Problem 9.02 – Almaden Hardware
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Determine the carrying value of inventory at year-end and record any necessary year-end adjustments.
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Determine the carrying value of inventory at year-end and record any necessary year-end adjustments.
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Determine carrying value of inventory year-end record adjustment for each.
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Determine the correct inventory balance and prepare a journal entry.
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Given four years worth of income(loss) data along with tax rates for each year, determine the income tax refund receivable due to the NOL carryback.
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Determine the amount(s) the company should report related to deferred income taxes in its balance sheet. Chan Inc. pays taxes in Columbia and also in the U.S: Impairments relate to the Columbian tax return but Depreciation rules apply to the U.S. tax return.
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Given changes in account balances in assets, common stock, liabilities, and paid-in capital, determine the net income for the year.
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Determine the amount of the deferred income taxes that the company should report in its balance sheet.
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Given the firm’s pretax accounting income, its overweight fines, and depreciation expense in both the income statement and tax return, determine if the firm has a deferred tax asset or deferred tax liability and whether it is a current or noncurrent item.
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Determine what the company should disclose in its income statement in relation to its income tax expense.
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This solver solves all three problems, but you will most likely only be asked for one of the green outputs.
Given Pretax accounting income, permanent and temporary differences, and the cumulative future taxable amounts from depreciation temporary differences, determine the current portion of income tax, the deferred tax liability for the newer year, and the income tax expense for the newer year.
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