Prepare the year-end journal entries to record income taxes

Assignment Help Accounting Basics
Reference no: EM131003578

The DeVille Company reported pretax accounting income on its income statement as follows:
Included in the income of 2011 was an installment sale of property in the amount of $50,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $20,000 in 2012, $25,000 in 2013, and $5,000 in 2014.
Included in the 2013 income was $15,000 interest from investments in municipal bonds.
The enacted tax rate for 2011 and 2012 was 30%, but during 2012 new tax legislation was passed reducing the tax rate to 25% for the years 2013 and beyond.

Required:

Prepare the year-end journal entries to record income taxes for the years 2011-2014.

Reference no: EM131003578

Questions Cloud

Establishing a program to raise revenue through excise taxes : You are selected by the board of Alderman in your hometown to help the lawmakers in establishing a program to raise new revenue through excise taxes. Why would elasticity of demand be important to you in determining the products on which taxes should..
Income amounts before depreciation expense : Assume the average and marginal income tax rate for 2011 and 2012 was 30%; however, during 2012 tax legislation was passed to raise the tax rate to 40% beginning in 2013. The 40% rate remained in effect through the years 2013 and 2014. Both the accou..
Short supply and in response price has risen dramatically : Facts: Partly because some major soy growers have switched to high-priced corn, and partly due to bad weather, world production of soy has been running well below worldwide sales for four years. Soy is now in relatively short supply and in response t..
The nash equilibrium will be : In a simultaneous move game, if both charge the low price (LP) they each earn $5K. If both charge the high price (HP) they each earn $10K. If they charge different prices, the one playing LP earns $15K and the other earns $1K. The Nash Equilibrium wi..
Prepare the year-end journal entries to record income taxes : The enacted tax rate for 2011 and 2012 was 30%, but during 2012 new tax legislation was passed reducing the tax rate to 25% for the years 2013 and beyond.
Compute volume of the solid obtained by rotating the region : For the region bounded by y =2x2, y = 8, 0 ≤ x ≤ 2, please Sketch the region. Use the method of cylindrical shells to find the volume of the solid obtained by rotating the region about the y-axis.
Research how they reproduce : Research how they reproduce, and ID them using at least three phenotypic descriptions:  tuberculosis bacterium, Streptococcus pnuemonae
Pcr amplify a gene, : You're trying to PCR amplify a gene, but your gel shows that there are two bands instead of only one like you expected. You know for certain that there no homologous genes in the genome from which you're amplifying, so you assume that the issue must ..
What are the abiotic and biotic factors of sphagnum moss : What are the abiotic and biotic factors of sphagnum moss?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Total stockholder equity

Preferred dividends declared 30,000 Common dividend declared 6,000 Unrealized holding loss, net of tax 3,000 Retained earnings, beginning balance 240,000 Common stock 120,000 Accumulated Other Comprehensive Income, Beginning Balance 15,000 What would..

  Buchanan co recently was sued by a competitor for patent

buchanan co. recently was sued by a competitor for patent infringement. attorneys have determined that it is probable

  Go to comprehensive annual financial report cafr for your

for your assignment discuss when the government and nonprofit organizations would use each of the following

  In your opinion is it fair that most middle-class taxpayers

as a tax preparer one of your clients without tax liability is reviewing his taxes before submission and is surprised

  In activity-based costing a separate activity rate ie

in activity-based costing a separate activity rate i.e. predetermined overhead rate is computed for each activity cost

  Determine the amount of retained earnings

During 2011 Thomas earned $36,000 of cash revenue, paid $20,000 for cash expenses, and paid a $2,000 cash dividend to the stockholders.

  Gasb rules for the financial reporting entity

Under GASB rules for the financial reporting entity a. component units are included if the primary government is financially accountable for their operations B. counties are component units of the state government

  Access virtual organizations to obtain company information

Access Virtual Organizations to obtain company information on Riordan Manufacturing, or select an organization with which you are familiar. Obtain instructor approval for your company selection.

  Manufacturing overhead cost was applied to production on

custom metal works produces castings and other metal parts to customer specifications. the company uses a job-order

  Cash sales are 30 of each products monthly sales the

1.parthenon inc. sells two products yo-yos and hula hoops. the sales forecast in units for the first quarter of the

  Apply the theory of constraints to your own working

Apply the Theory of Constraints to your own working environment (past or present). Explain why your organization doesn't have unlimited resources (space, inventory, product line, etc)

  Nichol industries acquired common stock of crest view inc

Nichol Industries acquired common stock of Crest View Inc

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd