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1) Begal corporation paid 20000 in january of 2006 for premiums on two-year life insurance police which names the company as beneficiary additionally begal corporations financial statements for year ended december 31 2006 revealed company paid 105000 in taxes in the year and also accrued estimated losses on disposal of unused plant facilities of 200000 suppose these facilities were sold in february of 2007 (at which time a 200000 loss was recognized for tax purposes) and that begal's tax rate is 30% for both 2006 2007 what amount must begal report as asset for net deferred income taxes on its 2006 balance sheet? Here Unused plant facilities can be reported as asset for 2006. i.e 200000 would be reported as assets in 2006

 

2) In 2005 Worf company reported pretax financial income of 500000 included in that pretax financial income was 90000 of nontaxable life insurance proceeds received as a result of Taxes payable on 31 December 2005 would be

 

3) Hazard inc. produces equipment that is sold or leased. on december 31 2005 hazard leased equipment to Robards for 5 years period expiring december 31 2010 at which date ownership of leased asset will be transferred to robards. Equal 40000 payments under lease are due on december 31 of each year first payment was made on december 31 2005 collectibility of remaining lease payments is reasonably assured and hazard has no material cost uncertainties normal sales price of equipment is 154000 and cost is 120000 for year ended december 31 2005 how much income must hazard recognize from lease transaction?

 

4) On december 31 2006 prince company suitably chnged FIFO cost method from weighted-agerage cost method for financial statement and income tax purposes change will result in 700000 increase in beginning inventory at jan 1 2006 suppose a 40 percent income tax rate cumulative effect of this accounting change reported for year ended dec. 31 2006 is?

Accounting Basics, Accounting

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