Due to contingent liabilities‚ many companies report different amounts of income on their income statement than on their income tax return‚ which leads to deferred income tax balances. A company is required to accrue a contingent liability if it is probable that the liability has been incurred and the amount can be estimated. This case study focuses on accounting implications of the most common contingencies—warranties and lawsuits—at Maytag Corporation‚ a leading manufacturer of home and commercial
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Nulife Corporation: Deferred Income Taxes You are the financial controller of Nulife Corporation and have just come from a meeting of a local civic group. The meeting was an opportunity for you to present and explain your company’s financial statements for fiscal year recently ended. According to the 2006 balance sheet of Nulife Corporation‚ its debt-to-equity ratio was 1.05‚ calculated as $5‚813 $5‚524. Included in the total liabilities of $5‚813 were the long-term deferred tax liabilities of
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The Methodology Methodology Used American Express follows a standard development methodology called Method/1. This methodology was originally developed by Andersen Consulting (now Accenture) to address the needs of their own consulting practice. After several internal versions‚ Andersen decided to make their systems development methodology available to clients. American Express Technologies has licensed and adopted Method/1 as its standard methodology for all Technologies software development projects
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sidesteps state income taxes on some of those gains. California’s corporate tax rate is 8.84 percent. Nevada’s? Zero. Setting up an office in Reno is just one of many legal methods Apple uses to reduce its worldwide tax bill by billions of dollars each year. As it has in Nevada‚ Apple has created subsidiaries in low-tax places like Ireland‚ the Netherlands‚ Luxembourg and the British Virgin Islands — some little more than a letterbox or an anonymous office — that help cut the taxes it pays around the
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Incomestmt-tax basis | | | | | | | | | | | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | | | | | Projected Sales | 25.375 | 32.25 | 45 | 65 | 80 | 95 | | | | | Sale price | 3200 | 3200 | 3200 | 3200 | 3200 | 3200 | | | | | Revenue | 81200 | 103200 | 144000 | 208000 | 256000 | 304000 | | | | | Labor Expense | 32250 | 32250 | 95000 | 95000 | 95000 | 95000 | | | | | Gross margin | 48950 | 70950 | 49000 | 113000 | 161000 | 209000 | | | | | Less | | | |
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Toniloba Opasanya L6SR Types of Taxes A pie chart showing the projected constituents of United Kingdom taxation receipts for the tax year 2008-2009‚ according to the 2008 Budget. This is the pie chart showing the projected constituents of the United Kingdom taxation revenue for 2010-2011 Income Tax Income tax forms the single largest source of revenues collected by the government (followed by national insurance contributions‚ an additional levy on incomes at around 20%). Each person has
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Different Types of Taxes The tax payable should be concurrent and equitable as per the ability of an individual or households to pay. This is called the taxable capacity. Tax is the only source of government for revenue generation. Governments finance their all expenses through taxes. Those expenses include‚ To finance defense expense To finance development work and to carry on social welfare To finance administrative expenses Despite that trade driven expenses like budget deficit
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pertaining to income taxes? Solution: Requirement 1 Since taxable income is less than pretax accounting income‚ a future taxable amount will occur when the temporary difference reverses. This means a deferred tax liability should be recorded to reflect the future tax consequences of the temporary difference. ------------------------------------------------- ------------------------------------------------- Income tax expense (to balance) 140‚000 Deferred tax liability ([$400
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Effective Teaching Methods Used by Our Prophet Mohammad S.A.W Our Prophet Mohammad S.A.W used several ways of teaching‚ which we must follow to become a highly effective teacher. Few of the methods are discussed below: Method of questioning and dialogue To gain the attention and test the knowledge of the people and to kindle their curiosity‚ the Prophet used to pose them with questions and answer it later. Ibn Omer reported that once Prophet asked his companions
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are agents that kill and are against microorganisms to stop their growth. They are agents that are used to slow their growth and then kill the microbes that are the leading cause of an infection. The microbes are to stop with the growth and more reproduction of the organisms such like bacteria‚ fungus‚ viruses‚ and parasites. 2. Do all bacteria respond the same to a given antimicrobial? Explain your answer a. They don’t‚ they have an antibiotic resistant. Antibiotics are there to kill and stop
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