Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Bronson Industries reported a deferred tax liability of $8 million for the year ended December 31, 2010, related to a temporary difference of $20 million. The tax rate was 40%. The temporary difference is expected to reverse in 2012 at which time the deferred tax liability will become payable. There are no other temporary differences in 2010-2012. Assume a new tax law is enacted in 2011 that causes the tax rate to change from 40% to 30% beginning in 2012. (The rate remains 40% for 2011 taxes.) Taxable income in 2011 is $30 million.
Required:
1. Determine the effect of the change and prepare the appropriate journal entry to record Bronson's income tax expense in 2011.
2. What adjustment, if any, is needed to revise retained earnings as a result of the change?
Prepare an income statement and an owners equity statement for the year ending December 31,2012.
John reports the following amts for 2010:net income=$135,000; average stockholders' equity $500,000; preferred dividends $35,000 and par value preferred stock $100,000. The 2010 rate of return on common stockholders' equity is?
Determine sales and gross profit given cost of goods sold was $622,000 and net loss was ($41,000).
upper darby park department is considering a new capital investment. the following information is available on the
The principal role of an inventory management system is to report and track inventory in various companies, such as in retail. There are different types of inventory systems that can be used by a company such as First-In-First-Out (FIFO), Last-In-..
carolina catsup company produces catsup which it sells exclusively to fast-food restaurants in 5-gallon containers
How significant is the cumulative impact of modest inflation rates that accompany normal economic growth on the financial statements of companies that hold long-lived assets?
head-gear company produces helmets for bicycle racing. currently head-gear charges a price of 230 per helmet. variable
would you please explain the following example for me? thank youif economy a whose profit margin is 10 percent loses
Use the Ethics Awareness Inventory and Ethical Choices in the Workplace assessments to revisit your values. Write a paper of no more than 700 words in which you do the following:
a finance company offers a 3 plan. the cost of a one-year loan is 3 and this cost is added to the loan. this total is
randolph smithfield is a cost analyst with franklin insurance company. franklin is applying standards to its claims
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd