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Gobble Goop Corp incorporated in 2008. In their current year (2011), the company has furnished you (a super star accountant) with the following information regarding their financial and tax returns: Sales with installments are reported at $50,000. For tax purposes, these sales are listed at $42,000. Bad debt expenses for the year are $4,500. During the year, $3,000 of bad debts were written-off. Depreciation per financial statements amounted to $85,000 and $98,000 for tax purposes. A new air hockey table cost $6,000. The company paid $10,000 in speeding tickets. The company collected $35,000 from a life insurance policy. Gobble Goop also have a $25,000 deferred tax asset and a $45,000 deferred tax liability. Net income for the year is $125,000 (pre tax) and the tax rate is 30%. What would it be if the installment sales were a reversing difference? What if the tax rate changed from 30% to 40% at the beginning of the year? What if the deferred tax asset was a NOL?
a stock expects to pay a year-end dividend of 2 a share i.e. d1 2 assume that last years dividend has already been
assume that convergence becomes a reality. predict the governing body that would be in control and suggest the
Described below are certain transactions of Carson Company for 2007: On May 10, the company purchased goods from Jay Company for $50,000, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18.
brandywine home care a not-for profit business had revenues of 12 million in 2007. expenses other than depreciation
Smith Corporation reports the following information: Net income $500,000 Depreciation expense 140,000 Increase in accounts receivable 60,000 Smith should report cash provided by operating activities of:
Assuming no other changes, the effect, when moving from the change in fund balances in the governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances to the change in net assets for governmental activities in the Statement..
1. panther co. had a warranty liability of 345000 at the beginning of 2013 and 309000 at the end of 2013. warranty
the table below contains data on fincorp inc. the balance sheet items correspond to values at year-end of 2010 and 2011
Clothes, Inc., has an average annual demand for red, medium polo shirts of 25,000 units. The cost of placing an order is $80 and the cost of carrying one unit in inventory for one year is $25. a. Use the economic-order-quantity model to determine ..
Target Company issues bonds with a par value of $950,000 on their stated issue date. The bonds mature in 15 years and pay 10% annual interest in semiannual payments. On the issue date, the annual market rate for the bonds is 12%. Compute the price..
Dove Corporation had purchased the land as an investment three years ago for $375,000, and the land was distributed subject to a $270,000 liability. Alexandra took the land subject to the $270,000 liability. What is Alexandra's basis in the land?
what behavioral problems are associated with setting a budget too loosely? what behavioral problems are associated with
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