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The companies pretax accounting income for year ended Dec.31,2011, was $51 mil. Their taxable income was $64 mil. Which was a result of differences between straight line depreciation for financial reporting purposes and MACRS for tax purposes. The enacted tax rate is 29% for 2011 and 39% after. What amount should the company report as the current portion of income tax expense for 2011.
Depreciation calculation under straight line and declining-balance methods - The machine is expected to last for 8 yrs, and its estimated salvage value at the end of its life is 24,000.
Expected revenues and expenses for the first year of operations
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Purpose a combined cost of goods sold and Income Statement
Assume that fixed costs remain at $630,000. Compute the unit sales to earn the target after-tax net income and (2) dollar sales to earn the target after-tax net income.
Show proper accounting treatment of the $273,000 ($714,000 - $441,000) by which the cost of first machine exceeded the cost
Calculate taxable income and prepare the journal entry for current tax payable (the tax rate is 30%) as at 30th June 2014.
Finding the Net cash flow provided by operating activities
The contract required 5 equal annual payments with the first payment due on 1 st December, 2012, the date of the sale. Find what present value concept is appropriate for this situation?
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Purpose journal entries to record the transactions.
Calculate the total gain that the two companies can achieve by entering into a swap between them and explain briefly why such swap transforms a fixed rate liabilities of ABC inc. in floating rate liabilities
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