Raven Corp Company Widget Factory Discussion
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Raven Corp Company Widget Factory Discussion
On January 1, 2019, Raven Corp hired Kevin Sachs to manage the company’s Widget factory. Sachs started working on January 1, 2019. Based on his 2019 performance, Sachs earned a bonus of $90,000, paid to him by Raven Corp. as follows: $38,000 in 2020 and $52,000 in 2021.
Following the matching principle, Raven Corp expenses compensation costs for financial purposes in the year the company benefits (i.e., the year an employee provides service).
Following tax laws, Raven Corp deducts compensation costs on the tax returns in the year paid. Raven Corp’s other financial income, before considering compensation costs, was $530,000 per year. The tax rate was 40% in all years.
Does the temporary difference arise from an underlying asset or an underlying liability? Which one (name the asset or liability)? Is it on the financial books, the tax records or both? Remember, underlying adjunct assets and underlying contra-liabilities are considered underlying assets and underlying adjunct liabilities and underlying contra-assets are considered underlying liabilities.
What is the Income Tax Payable in 2019, 2020 and 2021? Show all work in the table below for full credit.
A B
C
D
E
F
G
1 2
3
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8
Description of item 2019 2020 2021 Do we have a deferred tax asset or a deferred tax liability? Explain why (as we practiced in class).
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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Raven Corp Company Widget Factory Discussion