The following facts relate to Pronghorn Corporation.

1. Deferred tax liability, January 1, 2017, $42,000.
2. Deferred tax asset, January 1, 2017, $0.
3. Taxable income for 2017, $99,750.
4. Pretax financial income for 2017, $210,000.
5. Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $252,000.
6. Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $36,750.
7. Tax rate for all years, 40%.
8. The company is expected to operate profitably in the future.

a. Compute income taxes payable for 2017
b. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017
c. Prepare the income tax expense section of the income statement for 2017, beginning with the line "Income before income taxes."

Milden company has an exclusive franchise to purchase a product from the manufacturer and distribute it on the retail level. as an aid in planning, the company has decided to start using a contribution format income statement. to have data to prepare such a statement, the company has analyzed its expenses and has developed the following cost formulas: cost cost formula cost of good sold $35 per unit sold advertising expense $210,000 per quarter sales commissions 6% of sales shipping expense ? administrative salaries $145,000 per quarter insurance expense $9,000 per quarter depreciation expense $76,000 per quarter management has concluded that shipping expense is a mixed cost, containing both variable and fixed cost elements. units sold and the related shipping expense over the last eight quarters follow: quarter units sold shipping expense year 1: first 10,000 $ 119,000 second 16,000 $ 175,000 third 18,000 $ 190,000 fourth 15,000 $ 164,000 year 2: first 11,000 $ 130,000 second 17,000 $ 185,000 third 20,000 $ 210,000 fourth 13,000 $ 147,000 milden company’s president would like a cost formula derived for shipping expense so that a budgeted contribution format income statement can be prepared for the next quarter. required: 1. using the high-low method, estimate a cost formula for shipping expe

What is a potential negative effect of an expansionary policy? decreased borrowing increased interest rates increased inflation decreased available credit

To determine her power usage, samantha divides up her day into three parts: morning, afternoon, and evening. she then measures her power usage at 3 randomly selected times during each part of the day.