Grand Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In...
Grand Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company’s prior-year tax return showed taxable income of $50,000. Compute the company's current or deferred income tax expense or benefit.
|
Homework Answers
Answer
$ 17,000
Explanation:
| Pretax income in books | $ 600,000.00 |
| Tax depreciation exceeded in book | $ (400,000.00) |
| Tax-exempt municipal bond interest | $ (300,000.00) |
| Net Operating Loss | $ (100,000.00) |
So, NOL credit back of prior period = $ 50,000
Deferred income tax benefit = $ 15,000 * 34%
= $ 17,000
In case of any doubt, please comment.
Add Answer to:
Grand Corporation reported pretax book income of $600,000. Tax
depreciation exceeded book depreciation by $400,000. In...
Grand Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In...
Grand Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $50,000. Compute the company's current or deferred income tax expense or benefit. Answer is complete but not entirely correct. Deferred income tax benefit $ 10,500
Harrison Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In...
Harrison Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $50,000. Compute the company's deferred income tax expense or benefit. Deferred income tax expense
Harrison Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In...
Harrison Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $50,000. Compute the company's deferred income tax expense or benefit. Deferred income tax expense $ 0
Burcham Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In...
Burcham Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $50,000. Compute the company's book equivalent of taxable income. Use this number to compute the company's total income tax provision or benefit. Book equivalent of taxable income Total income tax provision or benefit
Grand Corporation reported pretax book income of $672,500. Tax depreciation exceeded book depreciation by $550,000. In...
Grand Corporation reported pretax book income of $672,500. Tax depreciation exceeded book depreciation by $550,000. In addition, the company received $210,000 of tax-exempt municipal bond interest. The company’s prior-year tax return showed taxable income of $55,000. Compute the company's current or deferred income tax expense or benefit.
Grand Corporation reported pretax book income of $807,500. Tax depreciation exceeded book depreciation by $690,000. In...
Grand Corporation reported pretax book income of $807,500. Tax depreciation exceeded book depreciation by $690,000. In addition, the company received $160,000 of tax-exempt municipal bond interest. The company’s prior-year tax return showed taxable income of $36,000. Compute the company's deferred income tax benefit. Assumed tax rate is 21%
Grand Corporation reported pretax book income of $752,500. Tax depreciation exceeded book depreciation by $620,000. In...
Grand Corporation reported pretax book income of $752,500. Tax depreciation exceeded book depreciation by $620,000. In addition, E the company received $320,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income E of $117,000. Compute the company's current or deferred income tax expense or benefit. & Answer is complete but not entirely correct. Deferred income tax benefit $ 14,805
Grand Corporation reported pretax book income of $627,500. Tax depreciation exceeded book depreciation by $490,000. In...
Grand Corporation reported pretax book income of $627,500. Tax depreciation exceeded book depreciation by $490,000. In addition, the company received $290,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $61,000. Compute the company's current or deferred income tax expense or benefit. Answer is complete but not entirely correct. Deferred income tax benefit $ 31,110 This is all the information given. There is no mention to what the tax rate is. Sorry.
Grand Corporation reported pretax book income of $795,000. Tax depreciation exceeded book depreclation by $595,000. In...
Grand Corporation reported pretax book income of $795,000. Tax depreciation exceeded book depreclation by $595,000. In addition, the company recelved $311,000 of tax-exempt municipal bond Interest. The company's prior-year tax return showed taxable Income of $74,000. Compute the company's current income tax expense or benefit. urrent income tax benefit
Harrison Corporation reported pretax book income of $732,500. Tax depreciation exceeded book depreciation by $630,000. In...
Harrison Corporation reported pretax book income of $732,500. Tax depreciation exceeded book depreciation by $630,000. In addition, the company received $232,000 of tax exempt municipal bond interest. The company's prior year tax return showed taxable income of $49,000. Compute the company's deferred income tax expense or benefit. Deferred Income tax expense
Grand Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $50,000. Compute the company's current or deferred income tax expense or benefit. Answer is complete but not entirely correct. Deferred income tax benefit $ 10,500
Harrison Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $50,000. Compute the company's deferred income tax expense or benefit. Deferred income tax expense
Harrison Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $50,000. Compute the company's deferred income tax expense or benefit. Deferred income tax expense $ 0
Burcham Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $50,000. Compute the company's book equivalent of taxable income. Use this number to compute the company's total income tax provision or benefit. Book equivalent of taxable income Total income tax provision or benefit
Grand Corporation reported pretax book income of $752,500. Tax depreciation exceeded book depreciation by $620,000. In addition, E the company received $320,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income E of $117,000. Compute the company's current or deferred income tax expense or benefit. & Answer is complete but not entirely correct. Deferred income tax benefit $ 14,805
Grand Corporation reported pretax book income of $627,500. Tax depreciation exceeded book depreciation by $490,000. In addition, the company received $290,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $61,000. Compute the company's current or deferred income tax expense or benefit. Answer is complete but not entirely correct. Deferred income tax benefit $ 31,110 This is all the information given. There is no mention to what the tax rate is. Sorry.
Grand Corporation reported pretax book income of $795,000. Tax depreciation exceeded book depreclation by $595,000. In addition, the company recelved $311,000 of tax-exempt municipal bond Interest. The company's prior-year tax return showed taxable Income of $74,000. Compute the company's current income tax expense or benefit. urrent income tax benefit
Harrison Corporation reported pretax book income of $732,500. Tax depreciation exceeded book depreciation by $630,000. In addition, the company received $232,000 of tax exempt municipal bond interest. The company's prior year tax return showed taxable income of $49,000. Compute the company's deferred income tax expense or benefit. Deferred Income tax expense
Most questions answered within 3 hours.
-
EXPLAIN HOW NEGATIVE AFFECTIVITY IS RELATED TO JOB SATISFACTION.
INCLUDE AN EXAMPLE. MUST BE ANSWERED TWO...
asked 4 minutes ago -
On December 31, 2019, Lincoln Inc. sold a used industrial crane
for $660,000 cash. The original...
asked 1 hour ago -
a runner jogs 3.4 miles every morning. how many kilometers does
this represent
asked 1 hour ago -
A 60.80 gram sample of iron (with a heat capacity of 0.450
J/g◦C) is heated to...
asked 1 hour ago -
Question 1 2 pts
The preprocessor executes after the compiler.
False
True
Question 2 2 pts...
asked 2 hours ago -
Explain how a spinal cord injury above C3 could result in a
respiratory arrest
asked 2 hours ago -
You are a statistician and wish to estimate, with 90%
confidence, the proportion of adults who...
asked 5 hours ago -
A man is standing 3.40 m in front of a convex spherical mirror
of radius of...
asked 5 hours ago -
Match the annual percentage rate to each of these trade credit
terms:
__ 1/5, NET 60...
asked 5 hours ago -
ORGANIC CHEMISTRY QUESTION 5
PART A--------
Describe a chemical test for the identification of a double...
asked 9 hours ago -
Both Terence and Tong work at a local actuarial consulting firm
in Des Moines.
Terence arrives...
asked 9 hours ago -
QUESTION 11
. THE RESTING POTENTIAL IS CAUSED BY
.
. A.
. the rotation of...
asked 9 hours ago