Homework Answers
Solution a:
Taxable income for 2020 = Accounting income - Excess depreciation as per income + Excess of rent revenue for tax purpose + Non deductible fines
= $115,000 - $19,600 + $29,400 + $18,300 = $143,100
Income taxes payable for 2020 = $143,100 * 30% = $42,930
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Question 3 Concord Inc. reports accounting income of $115,000 for 2020, its first year of operations....
Zdon Inc. reports accounting income of $105,000 for 2017, its fi rst year of operations. The...
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Financial Accountant
Zdon Inc. reports accounting income of $105,000 for 2020, its first year of operations. The following items cause taxable income to be different than income reported on the financial statements.1. Capital cost allowance (on the tax return) is greater than depreciation on the income statement by $16,000.2. Rent revenue reported on the tax return is $24,000 higher than rent revenue reported on the income statement.3. Non-deductible fines appear as an expense of $15,000 on the income statement.4. Zdon's tax rate is 30%...
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Windsor Company reports pretax financial income of $71,400 for
2020. The following items cause taxable income to be different than
pretax financial income.
1.
Depreciation on the tax return is greater than depreciation on
the income statement by $16,800.
2.
Rent collected on the tax return is greater than rent
recognized on the income statement by $23,700.
3.
Fines for pollution appear as an expense of $10,900 on the
income statement.
Windsor’s tax rate is 30% for all years, and...
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Teal Company reports pretax financial income of $76,100 for 2020. The following items cause taxable income...
Teal Company reports pretax financial income of
$76,100 for 2020. The following items cause taxable income to be
different than pretax financial income.
1.Depreciation on the tax return is greater than
depreciation on the income statement by $16,700.2.Rent collected on
the tax return is greater than rent recognized on the income
statement by $22,700.3.Fines for pollution appear as an expense of
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Teal’s tax rate is 30% for all years, and the company
expects to report...
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Windsor Company reports pretax financial income of $71,400 for
2020. The following items cause taxable income to be different than
pretax financial income.
1.
Depreciation on the tax return is greater than depreciation on
the income statement by $16,800.
2.
Rent collected on the tax return is greater than rent
recognized on the income statement by $23,700.
3.
Fines for pollution appear as an expense of $10,900 on the
income statement.
Windsor’s tax rate is 30% for all years, and...
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$76,100 for 2020. The following items cause taxable income to be
different than pretax financial income.
1.Depreciation on the tax return is greater than
depreciation on the income statement by $16,700.2.Rent collected on
the tax return is greater than rent recognized on the income
statement by $22,700.3.Fines for pollution appear as an expense of
$11,100 on the income statement.
Teal’s tax rate is 30% for all years, and the company
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