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Case Development began operations in December 2011. When property is sold on an installment basis, Case recognizes installment income for financial reporting purposes in the year of the sale. For tax purposes, installment income is reported by the installment method. 2011 installment income was $600,000 and will be collected over the next three years. Scheduled collections and enacted tax rates for 2012-2014 are as follows: 2012 $150,000 30% 2013 250,000 40 2014 200,000 40 Pretax accounting income for 2011 was $810,000, which includes interest revenue of $10,000 from municipal bonds. The enacted tax rate for 2011 is 30%. Required:
1. Assuming no differences between accounting income and taxable income other than those described above, prepare the appropriate journal entry to record Case’s 2011 income taxes.
2. What is Case’s 2011 net income?
3. How should the deferred tax amount be classified in a classified balance sheet?
To the firm, the use of debt capital can be risky (debt versus equity), while for the investor, the opposite is the case. Why do you suppose this is the case?
Journal entries for received balance due on the sale on account. Sold Merchandise Inventory for $123,340 cash. No shipping charges were incurred related to the sale.
During March, it made 5,000 service calls. How much will Byters on Call’s profit increase if 160 more service calls are made?
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The company’s last dividend, D0, was $1.25, its beta is 1.20, the market risk premium is 5.50%, and the risk-free rate is 3.00%. What is the current price of the common stock?
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