Given this limited information, what are GG Company's damages in the case?  (assume all costs are variable) A. $360,000 B. $1,800,000 C. $720,000 D. $1,080,000

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Problem 16-135 11 At the end of the prior year, Doubtful Inc. had a deferred tax asset of $23,500,000 attributable to its only timing difference, a temporary difference of $57,000,000 in a liability for estimated expenses. At that time, a valuation allowance of $4,630,000 was established. At the end of the current year, the temporary difference is $52,000,000, and Doubtful determines that the balance in the valuation account should now be $5,000,000. Taxable income is $15,700,000 and the tax rate is 40% for all years. polnts Required: Prepare journal entries to record Doubtful's income tax expense for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) X 01:59:09 View transaction list Journal entry worksheet 1 2 > Record the income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal

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Note 1 – Sale of product with right of return    On 1 April 20X7 Delta sold a product to a customer for $121,000. This amount is payable on 30 June 20X9. The manufacturing cost of the product for Delta was $80,000. The customer had a right to return the product for a full refund at any time up to and including 30 June 20X7. At 1 April 20X7, Delta had no reliable evidence regarding the likelihood of the return of the product by the customer. The product was not returned by the customer before 30 June 20X7 and so the right of return for the customer expired. On both 1 April 20X7 and 30 June 20X7, the cash selling price of the product was $100,000. A relevant annual rate to use in any discounting calculations is 10%.   Explain and show how the transactions in notes 1 and 2 would be reported in the financial statements of Delta for the year ended 30 September 20X7.

#15 Seadrill Engineering licensed software to oil-drilling firms for 5 years. In addition to providing the software, the company also provides consulting services and support to ensure smooth operation of the software. The total transaction price is $420,000. Based on standalone values, the company estimates the consulting services and support have a value of $120,000 and the software license has a value of $300,000. Assuming the performance obligations are not interdependent, the journal entry to record the transaction includes   Question 15 options:   a credit to Sales Revenue of $420,000.   a credit to Sales Revenue for $300,000 and a credit to Unearned Service Revenue of $120,000.   a credit to Service Revenue of $120,000.   a credit to Unearned Service Revenue of $120,000.

Blackfly Ltd. had no outstanding current liabilities at the start of year 2007. During the year, the company paid $300,000 for direct labour. At the end of the year the company still owed a $2.000 performance bonus to one employee, and $33,000 to another employee. The amount the company would report as labour expense for 2007 is $325,000 $302.000 none of the listed answers are correct $300,000 $298,000 5

QUESTION 3 Giant Corp has accumulated E&P of $8,000 at the beginning of the current year During the year (a nonleap year), the corporation incurs a current E&P deficit of $18,250. The corporation distributes $11,000 on March 20th to Ezekiel, its sole shareholder, who has a $9,000 basis for his stock (78 days into the year would be the day before the distribution). If the exact loss cannot be determined as of the date of distribution, the treatment of the distribution will be OA) $11,000 return of capital OB) $4,100 dividend and a $6,900 capital gain. O C) $8,000 dividend and a $3,000 return of capital. OD) $4,100 dividend and a $6,900 tax free return of capital.

Problem 07-11 (Algo) [LO 7-4, 7-11] Company XYZ manufactures a tangible product and sells the product at wholesale, in its first year of operations, XYZ manufactured 1,100 units of product and incurred $159,500 direct material cost and $68,750 direct labor costs. For financial statement purposes, XYZ capitalized $23,750 indirect costs to inventory. For tax purposes, it had to capitalize $54,750 indirect costs to inventory.under the UNICAP rules. At the end of its first year, XYZ held 220 units in inventory. In its second year of operations, XYZ manufactured 2,200 units of product and incurred $330,000 direct material cost and $154,000 direct labor costs. For financial statement purposes, XYZ capitalized $18,000 indirect costs to inventory. For tax purposes, it had to capitalize $72,000 indirect costs to inventory under the UNICAP rules. At the end of its second year, XYZ held 330 items in inventory. Required: a. Compute XYZ's cost of goods sold for book purposes and for tax purposes…