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For all years (2003-2005) Seminole Corp has preliminary pretax book income of $80,000. Included in the $80,000 each year is $10,000 of municipal bond income that is not taxable under IRS rules. Not included in the $80,000 is $60,000 of gain from an investment sold in 2003. The buyer of the investment will pay Seminole the $60,000 over 3 years ($20,000 in 2003, 2004, 2005). For financial reporting purposes, all of the gain should be on the P&L in the period the investment was sold. For tax purposes, the company qualifies for the installment sales method meaning that the gain will be taxed as the cash is received. The tax rate was 35% in 2003, and 30% in 2004 and 2005. The 30% rate was not enacted in law until the first day of 2004. There are no DTA/DTL balances prior to 2003. The installment receivable is shown on the balance sheet as part current, part long term. Required: 1. All journal entries to record the income taxes on the books of Seminole for each year. 2. Show how deferred income taxes will appear on the B/S of Seminole at the end of each year. Just give me the caption (DTA and/or DTL), the amount and whether it should be long term or current. 3. Show a quick P&L of the income tax expense section of the P&L for each year.
On July 1, 2013, Lula Plume created a new self-storage business, Safe Storage Co. The following transactions occurred during the company's first month.
In January of 2007, Kerr successfully defends the patent at a cost of $81,000, extending the patent's life to 12/31/18. What amount of amortization expense would Kerr record in 2007?
If the machine has no salvage value at the end of seven years, and assuming the company's discount rate is 10%, what is the purchase price of the machine if the net present value of the investment is $17,000?
please write a report about the socialcultural and economic issues that relate to doing business in the united states
r.c had earnings per share of 8 in year 2010 and it paid 4 dividend. book value per share at years end was 80. during
Describe the components of the common body of tax law (CBOTL). Include in your response answers to the following questions:
many accounting writers have emphasized the effect that the allocation of fixed overhead can have on managerial
According to Sec. 121, individuals who sell or exchange their personal residence after May 6, 1997, may exclude part or all of the gain if the house was owned and occupied as a principal residence for
nashler company has the following budgeted variable costs per unit produceddirect materials 7.20direct labor
The slowing economy in 2000 combined with Home Depot's aggressive expansion efforts was the reason for Home Depot's poor financial performance.
Gordon Company issued $1,000,000, 10-year bonds and agreed to make annual sinking fund deposits of $80,000. The deposits are made at the end of each year into an account paying 5% annual interest.
Prepare journal entries to record the events and transactions. Be sure you indicate the fund in which they should be recorded. 2. In your opinion, should the unrealized gains on the investment held in the special revenue fund be considered expendable..
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