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Marlin Corporation reported pretax book income of $1,017,000. During the current year, the net reserve for...
Swordfish Corporation reported pretax book income of $1,000,000. During the current year, the net reserve for warranties increased by $25,000. In addition, book depreciation exceeded tax depreciation by $100,000. In prior years, tax depreciation exceeded book depreciation by a cumulative amount of $500,000. Finally, Swordfish subtracted a dividends received deduction of $15,000 in computing its current-year taxable income. Swordfish's deferred income tax expense or benefit would be: $23,100 net deferred tax benefit. $26,250 net deferred tax benefit. $26,250 net deferred...
Angel Corporation reported pretax book income of $1,018,000. During the current year, the net reserve for warranties increased by $27,700. In addition, tax depreciation exceeded book depreciation by $104,500. Finally, Angel subtracted a dividends received deduction of $28,600 in computing its current year taxable income. Using a tax rate of 34%, Angel's hypothetical tax expense in its reconciliation of its income tax expense is:
Green Corporation reported pretax book income of $1,026,000. During the current year, the net reserve for warranties increased by $51,300. In addition, tax depreciation exceeded book depreciation by $106,500. Finally, Green subtracted a dividends received deduction of $25,650 in computing its current year taxable income. Green's cash tax rate is: 21%. 20.48%. 19.95%. 19.34%.
Green Corporation reported pretax book income of $1,014,000. During the current year, the net reserve for warranties increased by $50,700. In addition, tax depreciation exceeded book depreciation by $103,500. Finally, Green subtracted a dividends received deduction of $25,350 in computing its current-year taxable income. Green's cash tax rate is: Multiple Choice 21.00 percent 20.48 percent 19.95 percent 19.38 percent
Cass Corporation reported pretax book income of $10,740,000. During the current year, the reserve for bad debts increased by $247,500. In addition, tax depreciation exceeded book depreciation by $290,000. Cass Corporation sold a fixed asset and reported book gain of $110,000 and tax gain of $143,500. Finally, the company received $329,000 of tax-exempt life insurance proceeds from the death of one of its officers. Compute the company’s current income tax expense or benefit. (Round your final answers to nearest whole...
Cass Corporation reported pretax book income of $7,200,000. During the current year, the reserve for bad debts increased by $195,000. In addition, tax depreciation exceeded book depreciation by $445,000. Cass Corporation sold a fixed asset and reported book gain of $112,500 and tax gain of $154,500. Finally, the company received $297,000 of tax-exempt life insurance proceeds from the death of one of its officers. Compute the company's current income tax expense or benefit. (Round your final answers to nearest whole...
Cass Corporation reported pretax book income of $10,000,000. During the current year, the reserve for bad debts increased by $100,000. In addition, tax depreciation exceeded book depreciation by $200,000. Cass Corporation sold a fixed asset and reported book gain of $50,000 and tax gain of $75,000. Finally, the company received $250,000 of tax-exempt life insurance proceeds from the death of one of its officers. Compute the company's current income tax expense or benefit. (Amounts to be deducted should be indicated...
Costello Corporation reported pretax book income of $500,700. During the current year, the reserve for bad debts increased by $6,400. In addition, tax depreciation exceeded book depreciation by $40,700. Finally, Costello received $3,350 of tax-exempt life insurance proceeds from the death of one of its officers. Costello's deferred income tax expense or benefit would be: Multiple Choice $7,203 net deferred tax expense. O $7,203 net deferred tax benefit. o $7,873 net deferred tax benefit. o $7,907 net deferred tax expense....
Cass Corporation reported pretax book income of $11.450,000. During the current year, the reserve for bad debts increased by 5180.000. In addition, tax depreciation exceeded book depreciation by $297500. Cass Corporation sold a feed asset and reported book gain of $90.750 and tax gain of $128.750. Finally, the company received $256.000 of tax-exempte Insurance proceeds from the death of one of its officers. Compute the company's current income tax expense or benefit. (Round your final answers to nearest whole dollar...
Cass Corporation reported pretax book income of $10,970,000. During the current year, the reserve for bad debts increased by $110,000. In addition, tax depreciation exceeded book depreciation by $315,000. Cass Corporation sold a fixed asset and reported book gain of $100,500 and tax gain of $137,250. Finally, the company received $269,000 of tax-exempt life insurance proceeds from the death of one of its officers. Compute the company’s current income tax expense or benefit. (Round your final answers to nearest whole...