Reference no: EM13787612
Harvard Company reports pre-tax financial income of $100,000 for 2010. The following items cause taxable income to be different than pre-tax financial income:
Insurance expenses amounting to $20,000 was prepaid on 12/31/2010. This will expire evenly throughout the next 2 years.
At year-end, tenants owed Harvard rent of $30,000 for the year 2010. Based on past experience, this will be collected in the following year.
Fines for pollution appear as an expense of $5,000 on the income statement
Harvard’s tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2010.
Required:
Compute taxable income and income taxes payable for 2010.
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2010.
|
Explain the difference between a norm-referenced versus test
: explain the difference between a norm-referenced versus criterion-referenced test. Be sure to give specific examples in clear terms that families will be able to understand.
|
|
Calculate a 95% confidence interva
: Calculate a 95% Confidence Interval for the following samples: =450, N=200, σ=100 =105, N=50, σ=15 = 19, N = 17, s = 5 = 8, N = 40, s = 1.6 = 8.35, N = 30, s = 1.59 Calculate a 99% Confidence Interval for the following samples: =525, N=110, σ=100 =30..
|
|
Number of adult tickets sold. how many adult tickets
: A Total of 560 tickets were sold for the school play. They were either adult tickets or student tickets. The number of student tickets sold was three times the number of adult tickets sold. How many adult tickets were sold?
|
|
Hobby of making bedspreads in spare time
: Paula pursued a hobby of making bedspreads in her spare time. During the year, she sold the bedspreads for $6,000. She incurred expenses as follows:
|
|
Compute taxable income and income taxes payable
: Harvard Company reports pre-tax financial income of $100,000 for 2010. The following items cause taxable income to be different than pre-tax financial income: Insurance expenses amounting to $20,000 was prepaid on 12/31/2010. This will expire evenly ..
|
|
Identify the internal and external stakeholders
: Identify the Internal and External Stakeholders - Discuss how internal or external stakeholders have influenced the situation in a positive or negative way?
|
|
Instructor graded assignment making financial business
: Unit 10: Instructor Graded Assignment Making Financial Business Decisions Unit 10 focuses on using financial methods and statistical data to inform alternative selection within business decisions. For this Assignment you will create a PowerPoint® pre..
|
|
Should libraries be required to install filtering software
: Should people under 18 be subjected to legal curfews or restricted driving privileges? Should libraries be required to install filtering software or otherwise censor the materials that they provide
|
|
How does ideology distort our understanding of reality
: Marx's highly influential understanding of ideology has an epistemological focus. How does it distort our understanding of reality? Who benefits from this distortion?
|