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Question - Sarasota Tar and Gravel Ltd. operates a road construction business. In its first year of operations, the company obtained a contract to construct a road for the municipality of Cochrane West, and it is estimated that the project will be completed over a three-year period starting in June 2017. Sarasota uses the percentage-of-completion method of recognizing revenue on its long-term construction contracts. For tax purposes, and in order to postpone the tax on such revenue for as long as possible, Sarasota uses the completed-contract method allowed by the CRA. By its first fiscal year end, the accounts related to the contract had the following balances:
The accounts related to the equipment that Sarasota purchased to construct the road had the following balances at the end of the first fiscal year ending December 31, 2017 for accounting and tax purposes:
Sarasota's tax rate is 45% for 2017 and subsequent years. Income before income tax for the year ended December 31, 2017, was $187,000. Sarasota reports under IFRS.
Calculate the deferred tax asset or liability balances at December 31, 2017.
The inventory cost Yukon $260,000 and was sold to Ontario for $390,000. Ontario still had $60,000 of the goods in its inventory at the end of the year. The amount of unrealized intercompany profit which should be eliminated in the consolidation pr..
The certainty equivalent concept can be widely employed in the analysis of personal and business decision making. Indicate whether each of the following statements is true or false and explain why:
Spartan Corporation redeemed 25 percent of its shares for $3,300 on July 1 of this year, in a transaction that qualified as an exchange under §302(a).
a sporting goods store budgeted august purchases of ski jackets at 14000. the store had ski jackets costing 12000 in
Matthew was a participant in his employer's contributory qualified pension plan. The plan balance of $2 million is paid to Olivia, Matthew's daughter and beneficiary. The distribution consists of the following.
Various Completion Matters. For each of the following independent situations, describe the most appropriate course of action that the auditors should take.
Jumpin-JehoSaphats is owned by Jessica Jean (JJ)Saphats. Jessica wants to incorporate her business but is not sure of the differences between the current form of sole proprietorship and changing to a corporation. She has come to you to discuss ..
Responsibilities to Clients' Cases. Read the following cases. For each case, state whether the action or situation shows a violation or potential for violation.
Issued 500 shares of common stock for machinery. The machinery had been appraised at $7,100; the seller's book value was $6,200. The most recent market price of the common stock is $16 a share.
This assessment task requires you to write a statement addressing the required attributes for the advertised Graduate Position at Water Partners.
find the financial statements for a publicly traded company that provides segmented financial information. prepare an
do some research and find an article that discusses the lack of proper internal controls. discuss how you think the
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