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In the current year, Madison Corporation had $50,000 of taxable income at a tax rate of 25%. During the year, Madison began offering warranties on its products and has a warranty liability for financial reporting purposes of $5,000 at the end of the year. Warranty expenses are not deductible until paid for income tax purposes.1.Prepare the journal entry to record Madison's income taxes at the end of the year. If an amount box does not require an entry, leave it blank.2. Prepare the additional journal entry necessary for Madison Corporation assuming that the corporation decides that it is "more likely than not" that $500 of the $5,000 future deductible amount will not be realized.
Accounting treatment of deferred tax The objective of accounting for deferred tax is to ensure that the profits for the period d onto fluctuate due to temporary differences. To a
Moore Corporation follows a policy of a 10% depreciation charge per year on all machinery and a 5% depreciation charge per year on buildings (the corporation uses the nearest full
The appropriate treatment of Cash flow in respect of the following items as per US GAAP & FASB - (230-10) 1. Receipt of Insurance settlement proceeds of $2 mill. From an intern
explain the types of principles and concepts of financial accountin
Read Appendix B, "Sample Brief Memorandum," that starts on page 193 of the textbook. In 2-3 pages (12 point font, double spaced), critique the memorandum based on what we've learne
ARG Co presently has $50m of fixed assets and long-term debt of $10m. The issue of $3m of 9% debentures will raise fixed assets by $2m of buildings and machinery. There appears to
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the salaries paid in 2004 is rs. 500000 salaries outstanding is rs.20000 salaries paid in advance for 2004 is rs 30000 what is the actual salary expenditure for 2004?
Partners F and G receive an interest allowance of $10,000 and $15,000, respectively, and divide the remaining profits and losses in a 3:1 ratio. If the company sustained a net loss
Fixed Interest Securities No advice in writing is required before an investment in fixed interest securities is made. Government Securities. Treasury Bills. Fixed
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