Homework Answers
Answer
- Requirement [a]
Income Tax payable = Taxable Income x
Tax rate
= $ 153,000 x 30%
= $ 45,900
- Requirement [b]
|
Income tax expense for 2021: |
||
|
Current [$153000 x 30%] |
$45,900 |
|
|
Deferred tax [$12000 x 30%] |
$3,600 |
|
|
Total |
$49,500 |
Answer |
Add Answer to:
Information for Kenny Corp. for the year 2021: Reconciliation of pretax accounting income and taxable income:...
1)Information for Kent Corp. for the year 2016: Reconciliation of pretax accounting income and taxable income:...
1)Information for Kent Corp. for the year 2016: Reconciliation of pretax accounting income and taxable income: Pretax accounting income $181,000 Permanent differences (15,400) 165,600 Temporary difference-depreciation (12,800) Taxable income $152,800 Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2015 $12,600 As of December 31, 2016 $25,400 The enacted tax rate was 20% for 2015 and thereafter. What should Kent report as the current portion of its income tax expense in the year 2016? 2)Information...
Information for Kent Corp. for the year 2018: Reconciliation of pretax accounting income and taxable income:...
Information for Kent Corp. for the year 2018: Reconciliation of pretax accounting income and taxable income: Pretax accounting income Permanent differences $180,30e (13,9e0) 166,400 (11,600) $154, 80e Temporary difference-depreciation Taxable income Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2017 As of December 31, 2018 $11,600 $23,200 The enacted tax rate was 24% for 2017 and thereafter. What should be the balance in Kent's deferred tax liability account as of December 31, 2018?
Information for Kent Corp. for the year 2016: Reconciliation of pretax accounting income and taxable income:...
Information for Kent Corp. for the year 2016: Reconciliation of pretax accounting income and taxable income: Pretax accounting income $180,900 Permanent differences (15,500) 165,400 Temporary difference-depreciation (12,900) Taxable income $152,500 Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2015 $13,400 As of December 31, 2016 $26,300 The enacted tax rate was 30% for 2015 and thereafter. What should be the balance in Kent's deferred tax liability account as of December 31, 2016? $5,360. $7,890. $26,300....
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income...
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $340,000 Permanent difference (14,500) 325,500 Temporary difference-depreciation (19,900) Taxable income $305,600 Tringali's tax rate is 36%. What should Tringali report as its income tax expense for its first year of operations? a. $110,016. b. $122,400. c. $117,180 d.$120,681
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income...
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $370,000 (14,100) 355, 900 (20,500) $335,400 Temporary difference-depreciation Taxable income Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringall report as income tax payable for its first year of operations? Multiple Choice O $92,500. o $88,975. o $83,850. o o $5,125
For its first year of operations. Thingal Corporation's reconciliation of pretax accounting income to taxable inc...
For its first year of operations. Thingal Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $380,000 (14,300) 365, 700 (19,500) $346,200 Temporary difference-depreciation Taxable income Thing's tax rate is 39 Assume that no estimated taxes have been paid What should thing report as its deferred income tax liability as of the end of ts first year of operations Mum Choice O $38.800 O $0.982 O $8.500 O $2505 For its first...
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income...
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $270,000 (15,500) 254,500 (19,500) $235,000 Temporary difference-depreciation Taxable income Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as its deferred income tax liability as of the end of its first year of operations?
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $ 230,000 Permanent difference (15,200) 214,800 Temporary difference-depreciation (19,000) Tax
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:Pretax accounting income$ 230,000Permanent difference(15,200) 214,800Temporary difference-depreciation(19,000)Taxable income$ 195,800Tringali's tax rate is 25%. Assume that no estimated taxes have been paid.What should Tringali report as its income tax expense for its first year of operations?
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income...
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $310,000 (14,900) 295,100 (20,500) $274,600 Temporary difference-depreciation Taxable income Tringali's tax rate is 39%. Assume that no estimated taxes have been paid. What should Tringali report as its deferred income tax liability as of the end of its first year of operations? Mult le Choice o $35,400. o $7995. o $13,806. o $20,500.
please show work For its first year of operations. Tringali Corporation's reconciliation of pretax accounting income...
please show work
For its first year of operations. Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $360,000 (15,000) 345,000 (20,900) $324,100 Temporary difference-depreciation Taxable income Tringali's tax rate is 37%. Assume that no estimatel axes have been paid. What should Tringali report as income tax payable for its first year of operations? Multiple Choice O $133,200 O $119,917 O $7733 O $127.650 O
Information for Kent Corp. for the year 2018: Reconciliation of pretax accounting income and taxable income: Pretax accounting income Permanent differences $180,30e (13,9e0) 166,400 (11,600) $154, 80e Temporary difference-depreciation Taxable income Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2017 As of December 31, 2018 $11,600 $23,200 The enacted tax rate was 24% for 2017 and thereafter. What should be the balance in Kent's deferred tax liability account as of December 31, 2018?
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $370,000 (14,100) 355, 900 (20,500) $335,400 Temporary difference-depreciation Taxable income Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringall report as income tax payable for its first year of operations? Multiple Choice O $92,500. o $88,975. o $83,850. o o $5,125
For its first year of operations. Thingal Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $380,000 (14,300) 365, 700 (19,500) $346,200 Temporary difference-depreciation Taxable income Thing's tax rate is 39 Assume that no estimated taxes have been paid What should thing report as its deferred income tax liability as of the end of ts first year of operations Mum Choice O $38.800 O $0.982 O $8.500 O $2505 For its first...
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $270,000 (15,500) 254,500 (19,500) $235,000 Temporary difference-depreciation Taxable income Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as its deferred income tax liability as of the end of its first year of operations?
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $310,000 (14,900) 295,100 (20,500) $274,600 Temporary difference-depreciation Taxable income Tringali's tax rate is 39%. Assume that no estimated taxes have been paid. What should Tringali report as its deferred income tax liability as of the end of its first year of operations? Mult le Choice o $35,400. o $7995. o $13,806. o $20,500.
please show work
For its first year of operations. Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $360,000 (15,000) 345,000 (20,900) $324,100 Temporary difference-depreciation Taxable income Tringali's tax rate is 37%. Assume that no estimatel axes have been paid. What should Tringali report as income tax payable for its first year of operations? Multiple Choice O $133,200 O $119,917 O $7733 O $127.650 O
Most questions answered within 3 hours.
-
Culver Co. purchased land as a factory site for $600,000. The
process of tearing down two...
asked 5 minutes ago -
ANSWER THE FOLLOWING AS TRUE OR FALSE
a) _____ there are no saturated fats in...
asked 25 minutes ago -
Peak Petro, LLC is a small,oil-field company. They maintain a
fleet of various trucks to service...
asked 6 minutes ago -
Crazy Cliff’s Car Coral (CCCC) is considering buying a company
van for $50,000. CCCC expects the...
asked 11 minutes ago -
IN C++
Create a student hash table that contains information, studentID
(int), name (string), marks_oop345 (float)....
asked 11 minutes ago -
Provide a general summary of Consumer Electronics Stores
Industry in the US like Radio shack. Why...
asked 15 minutes ago -
Real Cash Flows [LO4] When Marilyn Monroe died, ex-husband Joe
DiMaggio vowed to place fresh flowers...
asked 22 minutes ago -
The files provided in the code editor to the right contain
syntax and/or logic errors. In...
asked 25 minutes ago -
n
x
p
0.10
0.15
0.20
0.25
18
0
0.1501
0.0536
0.0180
0.0056
1
0.3002
0.1704...
asked 31 minutes ago -
Problem 8-8
Modified Accelerated Cost Recovery System (MACRS), Election to
Expense, Listed Property, Limitation on Depreciation...
asked 38 minutes ago -
A solution of iron (II) sulfate was prepared by dissolving
10.00g of FeSO4-7H20 (FW= 277.9) in...
asked 44 minutes ago -
There exists a haunted maze which contains n scare stations,
with a designated starting station s...
asked 50 minutes ago