Cass Corporation reported pretax book income of $10,600,000. During the current year, the reserve for bad debts increased by $17
2,500. In addition, tax depreciation exceeded book depreciation by $227,500. Cass Corporation sold a fixed asset and reported book gain of $87,000 and tax gain of $114,500. Finally, the company received $270,000 of tax-exempt life insurance proceeds from the death of one of its officers. Compute the company’s current income tax expense or benefit.
The theory of mercantilism states that a country’s power depends mainly on its wealth. During the Age of Exploration, this meant that the prosperity of a nation should depend on a large supply of bullion (silver and gold) and a positive balance of trade. A positive balance of trade implies that exports should exceed imports. There were tariffs on imports. This discouraged importation.
Mercantilism was commonly practised in Europe within the 16th to 18th century.
The buyer would have a 12-day option to terminate the contract. Otherwise, he or she might not have any other option than to stick to the contract. (That is, the buyer will not have the unrestricted right to terminate the contract again.)
A provision is indeed an item freed up from either a company's revenue to cover potential future costs or a probable property price decrease. It shows up as spending on the financial statements and is documented as a current liabilities.