BBY is a calendar year accrual method corporation with a marginal and effective tax rate of 34%. It had $5,000,000 of financial income before making the following cash payments on December 31,2011: $4,000 paid to a consultant for work to be performed in January 2012. $600,000 for equipment delivered on December 1, 2011. The equipment has a useful life of 10 years for financial accounting and 7 years for tax accounting. this was the only asset purchased in 2011. (MACRS mid-quarter percentage is 3.57. the Sec.179 deduction was not taken) $17,000 for property tax for the first six months of 2012. $84,000 for a two-year office lease beginning December 1,20111. $230,000 for inventory purchases. $100,000 was on-hand at 12/31/11 for each of these expenditures: how are these expenditures reported for financial and taxable income? what is the financial tax expense? what is tax liability? what is the journal entry to record the tax accrual?

Please see attached and complete

Please see attached and complete

Gator Divers is a company that provides divers services such as underwater ship repairs to clients in the Tampa Bay area.  The company's planning budget for March appears below. Gator Divers Planning Budget For the Month Ended March 31   Budgeted diving-hours (q) . . . . . . . . . . . . . . . . . . . . .                         200 Revenue ($380.00q) . . . . . . . . . . . . . . . . . . . . . . . . . .                        $76,000 Expenses: Wages and salaries ($12,000 + $130.00q) . . . . . .                   38,000 Supplies ($5.00q) . . . . . . . . . . . . . . . . . . . . . . . . . .                1,000 Equipment rental ($2,500 + $26.00q) . . . . . . . . . .                  7,700 Insurance ($4,200) . . . . . . . . . . . . . . . . . . . . . . . . .                4,200 Miscellaneous ($540 + $1.50q) . . . .

1. Simplify  by rationalizing the denominator.

 

2. Simplify .

 

3. If the hypotenuse of a right triangle is 6m and one side is 4m, what is the length of the other side?

 

4. Choose the best description of the radical expression .
5. It can be simplified, but the result is a complex number.
6. It can be simplified to –3.
7. It is in simplified form.
8. It can be simplified to , but no further.

 

5. Simplify .

 

6. Simplify .

 

7. Rationalize the denominator of .

 

8. Which of these points is 5 units away from the point (6, –1)?

 

9. Which expression has the same value as 25½?

 

10. Simplify (6 - i)(2 + i).

1. (TCOs 2, 3, and 5) As we know, Congress devised a very broad definition of income and codified this definition in Section 61 of the Internal Revenue Code. Explain the Code’s definition of income and how it is generally applied to taxpayers. In particular, explain how the Code’s definition of income is different than other potential definitions of income, such as the economic concept of income, and use an example to illustrate the difference between the two systems. Explain how the Code approaches whether or not particular items should be included in income and how a taxpayer’s taxable income is generally determined under the Code. (Points : 25) 2. (TCOs 2, 4, and 5) We spent quite a bit of time this term learning about deductions. One of the important distinctions between various types of deductions that we examined was the distinction between “for AGI” and “from AGI” deductions. Explain how the names for these two types of deductions developed, as well as the fundamen

(TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for (TCO 1) Which of the following costs does not change when the level of business activity changes? (TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation? (TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. What is the budgeted fixed cost per unit? (TCO 1) Which of the following costs is not part of manufacturing overhead? (TCO 1) Product costs (A) are also called manufacturing costs (B) are considered an asset until the finished goods are sold. (c) become an expense when the goods are sold. (d) All of the above answers are co

(TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what liabilities are (10 points) and (2) provide an example of a liability account. (10 points) (TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement identifies how well the company performed during the year (10 points) and (2) explain what information this financial statement provides. (10 points) (TCO 1) The accounting profession follows a set of guidelines for measurement and disclosure of financial information called the Generally Accepted Accounting Principles (GAAP). (1) Explain what the Entity Assumption is (10 points) and (2) provide an example of its application. (10 points) (TCO 2) Transaction analysis results in the development of a journal entry. A building is purchased for $35,000. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the