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The following items caused the only differences between pretax financial income and taxable income.• In 2013, the company collected $90,000 of rent; of this amount, $30,000 was earned in 2013; the other $60,000 will be earned equally over the 2014-2015 period. The full $90,000 was included in taxable income in 2013.• The company pays $5,000 a year for life insurance on officers.• In 2014, the company terminated a top executive and agreed to $60,000 of severance pay. The amount will be paid $20,000 per year for 2014-2016. The 2014 payment was made. The $60,000 was expensed in 2014. For tax purposes, the severance pay is deductible as it is paid.• The enacted tax rates existing at December 31, 2013 are 35% for 2013 and 40% for 2014 and beyond.
REQUIRED:(a) Determine taxable income for 2013 and 2014.(b) Compute the total deferred tax asset / (liability) at the end of 2013 and 2014.(c) Prepare the journal entry to record income taxes for 2013 and 2014.(d) Compute net income for 2013 and 2014.(e) Compute the effective income tax rate for 2013 and 2014.
Avis''s taxable income for the year is $300,000 and Best''s taxable income for the year is $425,000. For each of the scenarios provided,
its a Canadian tax assignment
Caroline is a 55-year-old Australian resident. She is the chief marketing officer based in Sydney for XYZ Limited (XYZ), a public company listed on the Australian Securities Excha
On December 1 of the current year, Plen Limited purchased a franchise for $70,000.The franchise has a limited life of 15 years. Which one of the following amount represents the max
Lambda Ventures, an unincorporated business, has a class 10 UCC balance on January 1, 2010 of $453,000.During 2010, it acquires additional Class 10 assets at a cost of $63,200.Also
Simon works as a chiropractor for a small partnership of three other professionals who employ him to work in the office four days each week. Simon earns over $90,000 per year. Eac
T ax Shields A tax shield is defining any reduction in a corporation's tax bill which can be brought about by management. Depreciation, for example create a tax shield
two years ago, corporation used its excess cash to purchase piece of land as an investment. Is this ordinary, capital or 1231 asset?
Home Cable TV Company, an accrual basis taxpayer, allows its customers to pay by the month ($25 each month), by the year ($280 per year), or two years in advance ($540). In Decemb
Exhibit Additional information • Andy currently owns all of the shares of Grand Inc., a CCPC with 1,000 common shares issued and outstanding. Grand Inc. operates an active business
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