Test: Quiz 4 :: Spring 2021 :: C's 45, 48, 49 and 9 Time Remaining: 0:59:53 Keyboard Navigation Help Questions Question 1 of 50 Next 1.Not Answered 2.Not Answered 3.Not Answered 4.Not Answered 5.Not Answered 6.Not Answered 7.Not Answered 8.Not Answered 9.Not Answered 10.Not Answered 11.Not Answered 12.Not Answered 13.Not Answered 14.Not Answered 15.Not Answered 16.Not Answered 17.Not Answered 18.Not Answered 19.Not Answered 20.Not Answered 21.Not Answered 22.Not Answered 23.Not Answered 24.Not Answered 25.Not Answered 26.Not Answered 27.Not Answered 28.Not Answered 29.Not Answered 30.Not Answered 31.Not Answered 32.Not Answered 33.Not Answered 34.Not Answered 35.Not Answered 36.Not Answered 37.Not Answered 38.Not Answered 39.Not Answered 40.Not Answered 41.Not Answered 42.Not Answered 43.Not Answered 44.Not Answered 45.Not Answered 46.Not Answered 47.Not Answered 48.Not Answered 49.Not Answered 50.Not Answered Question Workspace Disposal Company operates a hazardous waste storage facility. Concerned that there may be a release of chemicals from the site, the company sells the property to Eager Developers Inc. If there is a release, the seller is most likely a. not liable because the site was sold before the release. b. liable. c. not liable because the company no longer operates the facility. d. not liable because the company was concerned about the release.

Bridgeport company began operations at the beginning of 2018. the following information pertains to this company. 1. pretax financial income for 2018 is $115,000. 2. the tax rate enacted for 2018 and future years is 40%. 3. differences between the 2018 income statement and tax return are listed below: (a) warranty expense accrued for financial reporting purposes amounts to $7,500. warranty deductions per the tax return amount to $2,200. (b) gross profit on construction contracts using the percentage-of-completion method per books amounts to $94,700. gross profit on construction contracts for tax purposes amounts to $67,100. (c) depreciation of property, plant, and equipment for financial reporting purposes amounts to $61,800. depreciation of these assets amounts to $75,700 for the tax return. (d) a $3,600 fine paid for violation of pollution laws was deducted in computing pretax financial income. (e) interest revenue recognized on an investment in tax-exempt municipal bonds amounts to $1,500. 4. taxable income is expected for the next few years. (assume (a) is short-term in nature; assume (b) and (c) are long-term in nature.) (a) prepare the reconciliation schedule for 2017 and future years. (b) prepare the journal entry to record income tax expense for 2017. (c) prepare the income tax expense section of the income statement beginning with “income before income taxes.” (d) determine how the deferred taxes will appear on the balance sheet at the end of 2017.

A.j. was a newly hired attorney for idle time gaming, inc. even though he reported directly to the president of the company, a.j. noticed that the president always had time to converse with the director of sales, calling on him to get a pulse on legal/regulatory issues that, as the company attorney, a.j. could have probably handled. a.j. also noted that the hr manager’s administrative assistant was the go-to person for a number of things that would make life easier at work. a.j. was recognizing the culture at idle time gaming.

Nell and kirby are in the process of negotiating their divorce agreement. what should be the tax consequences to nell and kirby if the following, considered individually, became part of the agreement? a. in consideration for her one-half interest in their personal residence, kirby will transfer to nell stock with a value of $200,000 and $50,000 of cash. kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. they purchased the residence three years ago for $300,000.nell's basis for the stock is $ xkirby's basis in the house is $ xb. nell will receive $1,000 per month for 120 months. if she dies before receiving all 120 payments, the remaining payments will be made to her estate.the payments (qualify, do not qualify) as alimony and are (included in, excluded from) nell's gross income as they are received.c. nell is to have custody of their 12-year-old son, bobby. she is to receive $1,200 per month until bobby (1) dies or (2) attains age 21 (whichever occurs first). after either of these events occurs, nell will receive only $300 per month for the remainder of her life.$ x per month is alimony that is (included in, excluded from) nell's gross income, and the remaining $ x per month is considered (child support, property settlement) and is (nontaxable, taxable) to nell.