Homework Answers
Answer. Option b. $ 261,000 is correct.
Explanation. $272,000 + ($60,000 - $71,000) = $272,000 - $11,000 = $261,000. Cash payment during the year is equal to income tax expense plus decrease in tax payable (on account of tax payment) Less Increase in tax payable.
If, there was no decrease or increase the cash payment for income tax expenses would have been exactly $272,000.
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Jerry Corporation shows income tax expense of $272,000. There has
been a $60,000 decrease in federal...
13) Jerry Corporation shows income tax expense of $272,000. There has been a $60,000 decrease in...
13) Jerry Corporation shows income tax expense of $272,000. There has been a $60,000 decrease in federal income taxes payable and a $71,000 increase in state income taxes payable during the year. What was Jerry's cash payment for income taxes? a. $282,000 b. $261,000 c. $276,000 d. $195,000
On its year 1 financial statements, Seatax Corporation, an accrual-method taxpayer, reported federal income tax expense...
On its year 1 financial statements, Seatax Corporation, an accrual-method taxpayer, reported federal income tax expense of $570,000. On its year 1 tax return, it reported a tax liability of $650,000. During year 1, Seatax made estimated tax payments of $700,000. What book–tax difference, if any, associated with its federal income tax expense should Seatax have reported when computing its year 1 taxable income? Is the difference favorable or unfavorable? Is it temporary or permanent?
Exercise 21.1 Estimating corporation income tax. LO 21-1 After all revenue and expense accounts, other than...
Exercise 21.1 Estimating corporation income tax. LO 21-1 After all revenue and expense accounts, other than Income Tax Expense, have been extended to the Income Statement section of the worksheet of Shoes4u, Inc., the net income is determined to be $314,000. Using the tax rates given in this chapter, compute the corporation's federal income taxes payable. (Assume that the firm's taxable Income is the same as its income for financial accounting purposes.) (Use Table 1) etlook Hint Taxable income Tax...
Payroll taxes paid by employees include which of the following? O Federal income tax, federal unemployment...
Payroll taxes paid by employees include which of the following? O Federal income tax, federal unemployment tax, and Medicare O Social security, federal unemployment tax, and state unemployment tax O Social security, federal income tax, and federal unemployment tax O Federal income tax withheld, state income tax withheld, and Medicare Which of the following statements about bonds and notes is not correct? O A company can borrow the funds necessary to finance its activities using bonds or promissory notes O...
England, Inc., had the following payroll for March: Officers’ salaries $39,000 Sales salaries 60,000 Federal income...
England, Inc., had the following payroll for March: Officers’ salaries $39,000 Sales salaries 60,000 Federal income taxes withheld 21,000 FICA taxes withheld 7,900 Health insurance premiums withheld 2,500 Salaries (included above) subject to federal unemployment taxes 55,000 Salaries (included above) subject to state unemployment taxes 65,000 Required Prepare journal entries on March 31 to record: a. Accrual of the monthly payroll. b. Payment of the net payroll. c. Accrual of employer’s payroll taxes. (Assume that the FICA tax matches the...
Interpreting the Income Tax Expense Footnote The income tax footnote to the financial statements ...
Interpreting the Income Tax Expense Footnote The income tax footnote to the financial statements of FedEx Corporation follows The C ts of the provision for income taxes for the years ended May 31 were as follows: $ millions 2016 2015 2014 Current provision (benefit) Domestic $513 $795 $624 State and local 72 102 56 200 214 194 785 1,111 874 Federal Foreign Deferred provisions (benefit) Domestic 55 (474) 360 State and local (18) (47) 82 (2) 13 18 135 (534)...
The following information is available for Bernard Corporation for 2019: Net income $223,000 Decrease in accounts...
The following information is available for Bernard Corporation for 2019: Net income $223,000 Decrease in accounts receivable 8,100 Increase in inventory 18,300 Decrease in prepaid rent 2,100 Increase in salaries payable 4,410 Decrease in income taxes payable 4,270 Increase in notes payable (due 2023) 50,000 Depreciation expense 44,700 Loss on disposal of equipment 11,000 Required: Compute the net cash flows from operating activities using the indirect method.
help please explain how i do this The balance sheet for Plasma Screens Corporation, along with...
help please explain how i do
this
The balance sheet for Plasma Screens Corporation, along with additional information, are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017 Assets: Current assets: Cash $ 113,500 $ 125,600 Accounts receivable 78.800 93,000 Inventory 97,000 81,800 Prepaid rent 4,400 2,200 Long-term assets: Land 490,000 490,000 Equipment 798,000 680,000 Accumulated depreciation (430,000) (272,000) Total assets $ 1,151,700 $ 1,200,600 $ Liabilities and Stockholders' Equity: Current liabilities: Accounts payable Interest...
LO3 E10-36. Analyzing and Interpreting Income Tax Disclosures The income tax footnote to the financial statements...
LO3 E10-36. Analyzing and Interpreting Income Tax Disclosures The income tax footnote to the financial statements of FedEx Corporation follows. FedEx Corporation (FOX) The components of the provision for income taxes for the years ended May 31 were asfollows: MBC $ millions 2016 2015 2014 Current provision (benefit) Domestic Federal .... ..... $513 $ 795 $ 624 State and local ............. 72 102 56 Foreign.. .............. 200 214 194 785 1 874 Deferred provision (benefit) Domestic Federal *** 155 (474)...
Complete the cash flow from Operating Activities Additions to Net Income Decrease in accounts receivable Decrease...
Complete the cash flow from Operating Activities
Additions to Net Income Decrease in accounts receivable Decrease in inventory Decrease in prepaid assets Increase in accounts payable Increase in accrued liabilities Deductions from Net Income Increase in accounts receivable Increase in inventory Increase in prepaid assets Decrease in accounts payable Decrease in accrued liabilities 450 $300 Cash Flow From Operating Activities Net Income $110 Net Cash Provided by Operating Activities 2011 80 115 Cash Flows From Investing Activities Income Statement For...
13) Jerry Corporation shows income tax expense of $272,000. There has been a $60,000 decrease in federal income taxes payable and a $71,000 increase in state income taxes payable during the year. What was Jerry's cash payment for income taxes? a. $282,000 b. $261,000 c. $276,000 d. $195,000
Exercise 21.1 Estimating corporation income tax. LO 21-1 After all revenue and expense accounts, other than Income Tax Expense, have been extended to the Income Statement section of the worksheet of Shoes4u, Inc., the net income is determined to be $314,000. Using the tax rates given in this chapter, compute the corporation's federal income taxes payable. (Assume that the firm's taxable Income is the same as its income for financial accounting purposes.) (Use Table 1) etlook Hint Taxable income Tax...
Payroll taxes paid by employees include which of the following? O Federal income tax, federal unemployment tax, and Medicare O Social security, federal unemployment tax, and state unemployment tax O Social security, federal income tax, and federal unemployment tax O Federal income tax withheld, state income tax withheld, and Medicare Which of the following statements about bonds and notes is not correct? O A company can borrow the funds necessary to finance its activities using bonds or promissory notes O...
Interpreting the Income Tax Expense Footnote The income tax footnote to the financial statements of FedEx Corporation follows The C ts of the provision for income taxes for the years ended May 31 were as follows: $ millions 2016 2015 2014 Current provision (benefit) Domestic $513 $795 $624 State and local 72 102 56 200 214 194 785 1,111 874 Federal Foreign Deferred provisions (benefit) Domestic 55 (474) 360 State and local (18) (47) 82 (2) 13 18 135 (534)...
help please explain how i do
this
The balance sheet for Plasma Screens Corporation, along with additional information, are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017 Assets: Current assets: Cash $ 113,500 $ 125,600 Accounts receivable 78.800 93,000 Inventory 97,000 81,800 Prepaid rent 4,400 2,200 Long-term assets: Land 490,000 490,000 Equipment 798,000 680,000 Accumulated depreciation (430,000) (272,000) Total assets $ 1,151,700 $ 1,200,600 $ Liabilities and Stockholders' Equity: Current liabilities: Accounts payable Interest...
LO3 E10-36. Analyzing and Interpreting Income Tax Disclosures The income tax footnote to the financial statements of FedEx Corporation follows. FedEx Corporation (FOX) The components of the provision for income taxes for the years ended May 31 were asfollows: MBC $ millions 2016 2015 2014 Current provision (benefit) Domestic Federal .... ..... $513 $ 795 $ 624 State and local ............. 72 102 56 Foreign.. .............. 200 214 194 785 1 874 Deferred provision (benefit) Domestic Federal *** 155 (474)...
Complete the cash flow from Operating Activities
Additions to Net Income Decrease in accounts receivable Decrease in inventory Decrease in prepaid assets Increase in accounts payable Increase in accrued liabilities Deductions from Net Income Increase in accounts receivable Increase in inventory Increase in prepaid assets Decrease in accounts payable Decrease in accrued liabilities 450 $300 Cash Flow From Operating Activities Net Income $110 Net Cash Provided by Operating Activities 2011 80 115 Cash Flows From Investing Activities Income Statement For...
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