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:
Accounts Receivable - net of allowance for
doubtful accts of $220,000 for 2015 and
$260,000 for 2014
Total Current Assets For the year ended
12/31/15 For the year ended
16,730,000 Deferred Tax Asset - net of valuation allowance
Plant, Property & Equip - net of accumulated
Goodwill (stock acquisition)
Total non-current assets 19,010,000
20,580,000 Total Assets 38,507,800 37,310,000 1,850,000
12,661,504 Pension Liabilities
Other Liabilities - tax contingency
Deferred Tax Liabilty
Notes Payable, noncurrent
Total Noncurrent Liabilities 272,000
10,274,230 Shareholders' Equity
Retained Earnings 1,000
14,373,266 Total Liabilities & Shareholders' Equity 38,507,800 37,310,000 Liabilities & Shareholders Equity
Income Taxes Payable
Accrued Vacation Pay
Notes Payable, current
Total Current Liabilities 272,154 - -
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