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The Ambrosia Corporation's lead accountant shows the following information.On Jan. 1, 2012, Ambrosia purchased a bottling machine for $3,000,000.A) Straight-line basis depreciation for 3 years for tax purposes.B) Half-year convention for 5 years for financial reporting (See Appendix 11A). C) Tax-exempt municipal bonds yielded interest of $50,000 in 2013.D) Pretax financial income is $3,000,000 in 2012 and $4,400,000 in 2013.E) The company recognized an extraordinary gain of $250,000 in 2013 (which is fully taxable).F) Taxable income is expected in future years with an expected tax rate of 40%.
Required: 1) Compute taxable income and income taxes payable for 2013.2) Prepare the journal entries for income tax expense, income taxes payable, and deferred taxes for 2013. 3) Prepare the deferred income taxes presentation for Dec 31, 2013 balance sheet.
Required: a) Prepare journal entries for the end of the year based on the information above. b) Prepare the entry to record the gross profit realized in the current year.
An increase in net operating income (NOPAT) will cause which of the following?
Maximum earnings per share (EPS), Minimum cost of debt (rd), Highest bond rating, Minimum cost of equity (rs), or Minimum weight average cost of capital (WACC).
Melcher, Inc., originally sold 100,000 shares of its $10 par value common stock at $25 per share. Several years later the company repurchased 10,000 of these shares at $55 per share. Melcher currently holds those shares in treasury. Prepare the co..
Assuming that MARR is 10% and all maintenance costs and production savings are incurred at the end of the year, should the present lease be continued, or one of the two machines be purchased?
What are some obstacles to discerning a precise hurdle rate at Big Red Trucking, or in your business or industry? In what ways might you Red Trucking, or in your business or industry?
High-low method and regression analysis. Local Harvest, a cooperative of organic family-owned farms outside of Columbus, Ohio, has recently started a fresh produce club to provide support to the group's member farms, and to promote the benefits of..
Brave Industries is considering buying a machine for $180,000 with an estimated life of ten years and no salvage value. The straight-line method of depreciation will be used. The machine is expected to generate net income of $12,000 each year. The..
The production department started the month with the beginning goods in process inventory of $350,000. During the month, it was assigned the following costs: direct materials, $192,000; direct labor, $90,000; overhead applied at the rate of 30% of..
Vial-tek has an existing loan in the amount of 3.5 million with an annual interest rate of 9.5%. The company provides an internal company prepared financial statement to the bank under the loan agreement.
What per-member per month (PMPM) rate would be required to break even, ignoring any co-payments? What advice would you provide the primary care group?
Some, but not all, contributions of goods and services are given accounting recognition. In each of the following scenarios, an organization receives a contribution in kind. Prepare journal entries, as necessary, to give them accounting recognitio..
Britney is beneficiary of an $150,000 insurance policy on her father's life. Upon his death, she may elect to receive the proceeds in five yearly installments of $32,000 or may take the $150 lump sum. She elects to take the lump sum payment. What ..
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