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The following items caused the only differences between pretax financial income and taxable income.• In 2013, the company collected $90,000 of rent; of this amount, $30,000 was earned in 2013; the other $60,000 will be earned equally over the 2014-2015 period. The full $90,000 was included in taxable income in 2013.• The company pays $5,000 a year for life insurance on officers.• In 2014, the company terminated a top executive and agreed to $60,000 of severance pay. The amount will be paid $20,000 per year for 2014-2016. The 2014 payment was made. The $60,000 was expensed in 2014. For tax purposes, the severance pay is deductible as it is paid.• The enacted tax rates existing at December 31, 2013 are 35% for 2013 and 40% for 2014 and beyond.
REQUIRED:(a) Determine taxable income for 2013 and 2014.(b) Compute the total deferred tax asset / (liability) at the end of 2013 and 2014.(c) Prepare the journal entry to record income taxes for 2013 and 2014.(d) Compute net income for 2013 and 2014.(e) Compute the effective income tax rate for 2013 and 2014.
disadvantages of indirect taxes
Maskot Industries wishes to determine whether it would be advisable to replace an existing, fully depreciated machine with a new piece of equipment. The new machine will cost $300,
acc565 discussion for week 8
Calculate the cost of preferred stock (r PS ) with the given information: Par Value = $200 Current Price = $208 Flotation Cost = $16 Annual Dividend = 12% of Par
I have the whole case and this is the question (Canadian Taxation) Compute Net Income, Taxable Income and Net Federal Tax Payable for 2012 for Sandra, Steven, Annabelle and Ronnie
Help to do the tax return project
Erica is a citizen of a foreign country, and is employed by a foreign-based computer manufacturer. Erica's job is to provide technical assistance to customers who purchase the comp
I WOULD LIKE TO KNOW ABOUT GST. FROM WHERE IT HAVE COME AND HOW IT WORKS. ALSO INFORM ME WEATHER IT IS APPLICABLE IN INDIA OR NOT.
83. Dawn Taylor is currently employed by the state Chamber of Commerce. While she enjoys the relatively short workweeks, she eventually would like to work for herself rather than f
1. a company issues $10,000, 10%, 5 year bonds with semi annual payments principal amount, face value matuity value or par value: $10,000 stated or contract interest rate: 10% (per
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