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Two Differences, Two Rates, Future Income Expected) Presented below are two independent situations related to future taxable and deductible amounts resulting from temporary differences existing at December 31, 2010.
1. Mooney Co. has developed the following schedule of future taxable and deductible amounts.
2. Roesch Co. has the following schedule of future taxable and deductible amounts. Both Mooney Co. and Roesch Co. have taxable income of $4,000 in 2010 and expect to have taxable income in all future years. The tax rates enacted as of the beginning of 2010 are 30% for 2010-2013 and 35% for years thereafter. All of the underlying temporary differences relate to noncurrent assets and liabilities. For each of these two situations, compute the net amount of deferred income taxes to be reported at the end of 2010, and indicate how it should be classified on the balance sheet.
1.Suppose Friedman's made a sale on account for $5000 in February. The customer would be expected to make monthly payments (principal and interest) of $350/month for 18 months. Write the journal entry to record this transaction.
presented below are the components in gates companys income statement.determine the missing amounts.nbspnbspsales
during 2010 the tinsle company completed the following transactions related to its property plant and equipment
if company has distributable profit of rs. 400000 profitsharing share ratio of mr. a mr. b and mr. c is
for calendar year 2008 jean was a self-employedconsultant with no employees. she had 80000 net profit fromconsulting
1.a 60-day 12 note for 10000 dated may 1 is received from a customer on account. the maturity value of the note
Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows.
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mann inc. which owes doran co. 600000 in notes payable with accrued interest of 54000 is in financial difficulty. to
Calcuate the depreciation expense using the straight-line method for the first two years the equipment is owned.
fryer corporation uses the weighted-average method in its process costing system. this month the beginning inventory in
thios year. john purchased property from william by assuming an existing mortgage of 40000 and agreed to pay an
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