Watson Corporation prepared the following reconciliation for its first year of operations:
Pretax Financial income for 2017 = $1,400,000
Tax exempt interest (permanent difference) = - $100,000
Originating temporary difference = - $300,000
Taxable income = $1,000,000
Temporary difference will reverse evenly over the next two years at an enacted tax rate of 21%. The enacted tax rate for 2017 is 35%.
a) What amount should be reported in its 2017 income statement as the current portion of its provision for income taxes?
b) What amount should be shown on the balance sheet for Watson's deferred taxes?

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Insurance companies have internal controls in place to protect assets, monitor the accuracy of accounting records and encourage operational efficiencies and adherence to policies. these internal controls are generally of two types: administrative controls and accounting controls. administrative controls are the policies and procedures that guide the daily actions of employees. accounting controls are the policies and procedures that delineate authorizations of financial transactions that are done, safeguard assets, and provide reports on the company’s financial status in a reliable and timely manner. internal controls should include both preventative and detective controls. the purpose of preventative controls is to stop problems and errors before they occur. detective controls identify problems after they have occurred. preventative controls are usually more effective at reducing problems, but they also tend to be more expensive. internal controls must be flexible to adjust for changes in laws and regulations in addition to adding new products or modifying current ones. companies must also do regular analyses to ensure that the benefits of implementing the controls are worth their costs. when concerned about paying unwarranted insurance claims which type of control would be useful?

During which of the following phases of the business cycle does the real gdp fall? a. trough b. expansion c. contraction d. peak