Bio Tech Computer Company reports pretax financial income of $500,000, $600,000, and $500,000 in each of the years 2019, 2020, and 2021 respectively. The company is subject to a 30 percent tax rate and has the following differences between pretax financial income and taxable income.
1. Bio Tech recognizes sales revenue of $72,000 from installment sales for book purposes in 2019. However, Bio Tech will recognize sales revenue for tax purposes in equal amounts over the next three years beginning January 1, 2020.
2. During 2019, Bio Tech estimates its warranty costs related to sales of computers to be $75,000, will be paid evenly over the next three years.
3. Bio Tech pays life insurance premium for its key officers of $10,000 in 2020 and 2021.
4. Bio Tech receives interest on municipal bonds of $8,000 in 2019.
Required:
Calculate Bio Tech's current earnings and profits for 2021.

The following accounts appeared in recent financial statements of delta air lines. identify each account as either a balance sheet account or an income statement account. for each balance sheet account, identify it as an asset, a liability, or stockholders' equity. for each income statement account, identify it as a revenue or an expense. item financial statement type of account accounts payable balance sheet advanced payments for equipment balance sheet air traffic liability balance sheet aircraft fuel (expense) income statement aircraft maintenance (expense) income statement aircraft rent (expense) income statement cargo revenue income statement cash balance sheet contract carrier arrangements (expense) income statement flight equipment balance sheet frequent flyer (obligations) balance sheet fuel inventory balance sheet landing fees (expense) income statement parts and supplies inventories balance sheet passenger commissions (expense) income statement passenger revenue income statement prepaid expenses income statement taxes payable balance sheet

Kenney co. uses process costing to account for the production of canned energy drinks. direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. equivalent units have been calculated to be 19,200 units for materials and 16,000 units for conversion costs. beginning inventory consisted of $11,200 in materials and $6,400 in conversion costs. april costs were $57,600 for materials and $64,000 for conversion costs. ending inventory still in process was 6,400 units (100% complete for materials, 50% for conversion). the total cost per unit using the weighted average method would be closest to:

Exercise 7-7 martinez company reports the following financial information before adjustments. dr. cr. accounts receivable $168,900 allowance for doubtful accounts $3,200 sales revenue (all on credit) 849,300 sales returns and allowances 50,440 prepare the journal entry to record bad debt expense assuming martinez company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but allowance for doubtful accounts had a $1,550 debit balance. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)