Case Development began operations in December 2016. When property is sold on an installment basis, Case recognizes installment income for financial reporting purposes in the year of the sale. For tax purposes, installment income is reported by the installment method. 2016 installment income was $320,000 and will be collected over the next three years. Scheduled collections and enacted tax rates for 2017–2019 are as follows:
| 2017 | $ | 60,000 | 20 | % |
| 2018 | 190,000 | 30 | ||
| 2019 | 70,000 | 30 | ||
|
Pretax accounting income for 2016 was $426,000, which includes interest revenue of $16,000 from municipal bonds. The enacted tax rate for 2016 is 20%. |
| Required: |
| 1. |
Assuming no differences between accounting income and taxable income other than those described above, prepare the appropriate journal entry to record Case’s 2016 income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.) |
| 2. |
What is Case’s 2016 net income? (Enter your answer in thousands.) |
| 3. |
How should the deferred tax amount be classified in a classified balance sheet? (Enter your answers in thousands.) |
In: Accounting
On Dec 31, 2016, Riyadh Company had accounts:
|
# of Days Outstanding |
Amounts |
Estimated % Uncollectible |
|
0-30 |
$ 100,000 |
2% |
|
31-60 |
300,000 |
4% |
|
61-90 |
300,000 |
6% |
|
Over 90 |
100,000 |
8% |
Requirements:
In: Accounting
Calculate the cell potential for a reaction in a electrolytic cell with the following half-reactions if: [U 3+] = 0.10 M, [MnO4 - ] = 0.20M, [Mn2+], and [H+ ] = 0.20 M
U 3+ + 3e -> U o Ecell = - 1.642 V
MnO4 - + 8H+ + 5e- -> Mn2+ + 4H2O Ecell = +1.51 V
In: Chemistry
Problem for submission: For which positive integers k can a simple graph G = (V, E) be constructed such that: G has k vertexes, that is, |V | = k, G is bipartite, and its complement G is bipartite? Prove your answer is correct
Please show and explain your full proof.
In: Advanced Math
Let X have a uniform distribution on the interval
[A, B].
(a)
Obtain an expression for the (100p)th percentile, x.
x =
(b)
Compute
E(X), V(X), and σX.
E(X)
=
V(X)
=
σX
=
(c)
For n, a positive integer, compute
E(Xn).
E(Xn)
=
In: Statistics and Probability
The electrical voltage in a certain region of space is given by the function V(x,y,z)=80+xz−sin(yz). If the directional derivative of V at (1,1,π) in the direction 〈a,−1,π〉 is π, what is the value of a?
Group of answer choices
π22
−π22
π2
−π2
None of the above.
In: Math
What are the Amortization rules and what assets are subject to amortization?
What are the Tax consequences of being self-employed v employed v. statutory employee?
What are The rules for deducting moving expenses. What can you deduct, what are the requirements?
How do you calculate transportation expenses?
In: Accounting
What is the standard voltage or cell potential of a Cr-Hg cell?
(Remember to switch one-half reaction to oxidation and to balance
the number of electrons--use paper.)
Cr3+(aq)+ 3e- → Cr(s) Eo = -0.74
V
Hg2+(aq)+ 2e- → Hg(l) Eo = +0.789
V
In: Chemistry
1. A voltage is given by v(t) = 10 sin(1000?t + 30o).
a. Use a cosine function to express v(t).
b. Find the angular frequency, the frequency in hertz, the phase angle, the periodic time and the rms value.
c. Find the power that this voltage delivers to a 25? resistance
In: Physics
When an AC source is connected across a 11.5-? resistor, the rms current in the resistor is 8.66 A.
(a) Find the rms voltage across the resistor.
V
(b) Find the peak voltage of the source.
V
(c) Find the maximum current in the resistor.
A
(d) Find the average power delivered to the resistor.
W
In: Physics