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In 2010, its first year of operations, Kimble Corp. has a $900,000 net operating loss when the tax rate is 30%. In 2011, Kimble has $360,000 taxable income and the tax rate remains 30%. Instructions Assume the management of Kimble Corp. thinks that it is more likely than not that the loss carryforward will not be realized in the near future because it is a new company (this is before results of 2011 operations are known). (a) What are the entries in 2010 to record the tax loss carryforward?
(b) What entries would be made in 2011 to record the current and deferred income taxes and to recognize the loss carryforward? (Assume that at the end of 2011 it is more likely than not that the deferred tax asset will be realized.)
Prepare the journal entry that Faulkner may record in 2013 related to the change. (If no entry is needed for a particular event, select "No journal entry required" in the first account field.)
Computation of contribution margin Ratio, BEP, and margin of Safety and Find Aunt Pitty's breakeven level of sales revenues and determine auto Pitty's Margin of Safety in the most recent year?
Find what are flexible-budget revenues, evaluate the static-budget revenues and determine the actual variable costs (C)?
What value the random variable will assume for each of the experimental outcomes and list the experimental outcomes associated with performing the blood analysis
You have seen how digital technology like YouTube allows people to easily create mashups and remixes. Do you think the law should allow these diffrent kinds of creative expressions? Why?
Purpose a cost of quality and how do you think management could react to the relative size of the four categories of quality costs.
Cash Flow Computations - From the following selected data, evaluate the cash balance at the end of the year.
Selected balance sheet and income statement data for Green Tea, Inc., for the year ended December 31, 2011 are below. Illustrate what is the company’s times interest earned ratio?
Describe the relationship between the labor efficiency variance and the variable overhead efficiency variance.
Evaluate the Polish subsidiary's depreciation expense for the existing year considering the zloty is the functional currency.
Which of the subsequent groups constitute a controlled group? (Any stock not listed below is held by unrelated individuals every owning less than 1% of the outstanding stock.) For brother-sister corporations, which definition applies?
Create a fixed budget income statement for the planned level of sales and production and create a fixed budget income statement for actual level of sales and production.
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