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Carlson Corp. reported the following pretax accounting income and taxable income for its first three years of operations: 2012 $ 400,000 2013 (700,000) 2014 800,000 Carlson's tax rate is 40% for all years. Carlson elected a loss carryback. Carlson was certain it would recover the full tax benefit of the NOL. What would it report on December 31, 2013, as the deferred tax asset for the NOL carryforward? $280,000. $200,000. $120,000. $ 0.
Hemingway, Inc. applies factory overhead based on direct labor costs. The company incurred the following costs during 2011: direct materials costs, $650,000; direct labor costs, $3 million; and factory overhead costs applied, $1,800,000.
Mary is an employee of Robert's CPA business who has earned a $50,000 bonus. GR Systems pays Mary $50,000 and also issues Mary Form 1099-Misc. How much gross income is reported by Robert? By Mary?
Assume that the brand manager forecasts upcoming sales of SUSI to be 150,000 units, and that there are 35,000 units of SUSI in inventory
Mark Company currently sells a video recorder with a selling price of $300 per unit. The variable expense per unit is $175 and fixed expenses are $100,000. If the company reduces variable expenses by $20 per unit and increases the fixed expenses b..
Determine their shares to the net income or net loss for each of the following independent situations:
Lake Shuttle Inc. is considering investing in two new vans that are expected to generate combined cash inflows of $20,000 per year. The vans' combined purchase price is $65,000. The expected life and salvage value of each are four years and $15,00..
Dr. Mark Skousen, in his article, "Raising Cain: Why the 9-9-9- Tax Plan is a Dangerous Policy", states that Republican Herman Cain has gotten quite a bit of publicity about his new 9-9-9 tax plan.
During the third year, Walland Corporation paid total cash dividends of $736,000. A. b. c. Compute the amount of cash dividends paid during the third year to each of the three classes of stock. Compute the dividends paid per share during the third..
Prepare, in general journal form, the workpaper entries relating to the intercompany sale of equipment that are necessary in the December 31, 2012 consolidated financial statements workpapers.
On January 1, 2004, Foster Company sold property to Agler Company which originally cost Foster $570,000. There was no established exchange price for this property.
Assume Simple Co. had credit sales of $282,000 and cost of goods sold of $138,000 for the period. Simple uses the percentage of credit sales method and estimates that 0.25 percent of credit sales would result in uncollectible accounts. Before the ..
Work out factory overhead absorption rate for both normal as well as expected actual capacity.
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