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The following facts apply to TinyPart Toy Company's pending litigation as of December 31, 2013
a. TinyPart is defending against a lawsuit and believes there is a 51% chance it will lose in court. If it loses, TinyPart estimates that damages will be $100,000.
Indicate how TinyPart would disclose or account for the lawsuit described in part (a) under U.S. GAAP and under IFRS in the financial statements for the year ended December 31, 2013.
In the current year, Bruno Corporation collected rent of $3,600,000. For income tax reporting, the rent is taxed when collected. For financial reporting, the rent is recognized as income in the period earned. At the end of the current year, the unearned portion of the rent collected in the current year amounted to $400,000. Bruno had no temporary differences at the beginning of the current year. Assume an income tax rate of 30%. Required: The current year's income tax liability from the tax return is $800,000. Prepare the journal entry to record income taxes for the year. Show well-labeled computations.
Drake Company's income statement for the most recent year appears below: Calculate the unit contribution margin
what problem may exist in determining the amount realized for an investor who exchanges common stock of a publicily
The company has a standard cost system in which fixed and variable manufacturing overhead costs are applied to products on the basis of direct labor hours. The company choice of the denominator level of activity affects the fixed overhead volume v..
Bleeker Company has the following merchandise account balances: Sales $223,570, Sales Discounts $4,450, Cost of Goods Sold $136,650, and Merchandise Inventory $52,980. Prepare the entries to record the closing of these items to Income Summary.
Orange has a $20,000 charitable contribution carryover to 2010 from a prior year. Identify the tax issues the board should consider regarding the proposed contribution.
Salen Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2012, it assigned, under guarantee, specific accounts amounting to $150,000.
urban company manufacturers tables. if raw material used was 80000 and raw material inventory at the beginning and
a department had 600 units which were 40 complete in beginning goods in process inventory. during the current period
The lease is for 6 years and the machine is estimated to have an unguaranteed residual value of $40,000. If the lessor's interest rate implicit in the lease is 12%, the six beginning-of-the-year lease payments would be ??
A company that makes shopping carts for supermarkets and other stores recently purchased some new equipment that reduces the labor content of the jobs needed to produce the shopping carts.
Computing equivalent production
Wild's Flowers sells $400 of flowers for a wedding and the customer pays with a bank credit card (e.g., VISA). Wild's Flowers must pay 3% to the credit card company for credit card transactions.
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