Lexington corporation collects subscription fees in advance. for financial the lexington corporation initially recognizes the collection of cash from subscription fees as unearned revenue (a liability) and then gradually recognizes these amounts as revenue (part of financial reporting income) as they become earned. however, for income tax reporting, subscription fees are taxed as part of taxable income as soon as the cash is collected. at december 31, 2016 unearned subscription fees of $400,000 were included in lexington's balance sheet. all of these amounts related to cash collected during 2016. during 2017, new subscription fees of $600,000 in cash were collected. unearned revenue from subscriptions in lexington's december 31, 2017 balance sheet amounted to $350,000. assume that the income tax rate was 35%. assuming that the accounting for subscription is the only source of book/tax differences, what amount would be reported as a deferred tax asset or liability on lexington's december 31, 2017 balance sheet?

What does the phrase limited liability mean in a corporate context?

Apharmaceutical packaging company (ppc) has decided to reorganize its processes into cells. the company has four different production operations, each requiring a unique piece of equipment. the names and functions of the four pieces of equipment are sort, count, place, and package. the company packages five different families of products (a, b, c, d, and e). the tables below indicate the demand (total units/day by product family), required operations, and operation cycle times for each product family. assume that any individual piece of equipment is available to operate 16 hours/day, but 2 hours (in total) are lost each day on each piece of equipment due to breaks and meetings when operators are not available to operate the equipment. how many minutes/day are available for production

During january 2018, the following transactions occur: january 1 purchase equipment for $20,600. the company estimates a residual value of $2,600 and a five-year service life. january 4 pay cash on accounts payable, $10,600. january 8 purchase additional inventory on account, $93,900. january 15 receive cash on accounts receivable, $23,100 january 19 pay cash for salaries, $30,900. january 28 pay cash for january utilities, $17,600. january 30 firework sales for january total $231,000. all of these sales are on account. the cost of the units sold is $120,500. the following information is available on january 31, 2018. depreciation on the equipment for the month of january is calculated using the straight-line method. the company estimates future uncollectible accounts. at the end of january, considering the total ending balance of the accounts receivable account as shown on the general ledger tab, $4,100 is now past due (older than 90 days), while the remainder of the balance is current (less than 90 days old). the company estimates that 50% of the past due balance will be uncollectible and only 3% of the current balance will become uncollectible. record the estimated bad debt expense. accrued interest revenue on notes receivable for january. unpaid salaries at the end of january are $33,700. accrued income taxes at the end of january are $10,100