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The following information relates to Interstate Trucking for itsfirst year of operations (data in millions ofdollars):
Pretax accounting income: $150Pretax accounting income included:Overweight fines (not deductible for tax purposes) 5Depreciation expense 70Depreciation on the tax return using MACRS: 110
The applicable tax rate is 40%. There are no other temporary ornontemporary differences.
Inter state's taxable income ($ in millions) is:
1) $40.
2) $25
3) $110.
4) $115.
At December 31, 2008, Mongo, Inc. reported in its balance sheet a net loss of $3 million related to its pension plan. The actuary for Mongo at the end of 2009 increased her estimate of future salary levels. Mongo's entry to record the effect of th..
Hollern Combines, Inc. has $10,000 of ending finished goods inventory as of December 31, 2010. If beginning finished goods inventory was $5,000 and cost of goods sold was $20,000, how much would Hollern report for cost of goods manufactured?
Compute the quick and current liquidity ratios, the DuPont ratio, profit margin, asset utilization, and financial leverage for your chosen company.
Maggie Moo's Ice Cream Shop had a gross pay of $19,000 and a net pay of $13,200 for the latest payroll. The journal entry to pay the payroll would be:
Assume that a company purchases land for $1,000,000, paying $400,000 in cash and borrowing the remainder with a long-term notes payable. How should this transaction be reported on a statement of cash flows?
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Circle Corporation makes a product that sells for $400 per unit. The variable costs to make this product are $220 per unit. Fixed costs total $750,000 for the year. Circle currently sells 5,000 units each year.
The following are the amounts of the assets and liabilities of New World Travel Agency at December 31, 2014, the end of the current year, and its revenue and expenses for the year. The retained earnings were $53,470 on January 1, 2014, the beg..
your team has been hired as the accountants for the village of aiu. your team is being asked to do the followingyour
If a business had a capacity of $10,000,000 of sales, actual sales $6,000,000, break-even sales of $4,500,000, fixed costs of $1,800,000, and variable costs of 60% of sales, what is the margin of safety expressed as a percentage of sales?
She does remember that the machine has a projected life of 10 years. Based on these data, the annual cost savings are:
Raven Corporation owns three automobiles that it uses in its business. It no longer needs two of these cars and is considering the possibility of distributing them to its two shareholders as a property dividend.
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