Referring to AASB 112 paragraph 34, “a deferred tax asset should be recognised for the carryforward of unused tax losses and unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax losses and used tax credits can be utilised.” If an entity has unused tax losses from the previous year, then it would be carried-forward. Recognising deferred tax asset (DTA) might be the most complex and subjective area of Financial Accounting Standards…
In Langston Hughes’ poem, A Dream Deferred, Hughes wonders what happens to a dream that does not come true. He writes, “Maybe it just sags like a heavy load. Or does it explode?” In A Raisin in the Sun, by Lorraine Hansberry, Walter shows that his deferred dream does both. Early in the play, he shares his hopes and dreams for his family and their future with his young son, Travis. He imagines that earning his fortune will cure all the shortcomings and injustices in their lives. The limitations of…
When blacks arrived in Harlem, though, their dream was deferred; instead of the opportunities they had envisioned, they were faced with overcrowding, exploitation, and poverty. At the beginning of"Harlem," the mood that accompanies "a dream deferred" is a questioning one that begins a search for definition. This mood, which will develop as each poem progresses, induces the reader to reflect upon the meaning of "a dream deferred," preparing them for its development. The poem continues, listing the…
This check was a life insurance check of ten thousand dollars and was from Walter’s deceased father’s life insurance. All of the family members had their own dreams, and this was their best option to make these dreams come true. This check could help pay for Beneatha’s medical school; however, it was up to Mama to decide how to use the money, “The insurance money belongs to Mama,” (p. 38). After Mama used some of the money to buy a house for the family, she entrusted the money to Walter telling him…
impossibility weighs the dreamer down. The dream deferred (bag) is very heavy and onerous. However, if the dreamer carries the bag long enough, they get to enjoy the reward (their dream) waiting inside.
The final image used to describe a dream deferred is an explosion. The worsening conditions in Hughes’ comparisons build up to the final dénouement of a violent explosion. This “explosion” is all of the pent up emotions, thoughts, and feelings of the dream deferred, which build up inside you until, finally…
I drive a man around in his limousine and I say, 'Yes, sir; no, sir; very good, sir; shall I take the Drive, sir?' Mama, that ain't no kind of job . . . that ain't nothing at all" (1855). Once the check arrives, Walter can think only of investing the money, which to him "is life" (1856); consequently, he does not give Ruth a chance to tell him she is pregnant and has decided to abort their baby. Mama interrupts Walter to encourage him to listen to his wife; however, this causes a detonation of Walter's…
net-operating loss. Secondly, Packer may not generate any significant U.S Federal tax net operating loss carry forwards in the near future because it has the ability to utilize tax planning, such as capitalization of R&D. Thirdly, Packer has never lost deferred tax benefits due to expiration of a US net operating loss carry-forwards.
There is little negative evidence that might support the need for a valuation allowance. Firstly, losses occurred consecutively from 1992 to 1994. “A…
growing. People are getting more inflamed emotionally, just like the wound gets worse if not treated. It draws a clear parallel between people's emotions and the images of the sore. Just as an untreated sore will not heal, but get more infected, a deferred dream will not go away, but become more intense. A wound that gets worse will eventually start to smell bad. Hughes compares this to rotten meat. "Does it stink like rotten meat?" This image creates the idea that unrealized dreams will bring out…
into an all-white neighborhood. Even Walter does his part by refusing Mr. Lindner's offer of money.
Langston Hughes, author of the poem, Dream Deferred, made the most quoted observations on deferred dreams. Hughes was the first to ask the question: "What happens to a dream deferred"? "All African-Americans have had a dream deferred"(Wintz 179). Their dream was for the abolishment of segregation and the outlaw of discrimination. Slavery had come to an end with the Emancipation Proclamation…
dream forced to sit idle hardens into an unusable substance of thoughts that have separated themselves from the goals and formed idle destructive thoughts that are crusted over with despair, doubt, anger, and hatred.
Langston Hughes's poem "Dream Deferred" is basically about what happens to dreams when they are put on hold. Hughes probably intended for the poem to focus on the dreams of African-American in particular. However, it is just as easy to read the poem as being about dreams in general and…
To a stranger watching, it may seem to be a relatively simple conflict; however, much like the melody of a boogie, there’s much more than meets the eye (or ear), and the reality of the situation may surprise the unprepared.
We see the literal expression of a “dream boogie” in a scene that encapsulates the brother-sister dual-dreamer relationship of Beneatha and Walter Lee. After a heavy bout of drinking, Walter comes home to find Bennie dancing away to an African beat, and he joins in, at first…
This is why she speaks more like an intellectual. For example, she says, “There is simply no blasted God-there is only man and it is he who makes miracles!” Another reason Beneatha's speech is different from the rest of her family's speech is that her friend Asagai's eloquence has influenced her. The more time Beneatha spends around school and Asagai, the more eloquent she becomes.
It is notable that all of the characters who speak incorrectly are African American. In the story, this is used…
Because uncertainty is involved in making choices, it is often best to evaluate judgment performance by considering the quality of the judgment process employed rather than focusing solely on the outcome that resulted from the judgment.
d. Reach a Conclusion: It is important to consider whether the conclusion reached makes sense when taking into account the bigger picture. At this stage, it is appropriate to consider the strength of evidence and whether the alternatives considered and evidence…
Leroy, a formal trucker, was injured in an accident and possibly can no longer drive his big truck. As a result, he is home most all of time. He is not accustoming to being home and Norma Jean is not accustoming to him being home all the time. This sudden change causes her to feel awkward. Norma Jean accustom to going to work at Rexall, a drugstore and unannounced visits from her mother Mabel Beasley to criticize her housekeeping abilities. Ever since Leroy injured his leg in the accident he…
Mama implies that the money was more than just currency, but what is left of her husband’s dream to bring success to his family. She is terribly disappointed with Walter for losing all of the money so easily, and not putting it toward to what he promised. Because of this great loss, Walter is still left with no money. His dream to become wealthy is now at the bottom of the gutter, all over again, and he has to work even harder as well as gain his confidence back in order to fish it out.
that ain’t anything at all. Mama, I don't know if I can make you understand” (73). Walter is not able to provide for his family by American standards, and as a result, his family lives in poverty.
The predicament that Walter finds him-self in motivates him to want to invest in a liquor store in order to grasp some type of financial freedom. He doesn’t just want to have enough money to provide for his family, but he tells his mother, “I want so many things” (74). He is obsessed with earning…
1483) It is evident that until the end of the play, we only see sadness in her character and the air of all of her broken dreams.
The next character of Walter Lee Younger (Brother) is a man bound and determined to make money the fastest way possible. This is a man who values money above all else and ties his own self worth to how much money he has in his bank account. I believe the sentence “Does it stink like rotten meat?” (Line 6) can be best used to describe all of the dreams brother has.…
Younger." And I'll say, "Hello, Jefferson, how are you this evening (II.ii pg. 109)?"
However, his family is not to keen on the idea of investing the money in a liquor store and Walter cannot fathom why. His frustration builds and he eventually releases it against his family: “Walter: Who the hell told you, you had to be a doctor. If you so crazy ‘bout messing ‘round with sick people; then go be a nurse like other women; or just get married and be quiet (I.i pg. 38).”
Beneatha is an intellectual…
Mama concerns herself only with the fact that she and her family will own the house, and not have to dwell in the tired, old apartment on Chicago's Southside. In a sense, Mama's dream has "crust[ed] and sugar[ed] over like a sugary sweet" (Hughes Lines 7-8). Her dream has changed to fit the circumstances she must cope with. The character of Mama represents those who do not shrivel up and die just because their dream does.
Walter Lee Younger, Lena's son, is second only to Lena in arousing sympathy…
He starts answering his question with various similes, each seeming to represent what could happen to various dreams.
Hughes asks ?Does it dry up / like a raisin in the sun??(2-3), signifying dreams that are so old they are hard to recognize, childhood dreams that flame up at one stage of life and at a later stage are still sweet to remember. Each subsequent line seems to focus on a different aspect of unfulfilled dreams, yet each one is typical of the time frame of Hughes' life. The…
the acquirer to conclude that a valuation allowance was required on its deferred tax assets (including net operating losses) immediately prior to the acquisition, and the deferred tax liabilities assumed in the business combination are available to offset the reversal of the acquirer’s pre-existing deferred tax assets.
* As a result of the business combination, the acquiring company determines their pre-existing deferred tax assets are more-likely-than-not to be realized by the combined entity…
Income Tax Expense
Current Tax Liability
The journal entry for deferred tax for the year to 30 June 2015 is:
Deferred Tax Asset
Deferred Tax Liability
Income Tax Expense
In the 30 June 2015 financial statements:
⇒ Income tax expense for the year $360 000 ($507 000 – $147 000)
⇒ Current tax liability $507 000
⇒ Deferred tax liability $3 000
⇒ Deferred tax asset $150 000
Current Tax Worksheet
for the year ended 30 June 2016
The value of a deferred tax asset is calculated by taking the financial reporting standards for book income and the jurisdictional tax authority’s rules for taxable income. (Investopedia. 2007) A deferred tax liability arises when a company’s balance…
The Company records deferred revenue when it receives payments in advance of the delivery of products or the performance of services. This includes amounts that have been deferred related to embedded unspecified and specified software upgrades rights. The Company sells gift cards and records deferred revenue upon the sale of the card, which is relieved upon redemption of the card by the customer. Revenue from AppleCare service and support contracts is deferred and recognized ratably over…
Virgin, unlike Qantas, uses the deferred revenue approach to account for FFPs sold to third parties as well as for accounting for the direct accumulation of reward points by frequent flyer members (Virgin 2006). The amount that is deferred is calculated based on assumptions as mentioned previously and includes an amount to cover expected costs as well as an adequate amount of profit (Virgin 2006). Virgin records theses provisions under current and non current liabilities as unearned revenue until…
provision related to deferred maintenance. Medium-long term provisions carried at net present value. The German principles recognize that some assets are deprived of all other creditor’s access and they are related only to the coverage of the pension obligations or comparable long term liabilities. The common factor is that they need however classified at fair value.
Securities at fair value, also once exceeding cost, with reporting of all effects in the economic statement
Deferred taxes booked at…
one compares a dream deferred to a festering "sore" (4). A sore that never completely heals can grow bad and cause infection in the body. In applying that thought to a dream that cannot be realized, you come up with a dream that has become somewhat of a burden for the owner, like that of a festering sore. If the owner does not attend to and properly care for the sore and it does in fact become infected that could cause more problems for the dream that will not only be deferred but maybe never even…
the mind. The poem focuses on what could happen to deferred dreams. Hughes' aim is to make it clear that if you postpone your dreams you might not get another chance to attain it--so take those dreams and run. Each question associates with negative effects of deferred dreams. The imagery from the poem causes the reader to be pulled in by the writer's words.
The speaker opens the poem by questioning, "What happens to a dream deferred?" (1). This single line instantly gives the reader…
His closing rhetorical question – “Or does [a dream deferred] explode?” – is incendiary, a bold statement that the suppression of black dreams might result in an eruption. It implicitly places the blame for this possible eruption on the oppressive society that forces the dream to be deferred. Hansberry’s reference to Hughes’ poem in her play’s title highlights the importance of dreams in A RAISIN IN THE SUN and the struggle that her characters faced to realize their individual dreams, a struggle…
General and administrative expenses 280,000
The amount to be reported on the December 31, 2015 balance sheet as Deferred Gross Profit should be
A. $ 336,000.
B. $ 504,000.
C. $ 672,000.
Gross profit %=(2800000-1960000)/2800000=30%
Deferred Gross profit (beginning balance): (2800000-1960000)=840000
Realized Gross profit in 2015: 1120000x30%=336000
Deferred Gross profit (ending balance)= 840000-336000=504000
Use the following information for questions 8-10.
8. During 2014…
The amount that is deferred is calculated using assumptions as to what proportion of points are likely to be redeemed and includes an amount to cover expected costs as well as an adequate amount of profit. The deferred revenue amount is recognised as a liability until the points are used whereby it is recognised as revenue. For those points that the airline considers will not be redeemed, revenue is recognised directly at the time of sale of points. These provisions are identified under liabilities…
style was to write poetry that is called "dream deferred". His use of a "dream deferred" focus in several poems paints a vivid picture of the disappointment and dismay that blacks in America faced in Harlem. Furthermore, as each his poems develop, so does the feeling behind a "dream deferred," his words make the reader feel the growing anger and seriousness even more at each new stanza.
In order to understand Hughes' idea of the "dream deferred," one must have a working knowledge of the history…
Prepaid expenses 125,967 134,994
Related party current assets 14,702 6,719
Deferred tax asset 132,727 44,787
Other current assets 6,335 7,432
Total current assets 1,276,954 991,775
Property and equipment, net 1,673,919 1,761,274
Long-term restricted investments 3,973 3,396
Deferred financing fees, net 42,046 54,135
Intangible assets, net 2,573,638 2,632,688
* Partial Revenue Recognition method would recognize the sale and extended warranty at the time of sale. And the rest of the contract revenue will be deferred and recognized when the contract period is complete. This method is acceptable for financial reporting in few situations. The calculation is based on the estimated cost of the product and extended warranty. This method allows the company to recognize most of the revenue at the time of sale, and allows some future revenue recognition.…
interest to do so simultaneously. The company historically chose not to capitalize most expenses that could have been capitalized under SAB 104 since their business didn’t rely on many deferred revenue streams at the time. The company would have undoubtedly preferred to change their policy for expensing deferred-revenue contracts were it not for the SEC’s preference that such costs were treated consistently and for the additional fact that they would have to make their case to the SEC, gain their…
earned and costs incurred under such contracts for each period for which an income statement is presented.”
• I believe Pharmagen should recognize the funding from the PEI as debt as opposed to deferred income.
o ASC 470-10-25-2 “While the classification of the proceeds from the investor as debt or deferred income depends on the specific facts and circumstances of the transaction, the…
The decline in both Tax Expense and in Net Profit are reflected in the Balance Sheet by a decline in Deferred Taxes and in Ordinary Shareholders' Equity, respectively.
Adjustments for Dec.31, 2001 ($billions) Assets Liabilities & Equity
Trade Receivables -3.35
Deferred Taxes -.82
Ordinary Shareholders' Equity -1.53
Income Statement Adjustments for Dec.31, 2001
Cost of Sales -1.00
Tax Expense -.82
Net Profit -1.53…
of the post-contract customer support arrangement, because the post-contract customer support services are assumed to be provided ratably (PCS 985-605-25-67).
As of April 30 - Recognized Revenue – Volcano System $10,286, PCS $286 (2 mths)
Deferred Revenue – PCS $1,428
3. Should the February 1, 2012, agreement and the May 1, 2012, agreement be accounted for separately or as a single arrangement?
Arrangements for products or services containing software that is incidental to the products…
employees during November 2012, unpaid and unrecorded at November 30, 2012, amounted to $5,700. The next payroll date will be December 5, 2012.
Identify each of these transactions as a deferred revenue, deferred expense, accrued revenue, or accrued expense.
check my workeBook Link references
Learning Objective: 04-02 Explain…
at ASC 470-10-25 for guidance on an accounting approach. When using this method the funding is either considered debt or deferred income. This standard applies when, “An entity receives cash from an investor and agrees to pay to the investor for a defined period a specified percentage or amount of the revenue.” To distinguish is the funding is to be considered debt or deferred income ASC 470-10-25-2 provides six criteria in which if any are met causes the funding to be classified as debt. One of…
and reliable estimation of redemption rate. CCPC should recognize the maximum potential amount of the rebate, which is equal to $1 million ($2 * 500,000 coupons), as deferred revenue or liability. Per ASC 605-50-25-4:
“...if the amount of future rebates or refunds cannot be reasonably and reliably estimated, a liability (or deferred revenue) shall be recognized for the maximum potential…
current and deferred tax liabilities and assets is based on provisions of the enacted tax law ("Financial accounting standards," 2009).” This means that the amount that is expected to be taxed based on the depreciation schedule can be written off as an asset because the amount specified is not owed to the government because the item is depreciating faster than required to pay taxes on. Often times, this will cause income statement effects because the amount of tax liability and deferred tax will differ…
may be made include:
• Past-due expenses
• Income tax expense
• Interest income
• Unbilled revenue
Deferred things are those for which the firm has recorded the transaction as a journal entry, but has not yet realized the revenue or expense associated with that journal entry. In previous expression, the acknowledgment of deferred items is postponed until a later accounting period.
9. Position adjusting entries to the ledger accounts
10. Arrange the adjusted…
provision for loss on discontinued operations, the loss from discontinued operations, the foreign exchange rate difference, and deferred taxes. The subtraction that was considerable was in the respect of benefit on stock options. This is an indication that the business is showing advancement. The analysis of the working capital is for this year cash flows were from the notes, deferred income, warranty costs, a control on payroll cost, and taking some services on credit. The cash outflows were from the…
(Depreciation expense for the year ending 30 June 2013)
*(Depreciation per annum: 186 000/3= $62 000)
b) Determine the carrying amount and tax base of the plant at year end. Prepare the
necessary journal entries to account for any deferred tax effect relating to the plant.
Journal Entry 2-Recording Gain/Loss on revaluation for the year
*Loss – Revaluation Decrement (P/L) Dr 12 000
Machine B Cr 12 000
(Loss on revaluation of machine from $186 000 to $112 000)…