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1.) Discuss the difference between the straight-line method of depreciation and the accelerated methods. Why...

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Finance

1.) Discuss the difference between the straight-line method of depreciation and the accelerated methods. Why do companies use different depreciation methods for tax reporting and financial reporting?

2.) What is the purpose of listing the account Commitments and contingencies on the balance sheet even through no dollar amounts appear?

3.) How is it possible for a company with positive retained earnings to be unable to pay a cash dividend?

4.) The King Corporation has total annual revenue of $800,000; expenses other than depreciation of $350,000; depreciation expense of $200,000 for tax purposes; and deprecation expense of $130,000 for reporting purposes. The tax rate is 34%. Calculate net income for reporting purposes and for tax purposes. What is the deferred tax liability?

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