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Johnny Bravo Company began operations in 2015 and has provided the following information. 1.Pretax financial income for 2015 is $100,000. 2.The tax rate enacted for 2015 and future years is 40%. 3.Differences between the 2015 income statement and tax return are listed below.1.Warranty expense accrued for financial reporting purposes amounts to $5,000. Warranty deductions per the tax return amount to $2,000. 2.Gross profit on construction contracts using the percentage-of-completion method for book purposes amounts to $92,000. Gross profit on construction contracts for tax purposes amounts to $62,000. 3.Depreciation of property, plant, and equipment for financial reporting purposes amounts to $60,000. 4.Depreciation of these assets amounts to $80,000 for the tax return. 5.A $3,500 fine paid for violation of pollution laws was deducted in computing pretax financial income. 6.Interest revenue earned on an investment in tax-exempt municipal bonds amounts to $1,400. 4.Taxable income is expected for the next few years. Use the spreadsheet Journal Entries to prepare the journal entry to record income tax expense, deferred taxes, and income taxes payable for 2015. Draft the income tax expense section of the income statement, beginning with "Income before income taxes"
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Policies in those areas where regulatory requirements exist should articulate with the law. Explain the process you would follow to ensure this, using the example of privacy (privacy policy and privacy laws).
Burger Palace Corporation reports a net cash used for investing activities of $3.4 million and a net cash provided by financing activities of $1.6 million. If cash increased by $1.1 million during the year, what was the net cash flow provided from..
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Payroll data for the current week are as follows: hours worked, 46 federal income tax withheld, $350; cumulative earnings for year prior to current week, $99,700; social security tax rate, 6.0% on maximum of $100,000; and Medicare tax rate, 1.5% o..
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