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The records for Orkin Co. show this data for 2012:• Machinery was acquired in January for $300,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, accelerated depreciation is used and Orkin may deduct 14% for 2012.• Interest received on tax exempt Iowa State bonds was $9,000.• The estimated warranty liability related to 2012 sales was $19,600. Repair costs under warranties during 2012 were $13,600. The remainder will be incurred in 2013.• Pretax financial income is $600,000 and taxable income is 585,000. The tax rate is 30%.
Instructions(1) Calculation of deferred tax asset and liability at the end of 2012.(2) Calculation of net deferred tax expense (benefit) for 2012.(3) Calculation of income tax expense (benefit) for 2012.(4) Journal entry to record income tax expense, deferred taxes, and income tax payable for 2012.
Paul and Ray sell musical instruments through their partnership. To bring in additional funds and expertise, they decide to admit Janet to the partnership. Paul's capital is $400,000, Ray's capital is $200,000, and they share income in a ratio of ..
Precision Numbers, Inc., manufactures pocket calculators. Costs incurred in making 25,000 calculators in April included $85,000 of fixed manufacturing overhead. The total absorption cost per calculator was $12.50.
You just purchased a bond that matures in 4 years. The bond has a face value of $1,000 and has an 9% annual coupon. The bond has a current yield of 7.63%. What is the bond's yield to maturity? Round your answer to two decimal places.
Determine if you should open the retail shop in this vacant space. Include the break-even transactions, CM%, and the break-even dollar amount. Explain your answer (include rationale if your answer is yes or no).
Speculating with Currency Futures: Suppose that a March futures contract on Mexican Peso was available in January for $.09 per unit. Also suppose that forward contracts were available for same settlement date at a price of $0.092 per peso.
Describe this Basic Type of Business Formation: Partnership Explain the Following Consequences of the type of Business Organization:
Hobson acquires 40% of the outstanding voting stock of Stokes Company on January 1, 2008,for $210,000 in cash. The book value of Stokes' net assets on the date was $400,000, although one company's buildings, with a $60,000 carrying value, was actu..
Net Income for Levin-Tom partnership for 2012 was 125000. Levin and Tom have agreed to distribute partership net income according to the following plan.
The amount of overhead cost that the company applied to work in process for October was:
How has the 2007-09 Global Financial Crisis affected the procedures of global economic governance?
What amount will Cashmere Soap include in its year-end balance sheet as cash and cash equivalents?
Let's talk about donated services. Clearly unique to nonprofits (well, I've never heard of anyone willingly donating their time and efforts to General Motors, but I guess it's possible) - What does FASB say about donated services?
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