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Gammell, Inc. reported net income of $40,000 for 2009. The income tax return excluded a revenue item of $3,000 (reported on the income statement) because under the tax laws the $3,000 would not be reported for tax purposes until 2010. Assuming a 35% income tax rate, this situation would cause a 2009 deferred tax amount of:
a) $3,000 (credit).
b) $1,050 (credit).
c) $1,050 (debit).
d) $3,000 (debit).
Taxable Income Last Current Parent ($16,000) $20,000 Subsidiary 10,000 (21,000) How much of the Subsidiary loss can be carried back to last year?
The manufacturing costs for 40,000 units are: direct materials $900,000; direct labor $450,000; variable overhead $900,000; and fixed overhead $750,000. All costs except $500,000 in fixed overhead will be avoided if the parts are purchased.
What are the two types of proprietary funds, and what are the major differences between those two?
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Which of the following statements concerning the Ultramares Corp. v. Touche case is not true?
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Would outsourcing the payroll function increase or decrease Duck Associates' operating income? how should each of the factors affect Tan's decision if she wants to do what is best for Duck Associates and act ethically?
Barr Company acquires 60, 10%, 5 year, $1,000 Community bonds on January 1, 2010 for $61,250. This includes a brokerage commission of $1,250. The journal entry to record this investment includes a debit to
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