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Pocus Inc. reports bad debt expense using the allowance method. For tax purposes the direct write-off method is used. At the end of the current year, Pocus has accounts receivable and an allowance for uncollectible accounts of S 10,000,000 and $500,000, respectively, and taxable income of S50,000,000. At the beginning of the current year, Pocus reported a deferred tax asset of $210,000 related to the difference in reporting bad debts, its only temporary difference. The enacted tax rate is 40% each year.
Required: Prepare the appropriate journal entry for Pocus to record the income tax provision for the current year. Show well-labeled computations to support the three amounts in your journal entry.
What will be the entries in the income statement of the organization when the propane starts to be used?
Yates Corporation began operations on January 2, 2010. It employs 15 people who work 8-hour days. Each employee earns 10 paid vacation days annually. Please prepare journal entries to record the transactions related to paid vacation days during 201..
The Polk stock was purchased for $5 per share. Market value was $10 per share on the declaration date and $11 per share on the distribution date. What is the amount of the dividend?
Brown Company has $30,000 of ending finished goods inventory as of December 31, 2008. If beginning finished goods inventory was $25,000 and cost of goods sold was $40,000, how much would Brown report for cost of goods manufactured?
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