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Chapter 4 Accounting in Action: CM2 With the books closed for the prior year (thanks to your work), the four CM2 owners are meeting to discuss what...
Chapter 4 Accounting in Action: CM2 With the books closed for the prior year (thanks to your work), the four CM2 owners are meeting to discuss what they expect to happen in 2013. They include you in this meeting since they consider you an important part of the decision The company generates revenue from two sources, sales of RFID systems and service of those systems. After much discussion, Conner and Martin settle on the following revenue estimates: sales of RFID systems are predicted to be $9,100,000, and service revenue will be $975,000. All forecasted revenue and expenses are recorded to the appropriate balance sheet and income statement accounts. Instructions [Note: From Chapter 4 on, the linked Excel spreadsheets contained in the various chapters already have programmed income tax expense at35%. Therefore, you do not need to worry about making adjustments to income tax expense.] (a)
