Total property acquisition price $4,224,000
Property consists of eight office suites, 3 on the first floor, 5 on the second floor
Contract rents: 2 suites at $7,200 per month, 1 at $14,400 per month, and 5 at $6,240 per month.
It is anticipated that rents will increase annually at the rate of 3% per year
It is anticipated that vacancy and collection loss will be 10% per year
Operating expenses are 40% of effective gross income
Capital expenditures are 5% of effective gross income
Anticipated holding period is 5 years
Expected selling price is based on a cap rate of 8%
It is anticipated that selling expenses will be 4% of the sales price
The first mortgage is $3,168,000
The mortgage interest rate is 5%
The loan term is 30 years
Total upfront financing costs are 3%

During 2017, sheridan company expected job no. 26 to cost $300000 of overhead, $500000 of materials, and $200000 in labor. sheridan applied overhead based on direct labor cost. actual production required an overhead cost of $260000, $510000 in materials used, and $150000 in labor. all of the goods were completed. what amount was transferred to finished goods?

Martinez company has the following two temporary differences between its income tax expense and income taxes payable. 2017 2018 2019 pretax financial income $873,000 $866,000 $947,000 (2017' 2018, 2019) excess depreciation expense on tax return (29,400 ) (39,000 ) (9,600 ) (2017' 2018, 2019) excess warranty expense in financial income 20,000 9,900 8,300 (2017' 2018, 2019) taxable income $863,600 $836,900 $945,700(2017' 2018, 2019) the income tax rate for all years is 40%. instructions: a. prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, 2018, and 2019. b. assuming there were no temporary differences prior to 2016, indicate how deferred taxes will be reported on the 2016 balance sheet. button's warranty is for 12 months. c. prepare the income tax expense section of the income statement for 2017, beginning with the line, "pretax financial income."

Which of the following statements is incorrect? select one: a. personal creditors have first claim on partnership assets. b. partnerships are subject to dual taxation. c. no law requires partners to create a written partnership agreement, but it's smart to do so. d. partnership has limited life and unlimited liability.