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Question - Whispering Winds Corporation purchased equipment very late in 2020. Based on generous capital cost allowance rates provided in the Income Tax Act, Whispering Winds Corporation claimed CCA on its 2020 tax return but did not record any depreciation because the equipment was being tested. This temporary difference will reverse and cause taxable amounts of $35,100 in 2021, $36,300 in 2022, and $44,300 in 2023. Whispering Winds's accounting income for 2020 is $249,400 and $209,400 in each of 2021 and 2022, and the tax rate is 30% for all years. There are no deferred tax accounts at the beginning of 2020.
Required -
Prepare the journal entries to record income taxes for 2021 and 2022
Prepare the income tax expense section of the income statement for 2021, beginning with the line "Income before income tax."
Prepare the income tax expense section of the income statement for 2022, beginning with the line "Income before income tax."
What trend do you notice in the amount of net income reported for 2021 and 2022 in part (d)?
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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