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At the end of 2010, its first year of operations, the Swelland Company reported a pretax operating loss of $32,000 for both financial reporting and income tax purposes. At that time the company had no positive verifiable evidence that it would earn future taxable income. However, due to successful management, the company reported pretax operating income (and taxable income) of $70,000 in 2011. During both years, the income tax rate was 30% and no change had been enacted for future years.Required:1. Prepare the income tax journal entries of the Swelland Company at the end of 2010.2. Prepare the income tax journal entry of the Swelland Company at the end of 2011.3. Prepare the lower portion of Swelland's 2011 income statement.
red blue white and magenta have taxable income as givencorporation taxable amountblue 91000white 320000red
Except for $2,000 which was used for purchase of raffle tickets, the others were made to various approved charitable organizations without consideration. The raffle tickets were used for lucky draw by the general staff during the annual dinner.
se machinery pty ltd sem is a private resident australian company incorporatedin 1981. the company develops and
Suppose a manager claims flexible budgets are useful because costs are difficult to predict and flexibility is needed to modify budgeted costs as input prices change.
in the present year the doe partnership received revenues of 100000 and paid the subsequent amounts 20000 in rent and
Prepare the required journal entry to record the tax expense
explain the purpose of a flexible budget. suppose a manager claims flexible budgets are useful because costs are
Fees related to the lodgment of Leighton's income tax return ($300) and the advice regarding the sale ($400). Advise Leighton as to whether the $700 paid to his accountant is deductible for income tax purposes.
Complete the schedule for each case. Unless otherwise indicated assume that the shareholders have ample basis in the stock INVESTMENT.
Is Basil a resident of Australia for tax purposes and when is income derived in a lay-by sale and what is the tax treatment of a) the deposit; and b) progress payments?
Find how much of Warbler's business income does State C tax and find how much of Warbler's non business income does State C tax?
Advise John Jones what amounts would be included in his assessable income. Your answer should include a discussion of the following: Whether he return on a cash or accrual basis.
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