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The asset-liability approach for recording deferred income taxes is an integral part of generally accepted accounting principles.
a. Indicate whether each of the following independent situations should be treated as a temporary difference or as a permanent difference and explain why.
1. Estimated warranty costs (covering a 3-year warranty) are expensed for financial reporting purposes at the time of sale but deducted for income tax purposes when paid.
2. Depreciation for book and income tax purposes differs because of different bases of carrying the related property, which was acquired in a trade-in. The different bases are a result of different rules used for book and tax purposes to compute the basis of property acquired in a trade-in.
A foreign project that is profitable when valued on its own will always be profitable from the parent firm's standpoint. True or false? Explain.
A preliminary analytical review of the company's most recent balance sheet and income statement
Evaluate the number of shares to be employed in determining diluted earnings per share for 2013.
The income from the business before the cost recovery deduction and the 179 deduction was 810k. She takes additional first year depreciation. Determine the cost recovery deduction with respect to the asset for 2013.
Prepare the accounting records for Tanya's Tutoring Service (Version A), Set up the Chart of Accounts, Prepare the bank reconciliation for January 31, 2013
What is the difference between cash and accrual accounting? Which basis of accounting do most companies use, cash or accrual? Why? Which method is approved by GAAP? Why?
Analyze the strengths and weaknesses of the Form 10-K information and disclosures in terms of whether they provide relevant and reliable information to investors.
Griffith Delivery Service purchased a delivery truck for $33,600. The truck has an estimated useful life of six years and no salvage value. For the purpose financial statements, Griffith is planning to use straight-line depreciation.
A company will need to choose an accounting method. What are the differences between the cash basis of accounting and the accrual basis of accounting? When are income and expenses recognized under each method?
At the end of 2011, Tatum Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $28,000. On January 24, 2012, it is learned that the company's receivable from Novinger Inc-Make the journal entries to record the payment.
Which of the following would an auditor most likely use in determining the auditor's preliminary judgment about materiality?
Find out the amount of Milt's income which is subject to income tax by each state. Make sure to compute the full taxable income and show all computations.
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