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Point 1: J-Matt, Inc., had pretax accounting income of $313,000 and taxable income of $340,000 in 2021. The only difference between accounting and taxable income is estimated product warranty costs of $27,000 for sales in 2021. Warranty payments are expected to be in equal amounts over the next three years (2022-2024) and will be tax deductible at that time. Recent tax legislation will change the tax rate from the current 25% to 20% in 2023.
Question 1: What is the journal entry for 2021?
Our company had 20,000 shares of common stock outstanding. Par value is $10. Our company approved a 2-for-1 stock split. What are the common stock shares and par value after the split? What is the impact on total shareholders’ equity?
Fastow, a corporate executive, incurred and paid the following business-related unreimbursed expenses in the current year: Assuming that Fastow does not itemize deductions, how much of these expenses can be deducted on his tax return for the current ..
Which of the following transactions does not constitute a completed gift for federal gift tax purposes? What are the gift tax consequences if donor transfers $2 million to donor’s former spouse as a property settlement pursuant to a written divorce a..
Describe the specific objectives of financial reporting and explain the relationship between the objectives of financial reporting.
Prepare a classified balance sheet for B&L Landscapes, Inc. for July 1, 2014. Prepare the Stockholders' Equity section of the balance sheet for June 30, 2015.
Describe and discuss the main criteria used by ratings agencies such as Moody's and Standard and Poor's in order to construct credit ratings.(800 words)
Why is the ability to measure the liquidity, solvency, and profitability of a company so important? What specific ratios might you use to measure each?
Determine the taxable gift in each of the following unrelated scenarios: Determine the items exempt from gift tax that were paid by Yancey: Determine the annual exclusion in each of the following unrelated scenarios:
Company A reported sales during the year of $1,000,000. Its average accounts receivable balance during the year was $250,000. Company B reported sales during the same year of $400,000 and had an average accounts receivable balance of $40,000.
Rich Company uses a standard cost system- budgeted $800000 of fixed overhead when 50,000 machine hours were anticipated. Illustrate w hat is Rich's fixed overhead budget variance?
Develop a marginal profit and loss statement for this business opportunity. What is meant by benefit/cost ratio, average payback period and ROI and why are the all important to understand when purchasing new equipment?
A company sold PP&E for $200. Prior to the sale, the net book value of the PP&E on the financial statements was $240. Thus the company recorded a loss on sale of equipment of $40 in net income. What is the operating cash flow in this transaction?
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