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Before the current year, the company accounted for its income from long-term construction contracts on the completed-contract basis. Early this year, the company changed to the percentage-of-completion basis for accounting purposes but continues to use the completed-contract method for tax purposes. Income for the current year has been recorded using the new method. Prior year tax effects must be considered. The following information is available.
Pretax IncomePercentage-of-Completion$320,000 $140,000
Prepare the journal entries necessary at December 31, 2012, to record the corrections and changes made to date related to the information provided. The books are still open for 2012. The income tax rate is 35%. The company has not yet recorded its 2012 income tax expense and payable amounts so current-year tax effects may be ignored.
Miley, a single taxpayer, plans on reporting $25,000 of taxable income this year (all of her income is form a part-time job). She is considering applying for a second part-time job that would give her an additional $10,000 of taxable income. By ho..
kobe is a single dad with dependent children lizzie age 7 and leslie age 3 he has agi of 51,000 and paid 6,300 to a qualified day care center what amount of credit can kobe receive for the child and dependent care credit?
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Which of the following is a true statement regarding primary authority of tax law?
Prepare the related consolidated journal entries if 30% of the goodwill is to be written off as impairment loss?
Write an article
Write down the difference between a contango market and a backwardation market. What exactly is meant by a basis?
A corporation sold land (with an adjusted basis of $240,000) for $200,000 to its majority shareholder. (A) What is the company's recognized gain or loss on the sale?
How is tax basis calculated and what effect does tax depreciation have on the computation of the gain or loss on the disposition of a capital asset?
Prepare journal entries relating to the stock option plan for years 2010, 2011, and 2012. Assume that the employee performance services equally in 2010 and 2011.
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