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Problem 1: The following information was extracted from the financial records of Drift Ltd: equipment purchased on 1 January 2019 for $300,000 (accounting depreciation 10% straight line; tax depreciation 15% straight line). If the company tax rate is 30%, the deferred tax item that will be recorded by Drift Ltd at 30 June 2021 is:
Select one:
a. CR Deferred tax liability $11,250
b. DR Deferred tax asset $11,250
c. CR Deferred tax liability $4,500
d. DR Deferred tax asset $4,500
How do Prepare journal entries for the equipment at December 31, 20X5. The fair value of the equipment at December 31, 20X5, is estimated to be $4,600,000.
Unavoidable costs = 30; Total variable costs = 50; Depreciation = $10; Tax rate = 21 percent. Calculate the after-tax cash flow for the project year 1
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Joe Carry-out Coffee began the year with $89,000 in retained earnings, and 61,000 shares of $0.50 par value common stock originally issued at $10 per share. The board of directors declared $24,000 of cash dividends on June 30. On July 1, Joe Carry-ou..
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Write a short article (250 words) for a local business publication in which you explain why cash flow from operations is important information for small business owners.
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