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Depreciation reported on the tax return exceeded depreciation reported on the income statement by $128,000. This difference will reverse in equal amounts of $32,000 over the years 2015-2018.Interest received on municipal bonds was $11,600.Rent collected in advance on January 1, 2014, totaled $69,900 for a 3-year period. Of this amount, $46,600 was reported as unearned at December 31, 2014, for book purposes.The tax rates are 50% for 2014 and 45% for 2015 and subsequent years.Income taxes of $328,600 are due per the tax return for 2014.No deferred taxes existed at the beginning of 2014.(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 $980,700 in 2015.
What are the equivalent production units for materials, labor, and overhead, respectively, what is the total cost to be accounted for and what are the unit costs of materials, labor, and overhead, respectively?
Compute the degree of operating leverage that the company would expect to have on December 31 and compute Pittman Company's break-even point in sales dollars.
Prepare a Statement of Changes in Net Assets for the Employees Retirement Fund for the Year Ended June 30, 2012 and prepare a Statement of Net Assets for the Employees' Retirement Fund as of June 30, 2012
FICA Tax Payable for 7.5 % of gross pay, credit Employees' income tax Payable for 15 percent of gross pay, and credit salaries payable for the net pay.
Discuss key assumptions and limitations of the regression models which you considered and Discuss the problems of estimating overhead cost at the following projected activity level
Compute the amount of gross profit from the sales in July and prepare journal entries to record the following July transactions and events.
What is the balance in Dowell's lease liability? An amortization schedule will be helpful in determining this amount.
Provide a brief summary of the documentation as well as a reflection on the challenges you faced while transforming the financial statements into XBRL.
Who are the stakeholders in this situation and identify the ethical issues involved in this situation.
Compute the February conversion costs in the Filtration Department - the Filtration Department completely processed 150,000 liters in February.
Evaluate and summarize the differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP). Why is this important? How will it be implemented? How are these standards regulated? Who r..
The required interest rate of the firm is 14 percent. (more precisely, suppose the investment is made at the beginning of each year, with the first cash flow from every project commencing at the end of the year)
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