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In 2011, DFS Medical Supply collected rent revenue for 2012 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recognized as income in the period earned. The unearned portion of the rent collected in 2011 amounted to $300,000 at December 31, 2011. DFS had no temporary differences at the beginning of the year.
Required:
Assuming an income tax rate of 40% and 2011 income tax payable of $950,000, prepare the journal entry to record income taxes for 2011.
heersink corporation bases its predetermined overhead rate on variable manufacturing overhead cost of 10.50 per
The charge will be $1.05 billion to $1.15 billion for the quarter ended June 30. Microsoft reports its fourth quarter results July 19.
Often variances occur simultaneously and provide insight regarding the performance for the period. Indicate one reason for each of two of these variances and ensure your explanation is interrelated, meaning the two events giving rise to the varian..
All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710.
inman manufacturing company makes a product that it sells for 60 per unit. the company incurs variable manufacturing
Which of the four results in the recognition of revenues and expenditures ( expenses)?
Jerry, a general contractor by trade, is a tenant of Montgomery Apartments. In exchange for four months rent at $900 per month, Jerry provided the following items and services for Paul, the owner of the apartments: How should Paul treat this trans..
1. w promotions sells t-shirts imprinted with college names and logos. next year the shirts are expected to sell
twin-cities inc. purchased a building for 400000. straight-line depreciation was used for each of the first two years
womgh company uses flexible budgets. at normal capacity of 8000 units budgeted manufacturing overhead is 48000 variable
assume a corporation has earnings before depreciation and taxes of 117000 depreciation of 45000 and is in a 35 percent
the golf range is considering adding an additional driving range to its facility. the range would cost 76000 would be
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