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For all years (2003-2005) Seminole Corp has preliminary pretax book income of $80,000. Included in the $80,000 each year is $10,000 of municipal bond income that is not taxable under IRS rules. Not included in the $80,000 is $60,000 of gain from an investment sold in 2003. The buyer of the investment will pay Seminole the $60,000 over 3 years ($20,000 in 2003, 2004, 2005). For financial reporting purposes, all of the gain should be on the P&L in the period the investment was sold. For tax purposes, the company qualifies for the installment sales method meaning that the gain will be taxed as the cash is received. The tax rate was 35% in 2003, and 30% in 2004 and 2005. The 30% rate was not enacted in law until the first day of 2004. There are no DTA/DTL balances prior to 2003. The installment receivable is shown on the balance sheet as part current, part long term. Required: 1. All journal entries to record the income taxes on the books of Seminole for each year. 2. Show how deferred income taxes will appear on the B/S of Seminole at the end of each year. Just give me the caption (DTA and/or DTL), the amount and whether it should be long term or current. 3. Show a quick P&L of the income tax expense section of the P&L for each year.
Why is accounting for contributions so critical for a not-for-profit entity? For example, what complications can arise if a donor places conditions on a pledged contribution or imposes restrictions on the use of the money by the organization? What..
The partnership made an ordinary cash distribution of $10,000 to Marcie, and paid guaranteed payments to partners Marcie, Alice, and Pat of $20,000 each ($60,000 total). How much will Marcie's adjusted gross income increase as a result of the abov..
usaco a domestic corporation owns all of the stock of fsubco a foreign corporation. fsubco manufactures widgets and
an examination of the accounting records of clowney company disclosed a high contribution margin ratio and production
Consider the production cost information for Santiago's Salsa in Problem 1-1. The company is currently producing and selling 325,000 jars of salsa annually.The jars sell for $5.00 each. The company is considering lowering the price to $4.60. Suppo..
During bankruptcy, US Corporation debt was reduced from $780,000 to $400,000. USA Corporation's assets are valued at $500,000. USA's NOL carryover was $400,000.
You have been hired as the CFO of a new company and are determining the companies accounting needs. The first question you answered which was Explain to your staff at least 2 ways in which accounting data are used to make business decisions.
On August 1, Stuart Co. issued $1,300,000 of 20-year, 9% bonds, dated August 1, for $1,225,000. Interest is payable semiannually on February 1 and August 1. Present the entries to record the following transactions for the current year:
Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $30,000. What is the amount of the gain or loss on this transaction?
on december 31 2014 santana company has 7194600 of short-term debt in the form of notes payable to golden state bank
houston fashions is considering a new product line that would require an investment of 140000 in fixtures and displays
compute trend percentages for the following items taken fromthe financial statements over a five year period. treat
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