Deferred Income

The Armor Co. Reported Deferred Tax Liability of $4,000 on 12/31/00 and $7,000 on 12/31/01. The only timing difference in reporting to the IRS and shareholders relates to depreciation on a building. Armor reported building depreciation expense of $20,000 on its 2001 income statement. Armor

Hi, I have a somewhat complicated question about my 2006 taxes... I came to the US in 2001 on a student visa (F1). After I finished my degree I worked one year under OPT, and I left when my OPT/visa expired in May 2006 and went home to my native country and got a job there. So basically I worked...

If a business obtains a deposit for $10,000 for a future project that costs $20,000. What is the offsetting entry? Is it cash? If a business places $10,000 in deferred revenues as a liability entry, what is the offsetting entry? Is it A/R? Thanks!

I collect SS, withdraw interest income monthly and sell real estate. I am wondering since my interest income & real estate commissions exceed the SS allowable income cap of $12,000 will my SS for the next year be reduced? Will my real estate expenses be deductible from taxes owed on my...