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Whispering Winds Corporation purchased equipment very late in 2020. Based on generous capital cost allowance rates provided in the Income Tax Act, Whispering Winds Corporation claimed CCA on its 2020 tax return but did not record any depreciation because the equipment was being tested. This temporary difference will reverse and cause taxable amounts of $35,100 in 2021, $36,300 in 2022, and $44,300 in 2023. Whispering Winds's accounting income for 2020 is $249,400 and $209,400 in each of 2021 and 2022, and the tax rate is 30% for all years. There are no deferred tax accounts at the beginning of 2020.
Problem 1: Calculate the deferred tax balances at December 31, 2021 and 2022.
Problem 2: Calculate taxable income and income tax payable for 2021 and 2022.
Problem 3: Prepare the journal entries to record income taxes for 2021 and 2022.
The credit manager estimates that $40 000 of these receivables will become uncollectable. Prepare the journal entry to record the estimated uncollectables
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Brief description of the company and the industry(ies) of which it is part and the main challenge(s) being faced- i.e. why are you being asked.
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last year attic charged 3496000 depreciation on the income statement . if early this year attic sold all its
Relate this topic to your current, List and define unfamiliar terms
Financial statement data for years ending December 31 for Fallon Company are shown below. Determine the fixed asset turnover ratio for 2012 and 2011
Evaluate whether the most significant failure occurred within the system design, implementation, or operational phase of the process. Indicate what the company could have done to avoid the failed outcome.
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