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At the end of the prior year, Tasha Inc. had a deferred tax asset of $21,000,000 attributable to its only timing difference, a temporary difference of $48,000,000 in a liability for estimated expenses. At that time a valuation allowance of $3,000,000 was established. At the end of the current year, the temporary difference is $47,000,000, and Tasha determines that the balance in the valuation account should now be $4,000,000. Taxable income is $18,000,000 and the tax rate is 35% for all years. Prepare journal entries to record Tasha's income tax expense for the current year. Show well-labeled supporting computations for the income tax payable, the valuation allowance, and the change in the deferred tax asset account.
In 2011,Bodily Corporation reported $300,000 pretax accounting income.The income tax rate that year was 30%.Bodily had an unused $120,000 net operating loss carry forward from 2009 when the tax payable rate was 40%. Bodily income tax payable for 2..
Potomac Inc. acquired 10% of the 500,000 shares of common stock of Maryland Corporation at a total cost of $11 per share on June 17, 2011.
Briefly explain how to explore the nature, roles and dynamic changes of organisation - behaviour of humans who are part of an organization
Brimful Corp incurred the following manufacturing costs this period: dirct labor, $912000; direct materials, $782000; and factry overhead, $219000. Compute overhead costs as a percent of (1) dirct labor and (2) dirct materials.
find the interest paid on a loan of 2800 for two years at a simple interest rate of 11 per year.the interest on a loan
Next year's sales forecast shows that 20,000 units of Product A and 22,000 units of Product B are going to be sold for prices of $10 and $12, respectively.
Post journal entries for equity transactions and closing entries
if the materials price varies is 600 f and the materials quantity and labor variances are each 450 u what is the total
evaluate the various types of foreign currency transactions based on the difficulty in accounting for each type of
in december 2010 gomez companys manager estimated next years total direct labor cost assuming 50 persons working an
Skipper, Inc., earns pretax book net income of $500,000 in 2011. Skipper acquires a depreciable asset in 2011, and first-year tax depreciation exceeds book depreciation by $80,000.
would it be more profitable for the company to enforce the $100 transfer price than to allow Division A to buy from outside suppliers at $75 per unit
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