Current income tax expense | (1522500-160800)*21% | $ 285,957 |
Deferred income tax expense | 160800*21% | $ 33,768 |
Total income tax expense | 1522500*21% | $ 319,725 |
Problem 3-14 (Algorithmic) (LO. 2) In 2019, Mini reports $1,522,500 of pretax book net income. Mini...
Problem 3-12 (LO. 2) Mini, Inc., earns pretax book net income of $750,000 in 2018. Mini deducted $20,000 in bad debt expense for book purposes. This expense is not yet deductible for tax purposes. Mini records no other temporary or permanent differences. Assuming that the pertinent U.S. Federal corporate income tax rate is 21%, and Mini earns an after-tax rate of return on capital of 8%. Compute Mini's total income tax expense, current income tax expense, and deferred income tax...
Mini, Inc., earns pretax book net income of $750,000 in 2018. Mini deducted $20,000 in bad debt expense for book purposes. This expense is not yet deductible for tax purposes. Mini records no other temporary or permanent differences. Assuming that the pertinent U.S. Federal corporate income tax rate is 21%, and Mini earns an after-tax rate of return on capital of 8%. Compute Mini's total income tax expense, current income tax expense, and deferred income tax expense. a. Current income...
c eBook Calculator Print Item Exercise 14-19 (Algorithmic) (LO. 1, 4) Mini, Inc., ears pretax book net income of $1,678,000 in 2019. Mini deducted $191,600 in bad debt expense for book purposes. This expense is deductible for tax purposes. Mini reports $1,761,900 of pretax book net income in 2020. Mini did not recognize any bad debt expense for book purposes in 2020 but did deduct $143,700 in bad debt expense for tax purposes. Mini reports no other temporary or permanent...
Problem 3-13 (LO. 2) Mini, Inc., earns pretax book net income of $750,000 in 2018. Mini deducted $20,000 in bad debt expense for book purposes. This expense is not yet deductible for tax purposes. Mini records no other temporary or permanent differences. Assuming that the pertinent U.S. Federal corporate income tax rate is 21%, and Mini earns an after-tax rate of return on capital of 8%. Enter below the 2018 end-of-year balance in Mini, Inc.'s deferred tax asset and deferred...
Problem 3-10 (LO. 2) Cortez, Inc., reports $600,000 of pretax book net income in 2019. Cortez’s book depreciation exceeds tax depreciation that year by $20,000. The corporation reports no other temporary or permanent book-tax differences. Cortez’s pertinent U.S. tax rate is 21%, and Cortez earns an after-tax rate of return on capital of 8%. For 2019, compute the following for Cortez, Inc. a. Current income tax expense $ b. Deferred income tax expense $ c. Total income tax expense $
Problem 3-10 (LO. 2) Cortez, Inc., reports $600,000 of pretax book net income in 2019. Cortez’s book depreciation exceeds tax depreciation that year by $20,000. The corporation reports no other temporary or permanent book-tax differences. Cortez’s pertinent U.S. tax rate is 21%, and Cortez earns an after-tax rate of return on capital of 8%. For 2019, compute the following for Cortez, Inc. a. Current income tax expense $ b. Deferred income tax expense $ c. Total income tax expense $...
Prance, Inc., earns pretax book net income of $1,141,000 in 2019. Prance acquires a depreciable asset that year, and first-year tax depreciation exceeds book depreciation by $114,100. Prance reported no other temporary or permanent book-tax differences. The pertinent U.S. Federal corporate income tax rate is 21%, and Prance earns an after-tax rate of return on capital of 8%. Enter below the Prance's 2019 deferred tax expense and any deferred tax asset or liability. If required, round your answer to nearest...
a. not 620,000, b. not 130,200, c. is 126,000 Problem 3-10 (LO. 2) Cortez, Inc., reports $600,000 of pretax book net income in 2019. Cortez’s book depreciation exceeds tax depreciation that year by $20,000. The corporation reports no other temporary or permanent book-tax differences. Cortez’s pertinent U.S. tax rate is 21%, and Cortez earns an after-tax rate of return on capital of 8%. For 2019, compute the following for Cortez, Inc. a. Current income tax expense $ b. Deferred income...
Exercise 17-28 (Algorithmic) (LO. 6) Prance, Inc., earns pretax book net income of $1,351,500 in 2018. Prance acquires a depreciable asset that year, and first-year tax depreciation exceeds book depreciation by $135,150. Prance reported no other temporary or permanent book-tax differences. The relevant U.S. Federal corporate income tax rate is 21%, and Prance earns an after-tax rate of return on capital of 8%. Enter below the 2018 end-of-year balance in Prance's deferred tax asset and deferred tax liability balance sheet...
Exercise 17-27 (0.6) Prance, Inc., ears pretax book net income of $800,000 in 2018. Prance acquires a depreciable asset that year, and first-year tax depreciation exceeds book depreciation by $80,000. Prance reported no other temporary or permanent book-tax differences. The relevant U.S. Federal corporate income tax rate is 21% and Prance earns an after-tax rate of return on capital of 8%. Compute the following for Prance, Inc. a. Current income tax expense b. Deferred income tax expense Total income tax...