interest revenue 19,500 retained earning,end 5,000 selling
expenses 145,00 prepaid insurance 20,000 loss and disposal of...
interest revenue 19,500 retained earning,end 5,000 selling
expenses 145,00 prepaid insurance 20,000 loss and disposal of a
business (discountied),net 28,000 income from operation 140,000
unearned rent revenue 15,000 income tax 39,900 interest expenses
13,000 prepare an income statment for 2015 (starting with income
from operation) according to IFRS.
In Year 1, Lobo Corp. reported for financial-statement purposes
the following revenue and expenses that were...
In Year 1, Lobo Corp. reported for financial-statement purposes
the following revenue and expenses that were not included in
taxable income:
Premiums on officers' life insurance under which the
corporation is the beneficiary
$5,000
Interest revenue on qualified-state or municipal bonds
$10,000
Estimated future warranty costs to be paid in Year 2 and Year
3
$60,000
Lobo's enacted tax rate for the current and future years is 30%.
Lobo has paid income taxes of $170,000 for the three-year period
ended...
Deferred tax asset; taxable income given; valuation
allowance
At the end of 2020, Payne Industries had...
Deferred tax asset; taxable income given; valuation
allowance
At the end of 2020, Payne Industries had a deferred tax asset
account with a balance of $38 million attributable to a temporary
book-tax difference of $95 million in a liability for estimated
expenses. At the end of 2021, the temporary difference is $85
million. Payne has no other temporary differences. Taxable income
for 2021 is $240 million and the tax rate is 40%.
Payne has a valuation allowance of $11 million...
Analyzing and Interpreting Tax Footnote
Under Armour, Inc. reports total tax expense on its income
statement...
Analyzing and Interpreting Tax Footnote
Under Armour, Inc. reports total tax expense on its income
statement for year ended December 31, 2010 of $40,442 and cash paid
for taxes of $38,773.
The tax footnote in the company's 10-K filing, reports the
following deferred tax information.
Deferred tax assets and liabilities consisted of the following (in
thousands):
December 31 ($ thousands)
2010
2009
Deferred tax assets
State tax credits, net of federal tax impact
$ 1,750
$ --
Tax basis inventory...
Reed Ltd is a manufacturer of surfboards which commenced
operations on 1 July 2019. The Statement...
Reed Ltd is a manufacturer of surfboards which commenced
operations on 1 July 2019. The Statement of Comprehensive Income
and the Statement of Financial Position were compiled on 30 June
2020. The following information was available:
Statement of Comprehensive Income for the year ended 30 June
2020
$ $
Sales
430,000
Less
Cost of Goods Sold
130,000
Administrative expense
70,000
Warranty expense
60,000
Depreciation- machine
40,000
Insurance expense
20,000
320,000
Profit before income tax
110,000
Following information was extracted...
Randolph Company reported pretax net income from continuing
operations of $823,000 and taxable income of $550,000....
Randolph Company reported pretax net income from continuing
operations of $823,000 and taxable income of $550,000. The book-tax
difference of $273,000 was due to a $215,000 favorable temporary
difference relating to depreciation, an unfavorable temporary
difference of $154,000 due to an increase in the reserve for bad
debts, and a $212,000 favorable permanent difference from the
receipt of life insurance proceeds. a. Compute Randolph Company’s
current income tax expense b. Compute Randolph Company’s deferred
income tax expense or benefit. c....
Analyzing and Interpreting Tax Footnote
Under Armour, Inc.
reports total tax expense on its income statement...
Analyzing and Interpreting Tax Footnote
Under Armour, Inc.
reports total tax expense on its income statement for year ended
December 31, 2010 of $40,442 and cash paid for taxes of
$38,773.
The tax footnote in the company's 10-K filing, reports the
following deferred tax information.
Deferred tax assets and liabilities consisted of the following (in
thousands):
December 31 ($ thousands)
2010
2009
Deferred tax assets
State tax credits, net of federal tax impact
$ 1,750
$ --
Tax basis inventory...
The Alexander Company reported the following income statement
for 2016:
Sales $15,000,000
Less: Operating expenses
Wages,...
The Alexander Company reported the following income statement
for 2016:
Sales $15,000,000
Less: Operating expenses
Wages, salaries, benefits $6,000,000
Raw materials 3,000,000
Depreciation 1,500,000
General, selling, and administrative expenses 1,500,000
Total operating expenses 12,000,000
Earnings before interest and taxes (EBIT) $3,000,000
Less: Interest expense 750,000
Earnings before taxes $2,250,000
Less: Income taxes 1,000,000
Earnings after taxes $1,250,000
Less: Preferred dividends 250,000
Earnings available to common stockholders $1,000,000
Earnings per share—250,000 shares outstanding $4.00
Assume that all depreciation and 75 percent...