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A company has a provision for long service leave of $150,000. This amount was recognised as an expense when the provision was created but is deductible for income tax purposes when the leave is taken. If an employee takes long service leave and is paid an amount of $30,000 (and the company income tax rate is 30%), the following entry should be made:
A Dr Deferred Income Tax Expense $9 000 Cr Deferred Tax Asset $9 000
B Dr Deferred Tax Asset $9 000 Cr Deferred Income Tax Expense $9 000
C Dr Deferred Tax Liability $9 000 Cr Income Tax Payable $9 000
D Dr Income Tax Payable 9 000 Cr Deferred Tax Liability $9 000
SIMS and PARTNER opened a business and their checking account included both names. BIG COMPANY, a client of the business issued a check in the amount of $150,000 for future services and made it payable to SIMS, PARTNER, with the names stacked one on ..
This machine would replace six welders at a cost savings of $120,000 per year. And we would save another $8,100 per year in reduced material waste. When you figure that the automated welder would last for six years, I'm sure the return would be great..
In each of the following independent situations, determine the corporation's income tax liability. Assume that all corporations use a calendar year for tax purposes and that the tax year involved is 2014.
question jill accardo m.d. maintains the accounting records of accardo clinic on a cash basis. in 2007 dr. accardo
Examine how corporations address non-liquidating distributions are addressed, determine the mistake most difficult to avoid, and make at least one recommendation for how to avoid the mistake you identified.
pay roll account kept under zero balance system . calculate pre taxslimware is considering establishing a zero-balance
Discuss the conventional financial reporting for the current portion of long-term debt. Include the implications of this approach.
In your everyday life, budgeting is a best practice in order to keep living expenses and savings within your financial means. In many instances, personal budgeting is as important as budgets prepared by companies. Why? Remember that companies exist b..
Discuss reasons why Jordan would want to treat the leases as a sales-type instead of operating leases.
Prepare the journal entry to account for the disposal of this asset under the three different methods.- Create an income statement for the year ended December 31, 2013.
The end of year Account Payable is $30,000, and the beginning of year Account Payable is $10,000. If cost of goods sold for the year is $210,000,the amount of cash paid to suppliers is?
question chester has a fresh design for their product cedar next round that can reduce their material cost of producing
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