The Ambrosia Corporation’s lead accountant shows the following info:
A) Straight-line basis depreciation for 5 years for tax purposes
B) Half year convention for 8 years for financial reporting (See Appendix 11A.)
C) Tax- exempt municipal bonds yielded interest of $150000 in 2013.
D) Pretax financial income is $2300000 in 2012 and $2400000 in 2013.
E) The company recognized an extraordinary gain of $150000 in 2013
(which is fully taxable).
F) Taxable income is expected in future years with an expected tax rate of 35%.
Required:
1) Compute taxable income and income taxes payable for 2013.
2) Prepare the journal entries for income tax expense, income taxes payable, and
deferred taxes for 2013.
3) Prepare the deferred income taxes presentation for Dec 31, 2013 balance sheet.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Achiever Papers is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Dissertation Writing Service Works
First, you will need to complete an order form. It's not difficult but, if anything is unclear, you may always chat with us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order formOnce we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignmentAs soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download