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Iilifeless Mvidgdailies Did. Received raviIS, VU Of Subscriptions Ili duvalice for 2013. Subscription revenue will be recognized in the financial statement equally in 2014 and 2015. However, from the perspective of tax, the whole amount of RM 15,000 will be recognized immediately upon its receipt in 2013. Timeless Magazine Bhd. reported pre-tax accounting income of RM80,000, RM 15,000 and RM 105,000 for 2013, 2014 and 2015, respectively. The income tax rate is 20%.
Required:
Question a) Calculate the amount to be recognized in the Statement of Profit and Loss and Other Comprehensive Income for the year ended 31 December 2013, 2014 and 2015.
Question b) Calculate the amount to be recognized in the Statement of Financial Position as at 31 December 2013, 2014 and 2015.
The executor of Danny Mack's estate has listed the following properties at fair value: Cash $200,000, Life Insurance Receivable $500,000, Investment in Stocks and Bonds $50,000, Rental Property $100,000, and Personal Property $80,000. Additionally, t..
Assume that on July 1, 2019, Sweet Co. redeems half of the bonds at a cost of $1,173,900 plus accrued Interest. Prepare the journal entry to record redemption.
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The Great Indoors sells carpet and floor coverings. The company will pay stockholders a $0.90 quarterly dividend this afternoon. Investors anticipate that the company will increase this dividend by a constant 2.0% percent per quarter. If investors re..
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Summarise the background to the case and Summarise the main issue/s outlined in the case - Identify the problems these issues create
Describe why the Federal Reserve expands and contracts the money supply. Describe the four ways the Fed accomplishes this task. Make sure to discuss how each of the methods accomplishes the intentions of the Fed. Which method(s) is most important/des..
prepare direct materials price variance efficiency variancelabor rate variance labor efficiency variance and pass
Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $201,000. The appraised fair market value of the warehouse was $112,250, and the appraised value of the land was $141,750. What is Bob’..
King Company owns a 90 percent interest in the outstanding voting shares of Pawn Company. No excess fair-value amortization resulted from the acquisition. Pawn reports a net income of $110,000 for the current year. Intra-entity sales occur at regu..
How much was Cullumber Co.'s share of Riverbed Co.'s net income for the year? What was Riverbed Co.'s total net income for the year?
How much did Amanda pay in total on the interest component during the 5-year period? Calculate Amanda's monthly car payment.
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