The following facts relate to Headland Corporation.
| 1. | Deferred tax liability, January 1, 2020, $44,800. | |
| 2. | Deferred tax asset, January 1, 2020, $0. | |
| 3. | Taxable income for 2020, $106,400. | |
| 4. | Pretax financial income for 2020, $112,000. | |
| 5. | Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $268,800. | |
| 6. | Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $39,200. | |
| 7. | Tax rate for all years, 20%. | |
| 8. |
The company is expected to operate profitably in the future. |
Compute income taxes payable for 2020.
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.
Prepare the income tax expense section of the income statement for 2020, beginning with the line “Income before income taxes.”
In: Accounting
M International (“M”) and W Inc. (“W,” a competitor of M) have been engaged in longstanding litigation over a specific patent infringement matter. Below is a summary timeline of specific events that have taken place related to this matter: 1. In May 2007, W filed a claim against M for patent infringement. 2. For the year ended December 31, 2007, management of M determined that a loss for this matter was probable and represented that the estimate of loss was in the range of $10 million to $15 million, with $12 million being the most likely amount of loss within the range. 3. A jury trial took place in September 2009. 4. The jury reached a verdict on September 24, 2009, and a judgment was ordered infavor of W. The judgment required M to pay W $14 million. 5. In November 2009, M filed a Notice of Appeal with the Court of Appeals. 6. In December 2010, the Court of Appeals issued a ruling in favor of M’s appeal and reversed the lower court’s ruling on the matter. This meant that the Court of Appeals overturned the jury verdict and the $14 million judgment against M. 7. On December 20, 2010, management of M determined this matter was closed upon discussions with in-house legal counsel. Required: 1. For the year-end December 31, 2007, financial statements, what amount should M record as a liability? 2. For the year-end December 31, 2009 financial statements, should M adjust its liability? If so, what amount should be recorded; and should the amountof the adjustment be considered a 2009 event or a prior period adjustment? 3. For the year-end December 31, 2010 financial statements, what amount should M record as a liability?
In: Accounting
Economics of Innovation and Intellectual Property Rights:
- Patents, copyrights, and trademarks - R&D races, digital
innovation- regulation of digital platforms.
Write a page, adding your own analysis.
In: Economics
What kind and level of technological innovation would you like to be a part of in your chosen industry/field? Describe the type and level of innovation and why you think it would be valuable.
In: Operations Management
Pythpn
#Exercise 1
#Ask the user for a three letter word using the prompt: three
letter word? (include a space after the ?)
#Display the entire word
#Display the word vertically, one letter at a time using print
statements and the string index
#For example, if the user enters baa, the output should be (ignore
# signs):
#baa
#b
#a
#a
#Exercise 2
#Ask the user for a number using the prompt: first number? (include
a space after the ?)
#Ask the user for a number using the prompt: second number?
(include a space after the ?)
#Convert both numbers to integers
#Calculate the product of the two numbers
#Convert the two numbers and the product to strings using the str()
function
#Display the following on screen using a print statement and the +
concatenator.(note the spacing esp no space before the .)
#The product of [first number] times [second number] is
[product].
#For example, if the user entered 2 and 3, the final output should
be:
#The product of 2 times 3 is 6.
#Exercise 3
#Ask the user for a first name using the prompt: first name?
(include a space after the ?)
#Ask the user for a last name using the prompt: last name? (include
a space after the ?)
#Ask the user for a middle inital using the prompt: middle initial?
(include a space after the ?)
#Display the user entered full name in the following format [first
name] {middle inital]. [last nmae] (note the .)
#For example, if the user entered Malu Roldan H in response to the
input statements, the output should be:
#Malu H. Roldan
#Next, display the user's initials one letter at a time vertically.
For example, for Malu H. Roldan,
#the output should be (ignore # signs):
#M
#H
#R
#Exercise 4
#Ask the user for a six letter cheer using the prompt: six letter
cheer? (include a space after the ?)
#Display the entire cheer with an exclamation point after it (e.g.
if user enters boohoo, display boohoo!)
#Display the cheer vertically, one letter at a time ending with an
exclamation point in the last line
#For example, for user entry boohoo, display (ignore #
signs):
#b
#o
#o
#h
#o
#o
#!
#Exercise 5
#a Ask the user for a birth year using the prompt: birthyear?
(include a space after the ?)
#b Convert the user input to an integer
#c Subtract the user entered birthyear from 2019
#d Convert the result of the previous line and the user entry to
strings using the str() function
#e Display the following using the + concatenator in a print
statement (note the punctuation and spacing):
#f It has been [converted result of line 5c]! years since your
birthyear in [converted user entry]!
#g Hence, if user entered 2010, display:
#h It has been 9! years since your birthyear in 2010
#i Next, display the words: You were born in the year:
#j Display the converted user entered birthyear vertically, one
digit at a time.
#k For example, for 2010 display (ignore the # signs):
#2
#0
#1
#0
In: Computer Science
Pythpn
#Exercise 1
#Ask the user for a three letter word using the prompt: three
letter word? (include a space after the ?)
#Display the entire word
#Display the word vertically, one letter at a time using print
statements and the string index
#For example, if the user enters baa, the output should be (ignore
# signs):
#baa
#b
#a
#a
#Exercise 2
#Ask the user for a number using the prompt: first number? (include
a space after the ?)
#Ask the user for a number using the prompt: second number?
(include a space after the ?)
#Convert both numbers to integers
#Calculate the product of the two numbers
#Convert the two numbers and the product to strings using the str()
function
#Display the following on screen using a print statement and the +
concatenator.(note the spacing esp no space before the .)
#The product of [first number] times [second number] is
[product].
#For example, if the user entered 2 and 3, the final output should
be:
#The product of 2 times 3 is 6.
#Exercise 3
#Ask the user for a first name using the prompt: first name?
(include a space after the ?)
#Ask the user for a last name using the prompt: last name? (include
a space after the ?)
#Ask the user for a middle inital using the prompt: middle initial?
(include a space after the ?)
#Display the user entered full name in the following format [first
name] {middle inital]. [last nmae] (note the .)
#For example, if the user entered Malu Roldan H in response to the
input statements, the output should be:
#Malu H. Roldan
#Next, display the user's initials one letter at a time vertically.
For example, for Malu H. Roldan,
#the output should be (ignore # signs):
#M
#H
#R
#Exercise 4
#Ask the user for a six letter cheer using the prompt: six letter
cheer? (include a space after the ?)
#Display the entire cheer with an exclamation point after it (e.g.
if user enters boohoo, display boohoo!)
#Display the cheer vertically, one letter at a time ending with an
exclamation point in the last line
#For example, for user entry boohoo, display (ignore #
signs):
#b
#o
#o
#h
#o
#o
#!
#Exercise 5
#a Ask the user for a birth year using the prompt: birthyear?
(include a space after the ?)
#b Convert the user input to an integer
#c Subtract the user entered birthyear from 2019
#d Convert the result of the previous line and the user entry to
strings using the str() function
#e Display the following using the + concatenator in a print
statement (note the punctuation and spacing):
#f It has been [converted result of line 5c]! years since your
birthyear in [converted user entry]!
#g Hence, if user entered 2010, display:
#h It has been 9! years since your birthyear in 2010
#i Next, display the words: You were born in the year:
#j Display the converted user entered birthyear vertically, one
digit at a time.
#k For example, for 2010 display (ignore the # signs):
#2
#0
#1
#0
In: Computer Science
The following are extracted from the financial statements of Frem, Inc., for 2012, 2011, and 2010.
|
2012 |
2011 |
2010 |
|
|
Net sales |
$233,000 |
$204,000 |
|
|
Cost of sales |
(124,000) |
(110,000) |
|
|
Selling and administrative expenses |
(95,000) |
(81,500) |
|
|
Other income: |
|||
|
Interest |
(3,700) |
(3,050) |
|
|
Other |
100 |
1,175 |
|
|
Earnings before tax and extraordinary credit |
$ 10,400 |
$ 10,625 |
|
|
Provision for income tax |
(4,800) |
(4,740) |
|
|
Earnings before extraordinary credit |
5,600 |
5,885 |
|
|
Extraordinary credit |
- |
1,510 |
|
|
$ 5,600 |
$ 7,395 |
||
|
Total assets |
$202,000 |
$173,000 |
$161,000 |
|
Long-term debt |
24,600 |
17,400 |
15,200 |
|
Common equity |
123,000 |
116,800 |
112,800 |
|
Preferred stock |
4,000 |
4,000 |
4,000 |
|
Preferred dividends |
280 |
280 |
280 |
Required:
|
a. |
Compute the following ratios for 2012 and 2011. |
|
|
1. |
Net profit margin |
|
|
2. |
Total asset turnover |
|
|
3. |
Return on assets |
|
|
4. |
Return on investment |
|
|
5. |
Return on total equity |
|
|
6. |
Return on common equity |
|
|
7. |
Gross profit margin |
|
|
b. |
Discuss the trend in profitability and identify specific causes for the trend. |
|
In: Finance
In the past your organization has encountered problems implementing the changes required by new union collective agreements. These problems have included being unable to meet agreed deadlines for processing retroactive pay and implementing new earnings and deductions. It is time once again for negotiations and, as Payroll Manager, you would like to be part of the process. After discussions with the Vice-President, Finance, you have been asked to provide a written document outlining the advantages of having payroll participate in this process.
Prepare a memo to the Vice-President outlining the problems you have encountered in the past and how they could have been avoided if you had been part of the negotiation process.
In: Accounting
When 0.110 mol of carbon is burned in a closed vessel with 9.71 g of oxygen, how many grams of carbon dioxide can form?
Which reactant is in excess, and how many grams of it
remain after the reaction?
In: Chemistry
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In: Accounting