Homework Answers
The correct answer is Entertainment.
Entertainment tax is treated as a deduction for tax purposes when they are paid but are recognised as expenses when they are accrued for accounting purposes.
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i points as a deduction for tax purposes when they are paid but are recognised as...
Thanks For your HELP!!! 13. When computing the accumulated earnings tax, the dividends-paid deduction is not...
Thanks For your HELP!!! 13. When computing the accumulated earnings tax, the dividends-paid deduction is not available for A) dividends paid during the tax year. B) throwback dividends. C) stock dividends. D) All of the above are deductible. 15. When computing the accumulated earnings tax, which of the following is not a reduction to arrive at accumulated taxable income? A) accumulated earnings credit B) NOL deduction claimed C) accrued federal income taxes D) dividends-paid deduction
MULTIPLE CHOICE AND TRUE/FALSE QUESTIONS (100 POINTS) 1. Standard deduction for tax purposes are:...
MULTIPLE CHOICE AND TRUE/FALSE QUESTIONS (100 POINTS) 1. Standard deduction for tax purposes are: a. Deductions from AGI (Adjusted Gross Income) b. Made up of basic and additional deductions Permitted only for those using form 1040EZ or 1040A c. d. All of the above e. Only a and b above. 2. T, F. Exemptions unlike standard deductions are not deducted from AGI 3. T, F. Exemptions provide taxpayers with their biggest tax deductions 4. T, F. Any person filing a...
. How are scholarships received treated for tax purposes? For example, look at difference between tuition...
. How are scholarships received treated for tax purposes? For example, look at difference between tuition and fees vs. room and board. What are some common examples of income, and what are some common examples of items excluded from income? For example, included items would be income such as alimony received from pre-2019 divorces, gambling winnings, wages, unemployment compensation, etc. and excluded items would be income such as life insurance proceeds, child support payments, medical reimbursements to cover medical expenses,...
Listed below are items that are commonly accounted for differently for financial reporting purposes than they...
Listed below are items that are commonly accounted for
differently for financial reporting purposes than they are for tax
purposes.
For each item below, indicate whether it involves:
(1)
A temporary difference that will result in future deductible
amounts and, therefore, will usually give rise to a deferred income
tax asset.
(2)
A temporary difference that will result in future taxable
amounts and, therefore, will usually give rise to a deferred income
tax liability.
(3)
A permanent difference.
Use the...
Listed below are items that are commonly accounted for differently for financial reporting purposes than they...
Listed below are items that are commonly accounted for
differently for financial reporting purposes than they are for tax
purposes.
For each item below, indicate whether it involves:
(1)
A temporary difference that will result in future deductible
amounts and, therefore, will usually give rise to a deferred income
tax asset.
(2)
A temporary difference that will result in future taxable
amounts and, therefore, will usually give rise to a deferred income
tax liability.
(3)
A permanent difference.
Use the...
Question 13 of 75 The income and expenses of a corporation for federal income tax purposes...
Question 13 of 75 The income and expenses of a corporation for federal income tax purposes are referred to as what type of income? O Book. O Nontaxable. O Accounting. O Tax. Mark for follow up
$11,340 Question 2 1 pts In cash basis accounting, for tax purposes: Income is recognized when...
$11,340 Question 2 1 pts In cash basis accounting, for tax purposes: Income is recognized when it is earned regardless of when received and expenses are recognized when they are actually or constructively incurred. Income is generally recognized when it is actually or constructively received and expenses are generally recognized when they are paid. The cash basis is not allowed for businesses reported on Schedule C. Income is recognized when it is actually or constructively received and expenses are recognized...
TGW, a calendar year corporation, reported $3,920,000 net income before tax on its financial statements prepared...
TGW, a calendar year corporation, reported $3,920,000 net income before tax on its financial statements prepared in accordance with GAAP. The corporation's records reveal the following information: • TGW's depreciation expense per books was $449,000, and its MACRS depreciation deduction was $378,400. • TGW capitalized $679,000 indirect expenses to manufactured inventory for book purposes and $804,000 indirect expenses to manufactured inventory for tax purposes. • TGW's cost of manufactured goods sold was $2,558,000 for book purposes and $2,640,000 for tax...
Question 1 Questions 2 Question 3 (9 points) Jackson Ltd commenced trading on 1 July 20X7....
Question 1
Questions 2
Question 3
(9 points) Jackson Ltd commenced trading on 1 July 20X7. For the year ending 30 June 20X8 net profit before tax was $92000. A number of items in the profit and loss account have to be treated differently for taxation purposes. Details are: Accounting records Taxation records Exempt income Depreciation buildings Depreciation machinery Legal fees and fines Transfer to provision for warranty expense Transfer to provision for holiday pay 21000 12000 18000 14000 13000...
The tax laws limit a C corporation’s deduction for compensation paid to the CEO to: Question 14 o...
The tax laws limit a C corporation’s deduction for compensation paid to the CEO to: Question 14 options: $500,000. $1,000,000. $1,500,000. $2,000,000. There is no deduction limit for compensation paid to a corporation’s CEO. Question 15 (4 points) Which of the following increases a corporation’s earnings and profits (E&P)? Question 15 options: Charitable contributions carried over to other tax years. Tax-exempt interest income. Distributions to shareholders. All of the above increase E&P. None of the above increases E&P. Question 16...
MULTIPLE CHOICE AND TRUE/FALSE QUESTIONS (100 POINTS) 1. Standard deduction for tax purposes are: a. Deductions from AGI (Adjusted Gross Income) b. Made up of basic and additional deductions Permitted only for those using form 1040EZ or 1040A c. d. All of the above e. Only a and b above. 2. T, F. Exemptions unlike standard deductions are not deducted from AGI 3. T, F. Exemptions provide taxpayers with their biggest tax deductions 4. T, F. Any person filing a...
. How are scholarships received treated for tax purposes? For example, look at difference between tuition and fees vs. room and board. What are some common examples of income, and what are some common examples of items excluded from income? For example, included items would be income such as alimony received from pre-2019 divorces, gambling winnings, wages, unemployment compensation, etc. and excluded items would be income such as life insurance proceeds, child support payments, medical reimbursements to cover medical expenses,...
Listed below are items that are commonly accounted for
differently for financial reporting purposes than they are for tax
purposes.
For each item below, indicate whether it involves:
(1)
A temporary difference that will result in future deductible
amounts and, therefore, will usually give rise to a deferred income
tax asset.
(2)
A temporary difference that will result in future taxable
amounts and, therefore, will usually give rise to a deferred income
tax liability.
(3)
A permanent difference.
Use the...
Listed below are items that are commonly accounted for
differently for financial reporting purposes than they are for tax
purposes.
For each item below, indicate whether it involves:
(1)
A temporary difference that will result in future deductible
amounts and, therefore, will usually give rise to a deferred income
tax asset.
(2)
A temporary difference that will result in future taxable
amounts and, therefore, will usually give rise to a deferred income
tax liability.
(3)
A permanent difference.
Use the...
Question 13 of 75 The income and expenses of a corporation for federal income tax purposes are referred to as what type of income? O Book. O Nontaxable. O Accounting. O Tax. Mark for follow up
$11,340 Question 2 1 pts In cash basis accounting, for tax purposes: Income is recognized when it is earned regardless of when received and expenses are recognized when they are actually or constructively incurred. Income is generally recognized when it is actually or constructively received and expenses are generally recognized when they are paid. The cash basis is not allowed for businesses reported on Schedule C. Income is recognized when it is actually or constructively received and expenses are recognized...
TGW, a calendar year corporation, reported $3,920,000 net income before tax on its financial statements prepared in accordance with GAAP. The corporation's records reveal the following information: • TGW's depreciation expense per books was $449,000, and its MACRS depreciation deduction was $378,400. • TGW capitalized $679,000 indirect expenses to manufactured inventory for book purposes and $804,000 indirect expenses to manufactured inventory for tax purposes. • TGW's cost of manufactured goods sold was $2,558,000 for book purposes and $2,640,000 for tax...
Question 1
Questions 2
Question 3
(9 points) Jackson Ltd commenced trading on 1 July 20X7. For the year ending 30 June 20X8 net profit before tax was $92000. A number of items in the profit and loss account have to be treated differently for taxation purposes. Details are: Accounting records Taxation records Exempt income Depreciation buildings Depreciation machinery Legal fees and fines Transfer to provision for warranty expense Transfer to provision for holiday pay 21000 12000 18000 14000 13000...
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