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For the year ended December 31, 2013, Fidelity Engineering reported pretax accounting income of $977,000.Selected information for 2013 from Fidelity's records follows:Interest income on municipal bonds $32,000Depreciation claimed on the 2013 tax return in excess of depreciation on the income statement 55,000Carrying amount of depreciable assets in excess of their tax basis at year end 85,000Warranty expense reported on the income statement 26,000Actual warranty expenditures in 2013 16,000Fidelity's income tax rate is 40%. At January 1, 2013, Fidelity's records indicated balances of zero and$12,000 in its deferred tax asset and deferred tax liability accounts, respectively.Required:1. Determine the amounts necessary to record income taxes for 2013 and prepare the appropriate journal entry.2. What is Fidelity 's 2013 net income?
The present value of an ordinary annuity of $1 per year at 10% for two years is 1.74. What is the lease's after-tax present value using a 10% discount factor?
Compute the ratios. to which one would you, as credit manager for a supplier, approve the extension of (short-term) trade credit?
on April 10th Vopat remitted $135,800 tax to the state tax division for March retail sales. What was Vopat's March retail sales subject to sales tax?
Was Khalifa Ahmeds signature on the paperwork considered a binding contract and should Ahmed Mansoor be responsible for the bill? Why or why not?
Calculate Carolines taxable income
His current year salary is $700,000 per year. What are the income and FICA tax consequences if the IRS determines that $200,000 of his salary is unreasonable compensation?
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Outline your findings on the ethical standard for a corporation's financial and tax reporting. State specific examples of the ethical standards and laws that you are following as the tax and financial analyst.
question 1show the tests developed by court cases to differentiate between losses and outgoings on revenue account and
Advise Gordon and Pamela about capital gains and income tax consequences and any effect that their son's tax treatment of the payment will have on them. You should discuss possible discounts and exemptions that may be available to them.
Prepare the note disclosure necessary to reconcile the beginning balance in the PBO and the ending balance in the PBO.
What would be the tax consequences of each of the alternatives assuming that Fran currently deducts the mortgage interest on her tax return - Determine the effect of Adrians gross income for 2014 & 2015.
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