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Education Sciences Company, in its first year of operations, has the following differences between the book basis and tax basis of its assets and liabilities at the end of 2007. Net Book Value on G/L Net Book Value on tax return Equipment (net) $800,000 $750,000 Estimated warranty liability $150,000 -0- It is estimated that the warranty liability will be settled in 2008 ($100,000) and 2009 ($50,000). The difference in equipment (net) will result in taxable (deductible) amounts of $(200,000) in 2008, $(150,000) in 2009, and $200,000 in 2010 and 2011. The company has taxable income of $350,000 in 2007. As of the beginning of 2007, the enacted tax rate is 40% for 2007, and 35% for 2008 and thereafter. Education Sciences expects to report taxable income through 2011. Instructions
Additional information: Assume the cost of equipment purchased in 2007 was $1,000,000 and for book purposes is depreciated evenly over 5 years. Assume the warranty liability is all current and the PPE is all long term
Alice purchased office furniture on September 20, 2010, for $100,000. On October 10, she purchased business computers for $80,000. Alice did not elect to expense any of the assets under sect; 179. Determine the cost recovery deduction for the busi..
Why are there so many revenue recognition methods? Why is it so subjective and what are the implications to the quality of the income statement?
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Prepare the journal entries for these transactions, assuming that the common stock has a par value of $3 per share. Prepare the journal entries for these transactions, assuming that the common stock is on-par with a stated value of $2 per share.
Compute total asset turnover ratio for 2009 and 2010 and evalute results, would you promote me??
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What is your conclusion about the fairness of the recorded balance in accounts payable for pinnacle manufacturing as it affects the income statement and balance sheet?
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