Cass corporation reported pretax book income of $7,200,000. during the current year, the reserve for bad debts increased by $195,000. in addition, tax depreciation exceeded book depreciation by $445,000. cass corporation sold a fixed asset and reported book gain of $112,500 and tax gain of $154,500. finally, the company received $297,000 of tax-exempt life insurance proceeds from the death of one of its officers. compute the company’s current income tax expense or benefit. (round your final answers to nearest whole dollar amount. amounts to be deducted should be indicated by a minus sign.)

Sheldon has the following year-end account balances: accounts receivable, $5,000; supplies, $12,000; equipment, $18,000; accounts payable, $17,000; stockholders’ equity, $43,000. the cash account balance was not available at year-end. given the account balances listed, the balance in the cash account should be?

Required prepare the necessary adjusting entries in the general journal as of december 31, assuming the following: on september 1, the company entered into a prepaid equipment maintenance contract. birch company paid $3,400 to cover maintenance service for six months, beginning september 1. the payment was debited to prepaid maintenance. supplies on hand at december 31 are $3,900. unearned commission fees at december 31 are $7,000. commission fees earned but not yet billed at december 31 are $3,500. (note: debit fees receivable.) birch company's lease calls for rent of $1,600 per month payable on the first of each month, plus an annual amount equal to 1% of annual commissions earned. this additional rent is payable on january 10 of the following year. (note: be sure to use the adjusted amount of commissions earned in computing the additional rent.)

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