Lexington corporation collects subscription fees in advance. for financial the lexington corporation initially recognizes the collection of cash from subscription fees as unearned revenue (a liability) and then gradually recognizes these amounts as revenue (part of financial reporting income) as they become earned. however, for income tax reporting, subscription fees are taxed as part of taxable income as soon as the cash is collected. at december 31, 2016 unearned subscription fees of $400,000 were included in lexington's balance sheet. all of these amounts related to cash collected during 2016. during 2017, new subscription fees of $600,000 in cash were collected. unearned revenue from subscriptions in lexington's december 31, 2017 balance sheet amounted to $350,000. assume that the income tax rate was 35%. assuming that the accounting for subscription is the only source of book/tax differences, what amount would be reported as a deferred tax asset or liability on lexington's december 31, 2017 balance sheet?

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Price and efficiency variances, journal entries. the schuyler corporation manufactures lamps. it has set up the following standards per finished unit for direct materials and direct manufacturing labor: direct materials: 10 lb. at $4.50 per lb. $45.00 direct manufacturing labor: 0.5 hour at $30 per hour 15.00 the number of finished units budgeted for january 2017 was 10,000; 9,850 units were actually produced. actual results in january 2017 were as follows: direct materials: 98,055 lb. used direct manufacturing labor: 4,900 hours $154,350 assume that there was no beginning inventory of either direct materials or finished units. during the month, materials purchased amounted to 100,000 lb., at a total cost of $465,000. input price variances are isolated upon purchase. input-efficiency variances are isolated at the time of usage. 1. compute the january 2017 price and efficiency variances of direct materials and direct manufacturing labor. 2. prepare journal entries to record the variances in requirement 1. 3. comment on the january 2017 price and efficiency variances of schuyler corporation. 4. why might schuyler calculate direct materials price variances and direct materials efficiency variances with reference to different points in time

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