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A company has a provision for long service leave of $150,000. This amount was recognised as an expense when the provision was created but is deductible for income tax purposes when the leave is taken. If an employee takes long service leave and is paid an amount of $30,000 (and the company income tax rate is 30%), the following entry should be made:
A Dr Deferred Income Tax Expense $9 000 Cr Deferred Tax Asset $9 000
B Dr Deferred Tax Asset $9 000 Cr Deferred Income Tax Expense $9 000
C Dr Deferred Tax Liability $9 000 Cr Income Tax Payable $9 000
D Dr Income Tax Payable 9 000 Cr Deferred Tax Liability $9 000
there are some critics of american corporate power who say that corporations have too much power and although
Calculate the average age of Lozier's inventory for 2010 and 2011. Assume a 360-day calendar year.
Prepare the amortization schedule and then record all required journal entries that would be made by Barker -
What is the maximum amount of depreciation expense Harris Corp. can deduct in its second year of operation- What is the basis of the office equipment at the end of the second year?
Jennifer is a self-employed state-licensed speech therapist specializing in stroke victim rehabilitation. She is paid directly by nursing homes after submitting invoices to them documenting her services. In 2014, she collected $48,500 from the nursin..
Isn't there a conflict in looking for fraud on the part of the folks who pay you? If there is a conflict, explain how could we resolve it (be imaginative)? If there is not a conflict, why not?
The following information pertains to XYZ Corp.’s available-for-sale securities: December 31 Year 2 Year 3 Cost $100,000 $100,000 Fair value 90,000 120,000 Differences between cost and fair values are considered to be temporary. The decline in fair v..
A company reports raw materials used of $43,750 for a year, with beginning raw materials inventory of $4,050 and an ending raw materials inventory of $4,550. Compute days' sales in raw materials inventory based on this data.
Debit entry for each of them separately and then make one credit entry in the total amount to the Income Summary account.
What is the total revenue for CVS and Southwest on the respective income statements? How do you think nature of each business will affect revenue recognition for prescriptions filled for CVS versus airline tickets for Southwest?
The manufacturing overhead budget at Calander Corporation is based on budgeted direct labor-hours. The direct labor budget indicates that 5,500 direct labor-hours will be required in February. The variable overhead rate is $4.30 per direct labor-hour..
Amelia's Bookstore reported net income of $62,000 for the current year.
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