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[answered] Brady Corporation - Appendix B GAAP Basis Balance Sheet Ass


REQUIRED?

Part I - Using the information provided, compute book income before taxes for Brady.?

Part II ? Identify and measure Brady?s book-tax differences. Classify each of the book-tax differences as temporary or permanent.?

Part III ? Determine Brady?s current tax provision for the year based on continuing operations. The Company paid no estimated tax payments during the year so the ending balance in the taxes payable should correlate to what the Company expects to pay with their 2015 federal and state tax returns. ?

Part IV ? Determine Brady?s return to provision adjustment (if any) for the true-up between the 2014 tax provision and the 2014 final tax return.?


Brady Corporation - Appendix B

 

GAAP Basis Balance Sheet Assets:

 

Cash

 

Marketable Securities

 

Accounts Receivable - net of allowance for

 

doubtful accts of $220,000 for 2015 and

 

$260,000 for 2014

 

Inventories

 

Total Current Assets For the year ended

 

12/31/15 For the year ended

 

12/31/14 10,490,646

 

- 11,180,000

 

350,000 3,300,000

 

3,435,000

 

17,225,646 2,800,000

 

2,400,000

 

16,730,000 Deferred Tax Asset - net of valuation allowance

 

Plant, Property & Equip - net of accumulated

 

depreciation

 

Goodwill (stock acquisition)

 

Total non-current assets 19,010,000

 

2,000,000

 

21,282,154 17,730,000

 

2,850,000

 

20,580,000 Total Assets 38,507,800 37,310,000 1,850,000

 

3,822,239

 

630,000

 

2,500,000

 

1,163,830

 

9,966,069 1,200,000

 

5,941,504

 

340,000

 

2,500,000

 

2,680,000

 

12,661,504 Pension Liabilities

 

Legal Reserve

 

Unearned Revenue

 

Other Liabilities - tax contingency

 

Deferred Tax Liabilty

 

Notes Payable, noncurrent

 

Total Noncurrent Liabilities 272,000

 

1,000,000

 

2,500,000

 

200,600

 

6,400,000

 

10,372,600 220,000

 

5,000,000

 

82,400

 

970,830

 

4,001,000

 

10,274,230 Shareholders' Equity

 

Retained Earnings 1,000

 

18,168,131 1,000

 

14,373,266 Total Liabilities & Shareholders' Equity 38,507,800 37,310,000 Liabilities & Shareholders Equity

 

Accounts Payable

 

Income Taxes Payable

 

Accrued Vacation Pay

 

Unearned Revenue

 

Notes Payable, current

 

Total Current Liabilities 272,154 - -

 


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