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Assume the KPNG Company recognizes $12,000 gross profit from installment sales for financial accounting in 2012. The gross profit will be taxable at $3,000 this year and each year for the next three years. In addition, the company earns and collects $10,000 each year. The tax rate is 40%, but in 2014 a new tax rate of 30% is enacted to go effect for the year ended 2015. Prepare journal entry for 2012 through 2015? (Included: income tax expense, income tax payable, deferred tax liability.
Prepare the Stockholders Equity Portion of the Balance Sheet on January 1, 2012 and discuss the pros and cons of each method and provide necessary calculations to support the position you recommend.
A review of the balance sheet of a retailer, such as Wal-Mart, will disclose that in current assets the majority investment is in inventory. With manufacturers, such as Ford, the inventory is spread between three different categories.
Are the disclosures included in the swiss annual report really "unnecessary"? Explain. What social, economic, and institutional factors in switzerland might be causing the inclusion of these disclosures?
What is the interrelationship among the concepts of risk, moral hazard (when setting executive compensation), and generally accepted accounting principles?
question corpus christi corporation reported the subsequent pretax and taxable information for 2010income from
Journalize the purchase of the merchandise on May 17 in a general journal. Journalize the payment on May 27 (within the discount period).
It is now 3 months after the end of the current taxable year. How much, if any, accumulated earnings tax will the IRS assess against Arekay Corporation?
Compare the tax advantages of debt versus equity capital formation of the corporation for the client and recommend to the client whether he / she should use debt or equity for capital formation of the new corporation, based on your research. Provid..
Calculation of Labor Variances and direct materials and direct labor data pertain to the operations of Solario Manufacturing Company for the month of August
Company X has net sales revenue of $810,000, cost of goods sold of $343,800, and all other expenses of $327,900. The gross profit percentage is closest to:
Analysis of the receivables indicates doubtful accounts of $20,000 - in March of the following fiscal year, the $550 owed by Flake Co. on account is written off as uncollectible.
What would be percentage appreciation on the stock bought by the venture investors versus the investment appreciation for the founders?
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