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Question - For year-end 2013, Max Corporation shows a pretax financial income of $3,000,000.
For federal income taxes, the following additional info was provided:
Gain on an involuntary conversion (within the statutory period) $900,000
Depreciation deducted for tax purposes in excess of depreciation deducted for financial income $150,000
Federal estimated tax payments, 2013 $240,000
Enacted federal tax rate, 2013 30%
What amount is the current federal tax liability for Max Corp. for 2013?
For the following situations, indicate whether each involves a deferred expense (DE), a deferred revenue (DR), an accrued liability (AL), or an accrued asset (AA).
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An auditor may need to deal with in the cash accounts
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The firm has net fixed assets of $152,800. What is the amount of the net working capital
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Messersmith Company is constructing a building. Construction began in 2010 and the building was completed 12/31/10. Messersmith made payments to the construction company of $1,000,000 on 7/1, $2,100,000 on 9/1, and $2,000,000 on 12/31. Average acc..
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