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1. Shannon Polymers uses straight-line depreciation for financial reporting purposes for equipment costing $800,000 and with an expected useful life of four years and no residual value. For tax purposes, the deduction is 40%, 30%, 20%, and 10% in those years. Pretax accounting income the first year the equipment was used was $900,000, which includes interest revenue of $20,000 from municipal bonds. Other than the two described, there are no differences between accounting income and taxable income. The enacted tax rate is 40%. Prepare the journal entry to record income taxes.
the following transactions and events took place at the prescott company during its recent calendar-year reporting
Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissued shares), record the appropriate journal entry for each of the following transactions:
Will Company's independent CPA discovered that the ending inventory for 20B had been overstated by the company $2,000. Before the correction, what was the effect in the 20B income statement because of the overstatement of the ending inventory
how do you calculate futa tax? what is the wage base limit? does the employee or employer pay it? please use an
Crawford Company has the following equivalent units for July: materials 10,000 and conversion costs 9,000. Production cost data are:
Use the partnership and corporate tax returns for the practice sets titled, "Pet Kingdom" and "ROCK the Ages, LLC" that you prepared in Weeks 3 and 5 in order to complete this assignment.
you are an auditor on an engagement testing controls over cash receipts. your client receives a large volume of its
judgement case consider the question of whether the united states should converge accounting standards with ifrs.1.
the assembly department of colson inc. has the following production and cost data at the end of may 2012. production
the sweetwater candy company would like to buy a new machine that would automatically dip chocolates. the dipping
with the increasing use of technology in the workplace determine if workplace security is getting easier or more
Brimful Corp incurred the following manufacturing costs this period: dirct labor, $912000; direct materials, $782000; and factry overhead, $219000. Compute overhead costs as a percent of (1) dirct labor and (2) dirct materials.
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