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Rubarb farms depreciates its assets at a faster rate for tax purposes than to GAAP financial statement purposes, and invest heavily in municipal bonds. in its first year of operation, the year ended Dec 31, year 1. Rubarb pretax financial income reconcile to its tax return income as follows:
pretax financial income $ 200,000excess depreciation per tax return ( $ 40,000)Municipal bond interest ($ 10,000)Taxable income $ 150,000
if the enacted tax rate for the current and future periods were 25%, Rubarb would record a deffered tax liability of?
A. $2,500
B. $10,000
C. $ 12,500
D. $ 37,500
Round-robin brainstorming can be a good technique. Let's say that we were going to incorporate this technique for a brainstorming session for a new client. You're in charge of creating the agenda and contacting the people who will attend the meeti..
What is the danger in allocating common fixed costs among product lines or other segments of an organization?
Prepare a direct materials budget for chips, by quarter and in total, for Year 2. At the bottom of your budget, show the dollar amount of purchases foe each quarter and for the year in total.
The company mostly sells on a retail basis to household consumers, but occasionally receives large orders for tables and chairs from schools and businesses.
The contribution margin ratio for Sporting Goods is 30%, while for Sports Gear it is 50%. What will sales be for the Sporting Goods Division at the break-even point?
What are the differences between regular and irregular items on income statement? What are the requirements for items to qualify as irregular?
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Part 1 On July 1, 2010, Wallace Company, a calendar-year company, sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer.
Management has determined that they should record a valuation allowance equal to the net deferred tax asset. Assuming a tax rate of 34%, prepare the journal entries to record the deferred tax provision and the valuation allowance.
A company that changes from the declining-balance method of depreciation for previously recorded assets to the straight-line method should report the change as a(n)
Describe how the authoritative literature addresses comprehensive income. Describe three classifications within net income and give an example of each. Describe three classificiations within other comprehensive income and give an example of each.
Given the quantity and total fixed and variable costs, compute the remaining costs the complete the following table.
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