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Point 1: Fore Farms reported a pretax operating loss of $210 million for financial reporting purposes in 2021. Contributing to the loss were (a) a penalty of $10 million assessed by the Environmental Protection Agency for violation of a federal law and paid in 2021 and (b) an estimated loss of $20 million from accruing a loss contingency. The loss will be tax deductible when paid in 2022.
Point 2: The enacted tax rate is 25%. There were no temporary differences at the beginning of the year and none originating in 2021 other than those described above.
Required:
Question 1: Prepare the journal entry to record income taxes in 2022 assuming pretax accounting income is $225 million. No additional temporary differences originate in 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
Deluxe Ezra Company purchases equipment on January 1, Year 1, at a cost of $1,050,560. The asset is expected to have a service life of 12 years and a salvage value of $89,600. Compute the amount of depreciation for Years 1 through 3 using the straigh..
Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2012, were inventory, $55,900; total assets, $199,400; Compute the following: current ratio, acid-test rati..
Accounting 207 - financial accounting - Prepare the accounting policy note for inclusion in the financial statements of lotus limited as 30 June 2016
George Company has a unit selling price of $250, variable costs per unit of $170, and fixed costs of $140,000. Contribution Margin per Unit. Contribution Margin per Unit
Calculate the increase in corporate income in the following situations - Division A sells 10,000 units to Division B for $150 each, and Division B produces and sells 10,000 units for $225.
Assuming the company uses variable costing, calculate Polk's manufacturing cost per unit for 2012 and the parts of this question must be completed in order. This part will be available when you complete the part above.
which assertion(s) for accounts receivable should the auditor be most concerned with? Why? which assertion for sales should the auditor be most concerned with.
The market price of a share of common stock at time of issuance was $19.50, while market price of a preferred share of stock at time of issuance was $32.
The administrative expenses were $4,370, depreciation was $812, dividends paid were $285, and the interest expense was $103. What was the cost of goods sold?
DaDumCompany desired 12,000 pounds of raw material on hand on June 1 and 10,500 on June 30. The number of pounds required for production for June totaled 240,000 pounds. How many pounds of raw material should DaDum purchase in June?
Raw materials are expected to cost $4 per unit throughout the period - Calculate the May raw materials purchases in dollars.
Prepare Davis consultings cash budget for January and February 2013 and how much cash will Davis borrow in February if cash receipts from customers that month total $21,500 instead of $51,500?
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