Reference no: EM131111375
The following information is available for Remmers Corporation for 2014.
1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $120,000 This difference will reverse in equal amounts of $30,000 over the years 2015-2018.
2. Interest received on municipal bonds was $10,000
3. Rent collected in advance on January 1, 2014, totalled $60,000 for a 3-year period. Of this amount, $40,000 was reported as unearned at December 31, 2014, for book purposes.
4. The tax rates are 40% for 2014 and 35% for 2015 and subsequent years.
5. Income taxes of $320,000 are due per the tax return for 2014.
6. No deferred taxes existed at the beginning of 2014.
Instructions
(a) Compute taxable income for 2014.
(b) Compute pretax financial income for 2014.
(c) Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for 2014 and 2015. Assume taxable income was $980,000 in 2015.
(d) Prepare the income tax expense section of the income statement for 2014, beginning with "Income before income taxes."
What is the fermi energy of a neutron
: What IE the approximate value of the electron Fermi energy when p , 100 g em 3/ 19. At the average density of a1.4M6,, it = 10 km neutronstar, what is the Fermi energy of a neutron?
|
Create an organizational chart showing a top-down
: Create an organizational chart showing a top-down,
|
What probability is that any two of them share same birthday
: Analyze the data and explain which one would be the better medication for both a sore throat and a fever. Explain what the probability is that any two of them share the same birthday.
|
What are the steps to find the source code
: What is the purpose of the World Wide Web Consortium and what work does it perform? What are the benefits of diagramming your site before you begin coding? What are the benefits of using a text editor to create a website?
|
Prepare the journal entries to record income tax expense
: Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for 2014 and 2015. Assume taxable income was $980,000 in 2015.
|
Calculate the future value of the single cash
: For each of the cases shown in the following table, calculate the future value of the single cash flow deposited today at the end of the deposit period if the interest is compounded annually at the rate specified.
|
What is coefficient of correlation between square footage
: What is the Coefficient of Correlation between square footage and listing price? Does your Coefficient of Correlation seem consistent with your answer to #2 above? Why or why not?
|
Responsibilities of mac sub layer
: a. Name and explain the responsibilities of each MAC sub layer. b. Explain the following MAC layer terms: MSDU, MPDU, and Convergence.
|
Find and change the duration parameter to make the rabbit
: The method will open in the Editor area. Find and change the duration parameter to make the rabbit jump more quickly or more slowly.
|