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The accounting records of Shinault Inc. show the following data for 2014. 1. Life insurance expense on officers was $8,400. 2. Equipment was acquired in early January for $341,100. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax purposes, Shinault used a 30% rate to calculate depreciation. 3. Interest revenue on State of New York bonds totaled $5,800. 4. Product warranties were estimated to be $59,000 in 2014. Actual repair and labor costs related to the warranties in 2014 were $16,400. The remainder is estimated to be paid evenly in 2015 and 2016. 5. Gross profit on an accrual basis was $102,000. For tax purposes, $84,800 was recorded on the installment-sales method. 6. Fines incurred for pollution violations were $6,500. 7. Pretax financial income was $771,400. The tax rate is 30%. 1. Prepare a schedule starting with pretax financial income in 2014 and ending with taxable income in 2014. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2. Prepare the journal entry for 2014 to record income taxes payable, income tax expense, and deferred income taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Compute net cash provided by operating activities using the indirect method assuming that net income is $180,980.
A foreign corporation can structure its U.S. operations as either a branch or a subsidiary. What are the tax advantages of operating in the United States through a separately incorporated subsidiary? What are the tax advantages of operating in the Un..
A generous benefactor to a local ballet plans to make a one-time endowment that would provide the ballet with $150,000 per year into perpetuity. The rate of interest is expected to be 5 percent for all future time periods. How large must the endowmen..
bell computers ltd. located in liverpool england gathers a standardized personal computer from parts it purchases from
Exco Inc. had a per-unit conversion cost of $4.00 during April and incurred direct materials cost of $100,000, direct labor costs of $75,000, and overhead costs of $45,000 during the month. How many units did they manufacture during the month?
Using the straight-line method, calculate the amortization of the patent, copyright, and trademark.
Find expressions for national saving per worker and the steady-state level of investment per worker as functions of the capital-labor ratio, k.
The land was encumbered by a $30,000 mortgage executed two years before. Illustrate what is Vanessa's tax basis in Cook, Inc. after formation?
Complete all work on the spreadsheet attached to this assignment; it will be your only deliverable. Clearly identify the requirements being addressed. Show all calculations within the cells of an Excel spreadsheet.
Taylor Lewis Company has provided information on intangible assets as follows. A patent was purchased from Craig Company for $4,000,000 on June 1, 2015. Lewis estimated the remaining useful life of the patent to be eight years. The patent was carried..
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On July 9, Mifflin Company receives a $8,700, 120-day, 6% note from customer Payton Summers as payment on account. Compute the amount due at maturity for the note. (Use 360 days a year.)
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