The following differences enter into the reconciliation of financial income and taxable income of Abbot Company for the year ended December 31, 2014, its first year of operations. The enacted income rate is 30% for all years.

Pertax accounting income $700,000

Excess tax depreciation (360,000)

Litigation accrual 70,000

Unearned rent revenue deferred on books but appropriately

recognized 60,000

Interest Income form New York municipal bonds (20,000)

Taxable income $450,000

1. Excess tax depreciation will reverse equally over a four-year period, 2015-2018

2. It is estimated that the litigation liability will be paid in 2018

3. Rent revenue will be recognized during last year lease, 2018

4. Interest revenue from New york bonds is expected to be $20,000 each year untill maturity at the end of 2018.

Instructions.

(a) Prepare a schedule of future taxable and (deductible) amounts

(b) Prepare a schedule of the deferred tax (assets) and liability at the end of year 2014.

(c) since this is the first year of operations, there is no beginnig deffered tax asset or liability. Compute the net deferred tax expense (benefit).

(d) Prepare the journal entry to record income tax expense, deffered taxes, and income taxes payable for 2014.

Symantec corp., located in cupertino, california, is one of the world's largest producers of security and systems management software. the company's consolidated balance sheets for the 2009 and 2008 fiscal years included the following ($ in thousands): current assets: receivables, less allowances of $21,766 in 2009 and $24,089 in 2008 $ 838,010 $ 758,700 a disclosure note accompanying the financial statements reported the following ($ in thousands): year ended 2009 2008 (in thousands) trade accounts receivable, net: receivables $ 859,776 $ 782,789 less: allowance for doubtful accounts (8,938) (8,990) less: reserve for product returns (12,828) (15,099) trade accounts receivable, net: $ 838,010 $ 758,700 assume that the company reported bad debt expense in 2009 of $2,000 and had products returned for credit totaling $3,230 (sales price). net sales for 2009 were $6,174,800 (all numbers in thousands).required: what is the amount of accounts receivable due from customers at the end of 2009 and 2008? what amount of accounts receivable did symentec write off during 2009? what is the amount of symentec’s gross sales for the 2009 fiscal year? assuming that all sales are made on a credit basis, what is the amount of cash symentec collected from customers during the 2009 fiscal year?

Which feature transfers a slide show into a word-processing document?

Garrett is an executive vice president at samm hardware. he researches a proposal by a larger company, maximum hardware, to combine the two companies. by analyzing past performance, conducting focus groups, and interviewing maximum employees, garrett concludes that maximum has poor profit margins, sells shoddy merchandise, and treats customers poorly. what actions should garrett and samm hardware take? a. turn down the acquisition offer and prepare to resist a hostile takeover. b. attempt a friendly merger and use managerial hubris to improve results at maximum. c. welcome the acquisition and use knowledge transfer to impart sam hardware's management practices. d. do nothing; the two companies cannot combine without samm hardware's explicit consent.