please check the answer again because method is correct.
c eBook Calculator Print Item Exercise 14-19 (Algorithmic) (LO. 1, 4) Mini, Inc., ears pretax book...
Problem 3-14 (Algorithmic) (LO. 2) In 2019, Mini reports $1,522,500 of pretax book net income. Mini did not deduct any bad debt expense for book purposes in 2019 but did deduct $160,800 in bad debt expense for tax purposes. Mini reports no other temporary or permanent differences. Assuming that the pertinent U.S. Federal corporate income tax rate is 21%, and Mini earns an after-tax rate of return on capital of 8%. For 2019, compute Mini's total income tax expense, current...
Problem 3-12 (LO. 2) Mini, Inc., earns pretax book net income of $750,000 in 2018. Mini deducted $20,000 in bad debt expense for book purposes. This expense is not yet deductible for tax purposes. Mini records no other temporary or permanent differences. Assuming that the pertinent U.S. Federal corporate income tax rate is 21%, and Mini earns an after-tax rate of return on capital of 8%. Compute Mini's total income tax expense, current income tax expense, and deferred income tax...
Mini, Inc., earns pretax book net income of $750,000 in 2018. Mini deducted $20,000 in bad debt expense for book purposes. This expense is not yet deductible for tax purposes. Mini records no other temporary or permanent differences. Assuming that the pertinent U.S. Federal corporate income tax rate is 21%, and Mini earns an after-tax rate of return on capital of 8%. Compute Mini's total income tax expense, current income tax expense, and deferred income tax expense. a. Current income...
Problem 3-13 (LO. 2) Mini, Inc., earns pretax book net income of $750,000 in 2018. Mini deducted $20,000 in bad debt expense for book purposes. This expense is not yet deductible for tax purposes. Mini records no other temporary or permanent differences. Assuming that the pertinent U.S. Federal corporate income tax rate is 21%, and Mini earns an after-tax rate of return on capital of 8%. Enter below the 2018 end-of-year balance in Mini, Inc.'s deferred tax asset and deferred...
Exercise 17-28 (Algorithmic) (LO. 6) Prance, Inc., earns pretax book net income of $1,351,500 in 2018. Prance acquires a depreciable asset that year, and first-year tax depreciation exceeds book depreciation by $135,150. Prance reported no other temporary or permanent book-tax differences. The relevant U.S. Federal corporate income tax rate is 21%, and Prance earns an after-tax rate of return on capital of 8%. Enter below the 2018 end-of-year balance in Prance's deferred tax asset and deferred tax liability balance sheet...
eBook Calculator E Print Item Problem 14-26 (LO. 1, 4) Rubio, Inc., an accrual basis C corporation, reports the following amounts for the tax year. The applicable income tax rate is 30% (combined Federal, stand global). Book income including the items below $80,000 Interest income from City of Westerville bonds 10,000 17,000 Bribes paid to Federal inspectors Liability for anticipated warranty costs (beginning of year) ability for anticipated warranty costs (end of year) 20,000 25,000 a. Rubio's income tax expense...
Prance, Inc., earns pretax book net income of $1,141,000 in 2019. Prance acquires a depreciable asset that year, and first-year tax depreciation exceeds book depreciation by $114,100. Prance reported no other temporary or permanent book-tax differences. The pertinent U.S. Federal corporate income tax rate is 21%, and Prance earns an after-tax rate of return on capital of 8%. Enter below the Prance's 2019 deferred tax expense and any deferred tax asset or liability. If required, round your answer to nearest...
Exercise 17-27 (0.6) Prance, Inc., ears pretax book net income of $800,000 in 2018. Prance acquires a depreciable asset that year, and first-year tax depreciation exceeds book depreciation by $80,000. Prance reported no other temporary or permanent book-tax differences. The relevant U.S. Federal corporate income tax rate is 21% and Prance earns an after-tax rate of return on capital of 8%. Compute the following for Prance, Inc. a. Current income tax expense b. Deferred income tax expense Total income tax...
Charleston, Inc., an accrual basis C corporation, reports pretax book income of $820,000. At the beginning of the tax year, Charleston reported no deferred tax accounts on its balance sheet. It is subject to a 21% U.S. income tax rate in the current year and for the foreseeable future. Charleston's book-tax differences include the following. Addition to the book reserve for uncollectible receivables (no specific write-offs occurred; therefore, a zero income tax deduction) $255,000 Tax depreciation in excess of book...
Problem 3-10 (LO. 2) Cortez, Inc., reports $600,000 of pretax book net income in 2019. Cortez’s book depreciation exceeds tax depreciation that year by $20,000. The corporation reports no other temporary or permanent book-tax differences. Cortez’s pertinent U.S. tax rate is 21%, and Cortez earns an after-tax rate of return on capital of 8%. For 2019, compute the following for Cortez, Inc. a. Current income tax expense $ b. Deferred income tax expense $ c. Total income tax expense $