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In the current year, Madison Corporation had $50,000 of taxable income at a tax rate of 25%. During the year, Madison began offering warranties on its products and has a warranty liability for financial reporting purposes of $5,000 at the end of the year. Warranty expenses are not deductible until paid for income tax purposes.1.Prepare the journal entry to record Madison's income taxes at the end of the year. If an amount box does not require an entry, leave it blank.2. Prepare the additional journal entry necessary for Madison Corporation assuming that the corporation decides that it is "more likely than not" that $500 of the $5,000 future deductible amount will not be realized.
Q. Illustrate Accounting ramifications? Accounting ramifications i) Restatement ii) Unable to file on timely basis while go back and determine what periods are effected
A 15-year, 14% semiannual coupon bond with a par value of $1,000 may be known as in 4 years at a call price of $1,075. The bond sells for $1,050. (Suppose that the bond has just be
I NEED HELP in business ratios for two company.Ido not know how to do the formulas. Can you help.
Please I need assistance with steps to prepare amalgamation
Indicate by check mark ("9") or "X" which accounts are found on the income statement and which accounts are found on the balance sheet. Account Name In
Related Party Transaction - Business or other transaction between persons who don't have an arm's-length relationship (for example a relationship with independent, competing intere
Annulment of order The order may be annulled if In the opinion of the court the debtor ought not to have been adjudicated bankrupt; All the debts have been paid in fu
Beginning balance 24,000 cash Sales 250,000 Gross profit 45% of sales Accounts receivable increase by 24,000 Accounts payable increased by 51,000 Inventory increased by 98,000 Sell
Corporation Tax This is the tax payable by companies on their trading activities of a given financial period. The standard doesn’t give the guidelines on how this tax should be
only formula
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