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BBY is a calendar year accrual method corporation with a marginal and effective tax rate of 34%. It had $5,000,000 of financial income before making the following cash payments on December 31,2011:
$4,000 paid to a consultant for work to be performed in January 2012.$600,000 for equipment delivered on December 1, 2011. The equipment has a useful life of 10 years for financial accounting and 7 years for tax accounting. this was the only asset purchased in 2011. (MACRS mid-quarter percentage is 3.57. the Sec.179 deduction was not taken)$17,000 for property tax for the first six months of 2012.$84,000 for a two-year office lease beginning December 1,20111.$230,000 for inventory purchases. $100,000 was on-hand at 12/31/11for each of these expenditures:
How are these expenditures reported for financial and taxable income?
What is the financial tax expense?
What is tax liability?
What is the journal entry to record the tax accrual?
Prepare an owner's equity statement for the month of June. Prepare a balance sheet at June 30.
data related to the acquisition of timber rights and intangible assets during the current year ended december 31 are as
If you believe her behavior is unethical, what controls could be in place to prevent it? Have you ever used office resources for personal tasks? Under what conditions could such use of office resources be justified?
julie has just retired. her companys retirement program has 2 options for how her benefits can be recieved. option 1
Explain how the degree of operating leverage is calculated. Explain what information operating leverage provides for decision makers
What is meant by budget variance?
When the terms of sale are FOB shipping point, who should ultimately pay the transportation charges
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explosion company produces one type of product. total fixed costs are 100000. unit variable costs are 6.00. the
Explain how the perpetual and periodic inventory systems differ, especially in determining Cost of Goods Sold and Ending Inventory?
What are some main differences between financial and managerial accounting? How do these differences affect the type of information that must be gathered and reported?
on April 1, 2010, a company disposed of equipment for $14,200 cash that had cost $35,000 on January 1, 2006. The equipment had a salvage value of $5,000, and a useful life 10 years.
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