Question: Suppose that Blake Company s total pre tax difference from a change
Suppose that Blake Company’s total pre-tax difference from a change to FIFO was $100,000 and the company pays a bonus of 5% of its income before income taxes and bonus to employees. If Blake Company pays an additional bonus based on the change in income, would it recognize any expense? If so, when and how much?
Answer to relevant QuestionsYour friend who is taking his first accounting course says to you, “We live in the United States. I thought that companies in the United States would follow U.S. accounting rules for preparing their financial statements. I ...What is the SEC considering doing in regard to U.S. companies filing with it and their use of international standards?Assume a corporation has a deferred tax liability relating to a current asset. Compare the presentation of this amount under U.S. GAAP and IFRS.After years of experience, Dilcort Company reasonably estimated that a loss from a pending lawsuit was probable at September 30 of the current year. Dilcort Company estimated that the loss would amount to $57,500. Prepare ...Given the following information for Tyler Company's pension plan at the beginning of the year, calculate the corridor, excess net loss (gain), and amortized net loss (gain). Assume an average remaining service life of 15 ...
Post your question