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Lance Lawn Services reports bad debt expense using the allowance method. For tax purposes, the expense is deducted when accounts prove uncollectible (the direct write-off method). At December 31, 2011, Lance has accounts receivable and an allowance for uncollectible accounts of $20 million and $1 million, respectively, and taxable income of $75 million. At December 31, 2010, Lance reported a deferred tax asset of $435,000 related to this difference in reporting bad debts, its only temporary difference. The enacted tax rate is 40% each year.
Required: Prepare the appropriate journal entry to record Lance's income tax provision for 2011. (Enter your answers in dollars not in millions. Omit the "tiny_mce_markerquot; sign in your response.)General Journal Debit Credit
birchcompany manufactures a part for its production cycle. thecosts per unit for 5000 units of this part are
MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios signed a 60-day, 10% promissory note for $7,800. If the note is dishonored, what is the amount due on the note?
1. provide at least three characteristics of a corporation in your own words.2. the date on which a cash dividend
kubicki company operates a chain of designer bags and shoes stores in the houston area. this year the company achieved
bienvenu enterprises reported cost of goods sold for 2010 of 1400000 and retained earnings of 5200000 at december 31
In July of 2009, Mr. Mann, a sole proprietor who performs excavating services, purchased and put to use for business a piece of heavy equipment for $36,500.
Many companies, as it is commonly known, achieve their growth through business combinations, which can be friendly combinations or hostile takeovers. Give your opinion on which type of combination is likely to occur in a company.
Lark Corporation is a calendar year taxpayer. At the beginning of the current year, Lark has accumulated E & P of $330,000. The corporation incurs a deficit in current E & P of $460,000 that accrues ratably throughout the year. On June 30, Lark di..
Distinguish general revenue from progam revenue. Provide several example of each.
Brent Houghton and Dick Kreibach are considering a business venture. They ask you to explain the advantages and disadvantages of the partnership form of organization.
At the time of the liquidation, the property had a FMV of $80,000. What amount of loss can be recognized by Cooper on the distribution of property?
the molding department of kennett company has the following production data beginning work in process 25000 units 60
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