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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.
This year, the Coral Company Inc. generated $650,000 from its routine business operations. In addition, it sold the following assets, all of which were held for more than 12 months
Temporary difference; future deductible amounts; taxable income given Lance Lawn Services reports warranty expense by estimating the amount that eventually will be paid to satis
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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Suppose there are 40 commuters in Apple Valley, Minnesota who commute to downtown Minneapolis. They have two options for getting downtown: they can take the light rail or they can
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Canadian taxation
Thomas Crown expects to earn the following stream of annual income for the next four years:- $41,000; $45,000; $38,000 and $50,000. Although he has adopted the ‘Pay Yourself Firs
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
Calculate the cost of preferred stock (r PS ) with the given information: Par Value = $200 Current Price = $208 Flotation Cost = $16 Annual Dividend = 12% of Par
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