subject
Business, 30.03.2020 19:15 valerieaj113

Valuation Account At the end of 2013, its rst year of operations, Beattie Company reported taxable income of $38,000 and pretax nancial income of $34,400. The difference is due to the way the company handles its warranty costs. For tax purposes, Beattie deducts the warranty costs as they are paid. For nancial reporting purposes, Beattie provides for a year-end estimated warranty liability based on future expected costs. Beattie is subject to a 30% tax rate for 2013, and no change in the tax rate has been enacted for future years. Based on veriable evidence, the company decides it should establish a valuation allowance of 60% of its ending deferred tax asset. Required:1. Prepare Beattieā€™s income tax journal entry at the end of 2013.2. Prepare the lower portion of the Beattieā€™s 2013 income statement.

ansver
Answers: 2

Another question on Business

question
Business, 21.06.2019 20:30
Andrew cooper decides to become a part owner of a corporation. as a part owner, he expects to receive a profit as payment because he has assumed the risk of - serious inflation eroding the purchasing power of his investment.- being paid before the suppliers and employees are paid.- losing his home, car, and life savings.- losing the money he has invested in the corporation and not receiving profits.- the company giving all of the profits to local communities
Answers: 2
question
Business, 21.06.2019 23:30
Starting at age 30, you deposit $2000 a year into an ira account for retirement. treat the yearly deposits into the account as a continuous income stream. if money in the account earns 7%, compounded continuously, how much will be in the account 35 years later, when you retire at age 65? how much of the final amount is interest?
Answers: 2
question
Business, 22.06.2019 03:00
Which of the following is an effective strategy when interest rates are falling? a. use long-term loans to take advantage of current low rates. b. use short-term loans to take advantage of lower rates when you refinance a loan. c. deposit to a short-term savings instrumentals to take advantage of higher interest rates when they mature. d.select short-term savings instruments to lock in earnings at a current high rates.
Answers: 1
question
Business, 22.06.2019 03:00
Compare the sources of consumer credit 1. consumers use a prearranged loan using special checks 2. consumers use cards with no interest and non -revolving balances 3. consumers pay off debt and credit is automatically renewed 4. consumers take out a loan with a repayment date and have a specific purpose a. travel and entertainment credit b. revolving check credit c. closed-end credit d. revolving credit
Answers: 1
You know the right answer?
Valuation Account At the end of 2013, its rst year of operations, Beattie Company reported taxable i...
Questions
question
Mathematics, 20.11.2020 01:00
question
Mathematics, 20.11.2020 01:00
question
Mathematics, 20.11.2020 01:00
question
Mathematics, 20.11.2020 01:00
question
History, 20.11.2020 01:00
question
Mathematics, 20.11.2020 01:00