homework ch22 - E 22-1 a. Cherokee Construction Company Net...

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E 22-1 a. Cherokee Construction Company Net Income Analysis For the Year Ended December 31, 2010 Income before income tax $700,000 Income tax (35% X $700,000) 245,000 Net income $455,000 b. Cherokee Construction Company Journal Entry December 31, 2010 Construction in Process 190,000 Deferred Tax Liability ($170,000 X 35%) 59,500 Retained Earnings 110,500 ($170,000 X 65% = $110,500)
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E 22-2 a. Whitman Company Journal Entry December 31, 2011 Inventory 11,000 Retained Earnings 11,000 ($19,000 + $21,000 + $25,000) – ($16,000 + $18,000 + $20,000) = $11,000 b. Whitman Company Net Income Effect analysis For the Years ended December 31, 2008, 2009 and 2010 Net Income (FIFO) 2008 $19,000 2009 21,000 2010 25,000 c. Whitman Company Journal Entry December 31, 2011 Inventory 22,000 Retained Earnings 22,000 ($19,000 + $21,000 + $25,000) – ($12,000 + $14,000 + $17,000)
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E 22-6 a. Robillard Inc Journal Entry December 31, 2010 Depreciation Expense 45,000 Accumulated Depreciation—Equipment 45,000 Depreciation to date on equipment
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This note was uploaded on 01/25/2010 for the course ACCOUNTING 104 taught by Professor Smith during the Spring '10 term at UC Davis.

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homework ch22 - E 22-1 a. Cherokee Construction Company Net...

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