due to the Sox Act in overseeing the financial reporting process and to hire and be in charge of the independent auditors.
problem 1. design tests of controls analytical procedures and substantive tests of transactions for the inventory and
Prepare the statement of activities and the statement of net assets on a government-wide basis (using full accrual accounting).
Determine the current costs to complete the starting inventory
Explain the relevance of cost acconting in today's environment Includeconcepts covered and These are the role of cost accoutants, cost terms and purposes, job and process costing and the concepts of flexible budgets, variances and management contro..
Evaluate that the degree of operating leverage is 2.90. The output rises to 78,000 units - Find what will the percentage change in operating cash flow ?
A building contractor took a contract for the construction of a certain building on 1st January 1994. The contract price was agreed at Rs 4,00,000. The contractor had made the following expenditure during the year.
Example on implicit interest rate and incremental borrowing rate
Understand how fixed and variable costs behave and how to use them to predict costs, analyze a mixed cost using the high-low method and prepare an income statement using the contribution format.
Determine the minimum price per unit the company should accept
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