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Lance Lawn Services reports warranty expense by estimating the amount that eventually will be paid to satisfy warranties on its product sales. For tax purposes the expense is deducted when the cost is incurred. At December 31, 2013, Lance has a warranty liability of $1 million and taxable income of $75 million. At December 31, 2012, Lance reported a deferred tax asset of $435,000 related to this difference in reporting warranties, its only temporary difference. The enacted tax rate is 40 % each year. Prepare the appropriate journal entry to record Lance's income tax provision for 2013.
Management's inventory policy is to have ending inventory equal to 1.4 times the cost of sales for the subsequent month, although it is estimated that the cost of inventory at March 31 will be $170,000.
What is Teresa's basis in the stock after distribution? What is her remaining "outside" basis in HT?
The required return on this stock is 12 percent, what is the current share price?
Bill receives interest income of $5,000 from bonds purchased with his salary after marriage. Bill and Hillary receive $10,000 dividend income from stock they purchased jointly. Hillary's income would be ??
The redemption qualifies for sale or exchange treatment, and Ali has no other transactions in the current year involving capital assets?
What is the amount of the loss on impairment that Beehive should recognize at June 30, 2006?
Discuss the U.S. tax consequences of each of the above items of income. Also, indicate how your answers would change if Harry held a green card.
The prevailing rate of interest for a note of this type on January 1, 2010, was 9%. At what amount should the gain from the sale of the building be reported?
a. What amount of ordinary business income is allocated to Jane? b. What is the amount and character of seperately stated items allocated to Jane? c. What is Jane's basis in her XYZ corp. stock at the end of the year?
What was the amount of Stoop's earnings that should be included in calculating consolidated diluted earnings per share?
what document usually summarizes the sources disbursements charges and credits associated with a real estate closing?a
a) Calculate the employer's payroll taxes, using the following rates state unemployment, 4.3%: federal unemployment, 0.8% b) Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes.
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