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he type of securi 8. The following information is available for th Company: Taxable Income $500,000...
3. Multiple temporary differences. The floging nformaons avable for the first thre years of opemations for Cooper Company: Taxable Income S500,000 375,000 400,000 1. Year 2017 2018 2019 2. On Jan...
3. Multiple temporary differences. The floging nformaons avable for the first thre years of opemations for Cooper Company: Taxable Income S500,000 375,000 400,000 1. Year 2017 2018 2019 2. On January 2, 2017, heavy equipment costing $800,000 was purchased. The equipment had a life of 5 years and no salvage value. The straight-line method of depreciation is used for book purposes and the tax depreciation taken each year is listed below 2018 ax Deareciation Total $56,000 $800,000 2017 $264,000 $360,000...
uporary differences. The following information is available for the first three years of operation for Cooper...
uporary differences. The following information is available for the first three years of operation for Cooper Company: Year Pretax financial income 2017 2018 2019 $604,000 815,000 240,000 2. On January 2, 2017, heavy equipment costing $800,000 was purchased. The equipment had a life of 5 years and no salvage value. The straight-line method of depreciation is used for book purposes and the tax depreciation taken each is listed below: 2017--$264,000 2018--$360,000 2019--$120,000 2020--$56,000 3. On January 2, 2018. $360,000 was...
The pretax financial income of Oriole Company differs from its taxable income throughout each of 4...
The pretax financial income of Oriole Company differs from its taxable income throughout each of 4 years as follows. Year Pretax Financial Income Taxable Income Tax Rate 2017 $285,000 $178,000 35 % 2018 318,000 234,000 40 % 2019 381,000 282,000 40 % 2020 402,000 593,000 40 % Pretax financial income for each year includes a nondeductible expense of $28,600 (never deductible for tax purposes). The remainder of the difference between pretax financial income and taxable income in each period is...
The pretax financial income of Flounder Company differs from its taxable income throughout each o...
The pretax financial income of Flounder Company differs from its
taxable income throughout each of 4 years as follows.
Year
Pretax
Financial Income
Taxable Income
Tax Rate
2017
$305,000
$173,000
35
%
2018
349,000
216,000
40
%
2019
358,000
277,000
40
%
2020
429,000
615,000
40
%
Pretax financial income for each year includes a nondeductible
expense of $29,100 (never deductible for tax purposes). The
remainder of the difference between pretax financial income and
taxable income in each period is...
1. The following differences enter into the reconciliation of financial income and taxable income of Abbott...
1. The following differences enter into the reconciliation of financial income and taxable income of Abbott Company for the year ended December 31, 2017, its first year of operations. The enacted income tax rate is 30% for all years. Pretax accounting income $800,000 Excess tax depreciation 480,000 Litigation accrual 70,000 Unearned rent revenue deferred on the books but appropriately recognized in taxable income 60,000 Interest income from New York municipal bonds 20,000 1. Excess tax depreciation will reverse equally over...
The following differences enter into the reconciliation of financial income and taxable income of Abbott Company...
The following differences enter into the reconciliation of financial income and taxable income of Abbott Company for the year ended December 31, 2017, its first year of operations. The enacted income tax rate is 30% for all years. Pretax accounting income $800,000 Excess tax depreciation (480,000) Litigation accrual 70,000 Unearned rent revenue deferred on the books but appropriately recognized in taxable income 60,000 Interest income from New York municipal bonds (20,000) Taxable income $430,000 1. Excess tax depreciation will reverse equally over a four-year period, 2018-2021. 2. It...
Sherrod, Inc., reported pretax accounting income of $76 million for 2018. The following information relates to...
Sherrod, Inc., reported pretax accounting income of $76 million for 2018. The following information relates to differences between pretax accounting income and taxable income: a. Income from installment sales of properties included in pretax accounting income in 2018 exceeded that reported for tax purposes by $3 million. The installment receivable account at year-end had a balance of $4 million (representing portions of 2017 and 2018 installment sales), expected to be collected equally in 2019 and 2020. b. Sherrod was assessed...
Sherrod, Inc., reported pretax accounting income of $88 million for 2018. The following information relates to...
Sherrod, Inc., reported pretax accounting income of $88 million for 2018. The following information relates to differences between pretax accounting income and taxable income: a. Income from installment sales of properties included in pretax accounting income in 2018 exceeded that reported for tax purposes by $7 million. The installment receivable account at year-end had a balance of $8 million (representing portions of 2017 and 2018 installment sales), expected to be collected equally in 2019 and 2020. b. Sherrod was assessed...
Additional Information 1. All depreciable assets were acquired on 1 July 2015. For financial reporting purposes,...
Additional Information
1. All depreciable assets were acquired on 1 July 2015. For
financial reporting purposes,
depreciation is recognised on a straight line basis, over 20 years
for buildings (estimated
residual value $250,000), eight years for plant and 10 years for
equipment. For tax purposes,
straight line depreciation is applied over 40, 10 and eight years
respectively.
2. After reviewing all relevant information, the directors
determined that, at 30 June 2018, the
plant was impaired by $250,000 (this is not...
Sherrod, Inc., reported pretax accounting income of $82 million for 2018. The following information relate...
Sherrod, Inc., reported pretax accounting income of $82 million for 2018. The following information relates to differences between pretax accounting income and taxable income: . Income from installment sales of properties included in pretax accounting income in 2018 exceeded that reported for tax purposes by $7 million. The installment receivable account at year-end had a balance of $8 million (representing portions of 2017 and 2018 installment sales). expected to be collected equally in 2019 and 2020. b. Sherrod was assessed...
3. Multiple temporary differences. The floging nformaons avable for the first thre years of opemations for Cooper Company: Taxable Income S500,000 375,000 400,000 1. Year 2017 2018 2019 2. On January 2, 2017, heavy equipment costing $800,000 was purchased. The equipment had a life of 5 years and no salvage value. The straight-line method of depreciation is used for book purposes and the tax depreciation taken each year is listed below 2018 ax Deareciation Total $56,000 $800,000 2017 $264,000 $360,000...
uporary differences. The following information is available for the first three years of operation for Cooper Company: Year Pretax financial income 2017 2018 2019 $604,000 815,000 240,000 2. On January 2, 2017, heavy equipment costing $800,000 was purchased. The equipment had a life of 5 years and no salvage value. The straight-line method of depreciation is used for book purposes and the tax depreciation taken each is listed below: 2017--$264,000 2018--$360,000 2019--$120,000 2020--$56,000 3. On January 2, 2018. $360,000 was...
The pretax financial income of Flounder Company differs from its
taxable income throughout each of 4 years as follows.
Year
Pretax
Financial Income
Taxable Income
Tax Rate
2017
$305,000
$173,000
35
%
2018
349,000
216,000
40
%
2019
358,000
277,000
40
%
2020
429,000
615,000
40
%
Pretax financial income for each year includes a nondeductible
expense of $29,100 (never deductible for tax purposes). The
remainder of the difference between pretax financial income and
taxable income in each period is...
Sherrod, Inc., reported pretax accounting income of $88 million for 2018. The following information relates to differences between pretax accounting income and taxable income: a. Income from installment sales of properties included in pretax accounting income in 2018 exceeded that reported for tax purposes by $7 million. The installment receivable account at year-end had a balance of $8 million (representing portions of 2017 and 2018 installment sales), expected to be collected equally in 2019 and 2020. b. Sherrod was assessed...
Additional Information
1. All depreciable assets were acquired on 1 July 2015. For
financial reporting purposes,
depreciation is recognised on a straight line basis, over 20 years
for buildings (estimated
residual value $250,000), eight years for plant and 10 years for
equipment. For tax purposes,
straight line depreciation is applied over 40, 10 and eight years
respectively.
2. After reviewing all relevant information, the directors
determined that, at 30 June 2018, the
plant was impaired by $250,000 (this is not...
Sherrod, Inc., reported pretax accounting income of $82 million for 2018. The following information relates to differences between pretax accounting income and taxable income: . Income from installment sales of properties included in pretax accounting income in 2018 exceeded that reported for tax purposes by $7 million. The installment receivable account at year-end had a balance of $8 million (representing portions of 2017 and 2018 installment sales). expected to be collected equally in 2019 and 2020. b. Sherrod was assessed...
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