Dixon Type and Supply Company reported taxable income of $75,000 for 2011, its first fiscal year. The
Question:
Dixon Type and Supply Company reported taxable income of $75,000 for 2011, its first fiscal year. The enacted tax rate for 2011 is 40%. Enacted tax rates and deductible amounts for 2012–2015 are as follows:
1. Prepare the journal entries necessary to record income taxes for 2011. Assume that there will be sufficient income in each future year to realize any deductible amounts. For classification purposes, assume that all deductible amounts relate to noncurrent items.
2. Repeat (1), assuming it is more likely than not that taxable income for all future periods will be zero orless.
Transcribed Image Text:
Enacted Tax Rate Deductible Amount 2012 2013 2014.. 2015 35% 32 30 32 $14,000 24.000 16.000 40,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (14 reviews)
1 Income Tax Expense 30000 Income Taxes Payable 30000 75000 040 Deferred Tax AssetNoncurrent 30180 I...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Question Posted:
Students also viewed these Accounting questions
-
Dixon Type and Supply Company reported taxable income of $75,000 for 2013, its first fiscal year. The enacted tax rate for 2013 is 40%. Enacted tax rates and deductible amounts for 2014 2017 are as...
-
Prepare the journal entries necessary to record Dao Companys following stock transactions during 2014: Oct. 1 Purchased 2,000 shares of its own $2 par value common stock for $20 per share, the...
-
Prepare the journal entries necessary to record the following transactions and economic events for Magnetawan Ltd. (Magnetawan): a. During 2018, Magnetawan had cash sales of $175,000 and credit sales...
-
Explain how an antibody is able to recognize a specific antigen. (Include an explanation of an epitope in your answer.)
-
a. Use the rules of expected value to show that Cov(aX + b, cY + d) 5 ac Cov(X, Y). b. Use part (a) along with the rules of variance and standard deviation to show that Corr(aX + b, cY + d) 5 Corr(X,...
-
Using tensorial symbols, establish the following vector identity: Vx (AxB) = (BV)-(AV)B+AV.B) B(V.A).
-
Show the main chemical reactions for producing polyvinyl butyral, assuming that ethylene, acetic acid, ethanol, and butyraldehyde are available as raw materials.
-
Refer to the previous question. Suppose location 1 has 15 cars available rather than 16. Create a Sensitivity Report for this problem and answer the following questions: a. Is the optimal solution...
-
You have just completed the appraisal of an office building and have concluded that the market value of the property is $3,500,000. You expect Potential Gross Income (PGI) in the first year of...
-
What are some differences between financial and managerial accounting?
-
Friedman Construction reported taxable income of $50,000 for 2011, its first fiscal year. The enacted tax rate for 2011 is 40%. Enacted tax rates and deductible amounts for 20122014 are as follows:...
-
The following historical financial data are available for the Bradshaw Manufacturing Company. In 2011, Bradshaw suffered an $820,000 net operating loss due to an economic recession. The company...
-
Why is a stable dividend payout policy popular from the viewpoint of the corporation? Is it also popular with investors? Why?
-
In 2018, Paula Pierce receives gift property with a fair market value of \(\$ 95,000\) (adjusted basis to the donor of \(\$ 35,000\) ). Assume the donor purchased the property in 2008 and paid gift...
-
Construct Kaisers Ice Cream Parlors demand for labor curve. Explain how many workers per day Kaisers hires. Kaisers Ice Cream Parlor hires workers to produce milkshakes. The table shows the workers...
-
Use an Internet quote service and obtain life insurance premium quotes for $100,000 of term, whole life, and universal life insurance. Base your request on your own age, gender, and health...
-
Gordon Gladstone owns 120 shares of Jones Corp. common stock which he purchased on June 10,2017 , for \(\$ 1,800\). One year later, he received a 25 percent nontaxable common stock dividend. On...
-
How socially responsible is the company in which you work? What particular things does it do to enhance the community, the lives of its employees, and/or the environment? What else might it do to be...
-
What types of facilities do you expect from your college/university?
-
TRUE OR FALSE: 1. Banks with a significantly large share of fixed-interest rate home loans are less exposed to interest rate risks. 2. Although Australian banks are pretty big, they are not...
-
How are geographic coverage and the behavior of climatic systems related? Explain how this relationship plays out at the global and regional geographic scales, and identify the primary factors...
-
Assume the same information as in IFRS14-5, except that the bonds were issued at 84.95 to yield 12%. Instructions Prepare the journal entries to record the following. (Round to the nearest dollar.)...
-
Wie Company has been operating for just 2 years, producing specialty golf equipment for women golfers. To date, the company has been able to finance its successful operations with investments from...
-
Wie Company has been operating for just 2 years, producing specialty golf equipment for women golfers. To date, the company has been able to finance its successful operations with investments from...
-
A regional electrical distributor currently has 1,000 customers who buy an average of $5,000 per year, generating a 50% margin. From experience, the company knows that 20% of its customers will not...
-
Suppose you observed that one-year T-bills are trading with a yield to maturity (YTM) of 4.75%. The yield spread between AAA and BB rated corporate bonds is 130 basis points. The maturity yield...
-
You have $36,000 to Invest in Sophie Shoes, a stock selling for $60 a share. The initial margin requirement is 65 percent. calculate your rates of return if the stock rises to $90 a share and if it...
Study smarter with the SolutionInn App