Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Southern Atlantic Distributors began operations in January 2013 and purchased a delivery truck for $100,000. Southern Atlantic plans to use straight-line depreciation over a four-year expected useful life for financial reporting purposes. For tax purposes, the deduction is 45% of cost in 2013, 30% in 2014, and 25% in 2015. Pretax accounting income for 2013 was $580,000, which includes interest revenue of $80,000 from municipal bonds. The enacted tax rate is 45%
Assuming no differences between accounting income and taxable income other than those described above:
Required:
1. Complete the following table given below and prepare the journal entry to record income taxes in 2013.
2. What is Southern Atlantic’s 2013 net income?
At the beginning of 2013, based on new marketing research, Barkley determines that the fair value of the trade name is $24,000. Estimated total future cash flows from the trade name are $26,000 on January 4, 2013.
Applying the Cost of Goods Sold Model
Assets that are increasing in value are still subject to depreciation. Depreciation is a non-cash expense. Accumulated depreciation represents a growing amount of cash to be used to replace the existing asset. Accumulated depreciation is that portion..
Sales= 200; Gross proft= 140; Operating expenses= 40' Income Tax rate= 40%. What is net income? Sales= 200; Gross profit= 140; Operating expeses= 40; Loss from discontinued operations before tax= 50; Income tax rate = 40%. What is the total income e..
computation of future value of investments.1.nbspalbert invested 12000 into two accounts. one payed 8 interest and one
Identify alternative revenue recognition criteria that Uddin could employ concerning textbook sales - briefly discuss the reasoning
“Managerial accounting is a ?eld of accounting that provides economic information for all inter-ested parties.” Do you agree? Explain. (b) Joe Delong believes that managerial accounting serves only manufacturing ?rms. Is Joe correct? Explain. Disting..
Harrison Company owns 20,000 of the 50,000 outstanding shares of Taylor, Inc. common stock. During 2013, Taylor earns $1,000,000 and pays cash dividends of $800,000. 37. If the beginning balance in the investment account was $625,000, the balance at ..
Nathan Cohen, age 45, is a single taxpayer who lives at 2245 Mardel St., San Jose, CA 95130. His social security number is 351-42-1961. Nathan’s earnings and withholdings as a marketing director at a high-tech company for 2014 are: Nathan received a ..
It is the end of 2010 and you are an accountant for the Stone Company.
Assign tasks to reflect the separation of duties to each of the employees listed in the original matrix or assign tasks to other GBI employees not currently involved in the sales-to-cash process. Add any of the following roles to your new matrix that..
A taxpayer had an investment with an adjusted basis of $125,000, subject to a mortgage of $75,000. When the property had value of $375,000, it was exchanged for another parcel of land, which the taxpayer is similarly holding for investment. The other..
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd