Pole Co. at the end of 2018, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income $465,000 Extra depreciation taken for tax purposes (1,047,000) Estimated expenses deductible for taxes when paid 935,000 Taxable income $353,000 Use of the depreciable assets will result in taxable amounts of $349,000 in each of the next three years. The estimated litigation expenses of $935,000 will be deductible in 2021 when settlement is expected. Prepare a schedule of future taxable and deductible amounts. (Enter negative amounts using either a negative sign preceding the number e. g. -45 or parentheses e. g. (45).) 2019 2020 2021 Total Future taxable (deductible) amounts Extra depreciation $ $ $ $ Litigation Prepare the journal entry to record income tax expense, deferred taxes, and income taxes payable for 2018, assuming a tax rate of 35% for all years.

About time delivery co. incurred the following costs related to trucks and vans used in operating its delivery service: classify each of the costs as a capital expenditure or a revenue expenditure. 1. changed the oil and greased the joints of all the trucks and vans. 2. changed the radiator fluid on a truck that had been in service for the past four years. 3. installed a hydraulic lift to a van. 4. installed security systems on four of the newer trucks. 5. overhaul the engine on one of the trucks purchased three years ago. 6. rebuilt the transmission on one of the vans that had been driven 40,000 miles. the van was no longer under warranty. 7. removed a two-way radio from one of the trucks and installed a new radio with a greater range of communication. 8. repaired a flat tire on one of the vans. 9. replaced a truck's suspension system with a new suspension system that allows for the delivery of heavier loads. 10. tinted the back and side windows of one of the vans to discourage theft of contents.

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period

Leon and sara are arguing over when the best time is to degrease soup. leon says that it's easiest to degrease soup when it's boiling. sara says it's easiest to degrease soup when it's cold. who is correct? a. neither leon nor sara is correct. b. leon is correct. c. both leon and sara are correct. d. sara is correct. student b   incorrect which following answer correct?