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Mary Sims: Case Study

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The RFH Company’s controller Mary Sims had questions about what needs to be done on certain items such as the $1,500,000 depreciation timing differences and the bad debt reserve increase from the prior year of $250,000. Ms. Sims also wants to know what to do with the accrued liabilities of $300,000 and a lawsuit of $450,000 which can be paid $500,000 over 3 years. Mary Sims wants to know how to classify these tax differences at the end of the year and I will advise her on some FASB standards that Ms. Sims should follow.
1) $1,500,000 as a result of depreciation timing (Straight Line- MACRS method)
2) What to do with the bad debt increase of $250,000
3) What FASB codification should Ms. Sims look at?
1) Depreciation is on taxes and will not impact the total depreciation of the tax expense of deprecation timing. Depreciation is an expense on the income statement with no cash value and can be tax deductible at the end of the year. The methods of depreciation for the end of year for tax purposes really have no purpose except for timing. MACRS will have larger depreciation values at the early years and slide off compared to just straight line where it is constant throughout the whole time. …show more content…
3) FASB codification ASC-740-10-34, FASB codification ASC-740-10-25-20, and FASB codification

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