Rice Corp. has tax depreciation in excess of financial reporting depreciation of $100,000 in 20X1. The timing difference is expected to reverse $30,000 in 20X2 and $70,000 in 20X3. In 20X1, the enacted tax rates were 40% for 20X1 and thereafter. However, during 20X2, the enacted rate was changed to 30% for years 20X3 and thereafter. Rice records the journal entry for deferred taxes at the end of 20X2 at the tax rate of 40%, and then prepares an adjusting entry to appropriately revalue the deferred tax account at year-end. What entry is required to record the adjusting entry for the change in enacted tax rates?

Guardian inc. is trying to develop an asset-financing plan. the firm has $450,000 in temporary current assets and $350,000 in permanent current assets. guardian also has $550,000 in fixed assets. assume a tax rate of 40 percent. a. construct two alternative financing plans for guardian. one of the plans should be conservative, with 70 percent of assets financed by long-term sources, and the other should be aggressive, with only 56.25 percent of assets financed by long-term sources. the current interest rate is 12 percent on long-term funds and 7 percent on short-term financing. compute the annual interest payments under each plan.

Casey communications recently issued new common stock and used the proceeds to pay off some of its short-term notes payable. this action had no effect on the company's total assets or operating income. which of the following effects would occur as a result of this action? a. the company's current ratio increased.b. the company's times interest earned ratio decreased.c. the company's basic earning power ratio increased.d. the company's equity multiplier increased.e. the company's debt ratio increased.

When balancing wheels with either dynamic or road force balancers, technician a says it is really important to follow the instructions provided with the particular balancer you're using. technician b says that when rebalancing a wheel, if it is out of balance, it is best to remove the old weights and recheck the balance before adding new weights. who is correct?