Lance lawn services reports warranty expense by estimating the amount that eventually will be paid to satisfy warranties on its product sales. for tax purposes, the expense is deducted when the cost is incurred. at december 31, 2013, lance has a warranty liability of $2 million and taxable income of $40 million. at december 31, 2012, lance reported a deferred tax asset of $737,500 related to this difference in reporting warranties, its only temporary difference. the enacted tax rate is 35% each yearrequired: prepare the appropriate journal entry to record lance

Catherine de bourgh has one child, anne, who is 18 years old at the end of the year. anne lived at home for seven months during the year before leaving home to attend state university for the rest of the year. during the year, anne earned $6,000 while working part time. catherine provided 80 percent of anne's support and anne provided the rest. which of the following statements regarding whether anne is catherine's qualifying child for the current year is correct? a.anne is a qualifying child of catherine.b.anne is not a qualifying child of catherine because she fails the gross income test.c.anne is not a qualifying child of catherine because she fails the residence test.d.anne is not a qualifying child of catherine because she fails the support test.

Which of the following statements about cash basis accounting is true? a. it is more complicated than accrual basis accounting. b. the irs allows all types of corporations to use it. c. it follows gaap standards. d. it ensures the company always knows how much cash flow it has.

Tom has brought $150,000 from his pension to a new job where his employer will match 401(k) contributions dollar for dollar. each year he contributes $3,000. after seven years, how much money would tom have in his 401(k)?