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In 2011, Carbonfab Manufacturers Inc. expensed $125,000 of depreciation for book purposes, but for tax purposes, it deducted $179,000. Carbonfab also sold equipment for $500,000. The book adjusted basis of the equipment sold was $350,000, while the adjusted basis for tax purposes was $210,000. What is the total book-tax difference associated with depreciation and the gain on sale? Is it favorable or unfavorable? What amount of the book-tax difference is permanent and what amount is temporary?
Offshore Ale Company has earnings available to common stockholders of $2 million and has 500,000 shares of common stock outstanding. What is its earnings per share (EPS)?
It is sometimes said that in debt service funds, the accounting for interest revenue is inconsistent with that for interest expenditure. Explain. What is the rationale for this seeming inconsistency?
The equipment cost $540,000, had accumulated depreciation of $240,000 at the end of the year after recording annual depreciation, and had a fair value of $330,000. After the revaluation, the accumulated depreciation account will have a balance of:
Concerning the government-wide statement of net assets, describe what information is included in the governmental activites column, the business type activities column, and the column for the total primary government.
Presented here are selected transactions for Lulu Corporation for 2010. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Sager Corporation uses straight-line depr..
A detailed analysis and evaluation of company'ssolvency , liquidity and profitability position. Develop common-sized income statements for most recent two years, and comment on items which you deem important.
Cash flows from operating activities, as reported on the statement of cash flows under the indirect method, would include:
Tammy Potter, a new partner with the regional CPA firm of Tower & Tower, was recently appointed to the board of directors of a local civic organization. The chairman of the board of the civic organization is Lewis Edmond, who is also the owner of ..
Gridiron University is a private university. A successful alumnus has recently donated 1,000,000 to Girdion for the purpose of funding a "center for the study of sports ethics."
Shelton Engineering completed the following transactions in the month of June. Prepare a trial balance as of the end of this month's operations
On November 8, 2006, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $61,500 and was sold to Wood for $89,000. From the perspective of the combination, when is the gain on the sale of the land realized?
The JOhn Company purchased a machine on Nov 1, 2002, for 148,000. At the time of acquistion, the machine was estimated to have a useful life of ten years and an estimated salvage value of $4,000. JOhn has recorded monthly depreciation usiing the s..
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