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Dreamco has a financial statement income of $90 million in 2013. In this $90 million are $1 million in Meals/Entertainment expense (50% excluded for tax purposes), $4 million in life insurance proceeds from a President passing in 2013, and municipal bond interest of $2 million. Straight-line depreciation is used for financial statements, but MACRS on the tax return that has created a temporary negative difference of $10 million on the tax return for the current year but will reverse in the next 3 years. Net operating losses of $60 million that are expected to be used in the next 10 years at the end of 2013. Deferred tax asset balance of $30 million at the 12/31/12 and no deferred tax liability. The tax rate is 40% and isn't expected to change.
Provide the journal entry for the 2013 income tax provision with the information given.
timothy is a 35 percent partner in the total partnership a calendar-year-end entity. timothy has an outside basis in
What are the strengths and weaknesses of no allocation, comprehensive allocation with an income statement orientation and comprehensive allocation
given a normal distribution with ?100 and ? 10 what is the probability that a. x gt 75? b. x lt 70? c. x lt 80 or x gt
On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000. For the year ending, December 31, McGuire earned income of $48,000 and paid dividends of $14,000.
Assume that a company issues bonds with a $100,000 face value at 100 and must pay $5,000 of costs associated with the issuance. Assume that the life of the bond is five years and that the company amortizes bond issue costs on a straight-line b..
marsden manufactures a cat food product called special export. marsden currently has 17000 bags of special export on
Equipment in general governmental service that had been acquired several years ago by a capital projects fund at a cost of $30,000 was sold for $11,000 cash. Accumulated depreciation of $20,000 existed at the time of the sale. The journal entry to..
which of the following represents the second largest payroll related expense incurred by
24800 were incurred in connection with the issue. interest on the bonds is payable annually each december 31. the 24800
On December 1, 2002, Blake Inc. signed an operating lease for a warehouse for 10 years at $24,000 per year. Upon execution of the lease, Blake paid $48,000 covering rent for the first two years. How much should be shown in Blake's income statement..
Complete the table, indicating whether each transaction will increase (I), decrease (D), or have no effect (NE) on the specific ratios provided for Screven Enterprises.
the ceo of a telephone company has been under public pressure from city officials to fix the large number of of public
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