Cass Corporation reported pretax book Income of $12,900,000. During the current year, the reserve for bad...
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...
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 $10,970,000. 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...
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...
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....
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
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%.
Marlin Corporation reported pretax book income of $1,017,000. During the current year, the net reserve for warranties increased by $28,400. In addition, book depreciation exceeded tax depreciation by $101,700. Finally, Marlin subtracted a dividends received deduction of $16,700 in computing its current-year taxable income. Marlin's current income tax expense or benefit would be: Multiple Choice $240,891 tax expense. $237,384 tax expense. o $213,570 tax expense. o $208,835 tax expense. o