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Homework Answers
| Calculation of tax provision for 2018 | |
| Pretax financial Income | 100000 |
| Add: Warranty expense not allowable under tax | 3000 |
| Less: Excess Profit in contracts | 30000 |
| Less: Excess depreciation in tax | 20000 |
| Less: Interest on municipal bonds | 1400 |
| Taxable Income | 51600 |
| Tax rate | 40% |
| Income tax payable | 20640 |
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Monty Company began operations at the beginning of 2018. The following information pertains to this company. 1. Pretax financial income for 2018 is $85,000. 2. The tax rate enacted for 2018 and future years is 40% 3. Differences between the 2018 income statement and tax return are listed below: (a) Warranty expense accrued for financial reporting purposes amounts to $6,900. Warranty deductions per the tax return amount to $2,100. (b) Gross profit on construction contracts using the percentage-of-completion method per...
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Requirements: 1. Prepare Journal Entry to record income tax expense, deferred taxes, and income taxes payable...
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Monty Company began operations at the beginning of 2018. The following information pertains to this company....
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Problem 19-9 (Part Level Submission) Oriole Company began operations at the beginning of 2018. The following informatio...
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i need help in this hw please Homework Assignment (Chapter 19: Accounting for Income Taxes) Johnny...
i need help in this hw please
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Homework Assignment (Chapter 19: Accounting for Income Taxes) Johnny Bravo Ltd. began operations in 2019 and...
Homework Assignment (Chapter 19: Accounting for Income Taxes) Johnny Bravo Ltd. began operations in 2019 and has provided the following information. 1. Pretax financial income for 2019 is £100,000. 2. The tax rate enacted for 2019 and future years is 40%. 3. Differences between the 2019 income statement and tax return are listed below. a. Warranty expense accrued for financial reporting purposes amounts to £5,000. Warranty deductions per the tax return amount to £2,000. b. Gross profit on construction contracts...
Please check my answers. 1. Prepare Journal Entry to record income tax expense, deferred taxes, and...
Please check my answers.
1. Prepare Journal Entry to record income tax expense, deferred taxes, and income taxes payable for 2018 2. Draft the income tax expense section of the Income Statement, beginning with Income before income taxes". . Write an analysis directed toward the team at Good Company describing what the numbers mean and how they relate to the business. Information: Good Company began operations in 2018 and has provided the following information: 1. Pretax financial income for 2018...
Problem 19-9 Bridgeport Company began operations at the beginning of 2018. The following information pertains to...
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Omaha Inc. reports $156,000 financial income for 2018, before adjusting the following differences for tax reporting...
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Monty Company began operations at the beginning of 2018. The following information pertains to this company. 1. Pretax financial income for 2018 is $85,000. 2. The tax rate enacted for 2018 and future years is 40% 3. Differences between the 2018 income statement and tax return are listed below: (a) Warranty expense accrued for financial reporting purposes amounts to $6,900. Warranty deductions per the tax return amount to $2,100. (b) Gross profit on construction contracts using the percentage-of-completion method per...
SECTION III 40 Points in 2o18 the Builich cemnrd ratay The followi income: 8 of $100,000. 6 ompany reported pretax accounting income of $100,000. ng items cause taxable income to be different than accounting Warranty expense accrued for financial reporting purposes was $5,000. Actual warranty cost paid was $2,000. Gross profit on construction contracts using the percentage-of- completion method for financial reporting was $92,000. Bullish uses the completed contract method for tax purposes. The gross proft reported for tax purposes...
Monty Company began operations at the beginning of 2018. The following information pertains to this company. 1. Pretax financial income for 2018 is $85,000. 2. The tax rate enacted for 2018 and future years is 40% 3. Differences between the 2018 income statement and tax return are listed below: (a) Warranty expense accrued for financial reporting purposes amounts to $6,900. Warranty deductions per the tax retur amount to $2,100. (b) Gross profit on construction contracts using the percentage of completion...
Problem 19-9 (Part Level Submission) Oriole Company began operations at the beginning of 2018. The following information pertains to this company. 1. Pretax financial income for 2018 is $110,000. 2. The tax rate enacted for 2018 and future years is 40%. 3. Differences between the 2018 income statement and tax return are listed below: (a) Warranty expense accrued for financial reporting purposes amounts to $7,000. Warranty deductions per the tax return amount to $2,200. (b) Gross profit on construction contracts...
i need help in this hw please
Homework Assignment (Chapter 19: Accounting for Income Taxes) Johnny Bravo Ltd. began operations in 2019 and has provided the following information. 1. Pretax financial income for 2019 is £100,000. 2. The tax rate enacted for 2019 and future years is 40%. 3. Differences between the 2019 income statement and tax return are listed below. a. Warranty expense accrued for financial reporting purposes amounts to £5,000. Warranty deductions per the tax return amount to...
Please check my answers.
1. Prepare Journal Entry to record income tax expense, deferred taxes, and income taxes payable for 2018 2. Draft the income tax expense section of the Income Statement, beginning with Income before income taxes". . Write an analysis directed toward the team at Good Company describing what the numbers mean and how they relate to the business. Information: Good Company began operations in 2018 and has provided the following information: 1. Pretax financial income for 2018...
Problem 19-9 Bridgeport Company began operations at the beginning of 2018. The following information pertains to this company. 1. Pretax financial income for 2018 is $88,000. 2. The tax rate enacted for 2018 and future years is 40%. 3. Differences between the 2018 income statement and tax return are listed below: (a) Warranty expense accrued for financial reporting purposes amounts to $ 7,700. Warranty deductions per the tax return amount to $1,900. (b) Gross profit on construction contracts using the...
Omaha Inc. reports $156,000 financial income for 2018, before adjusting the following differences for tax reporting purpose. 1. Pollution fine of $25,000 was paid and recorded. 2. Installment sales result in gross profit recognized for financial reporting purposes in excess of gross profit recognized for tax purposes by $13,000 3. Warranty expenses deducted for financial reporting exceeded warranty costs deducted for income taxes by $10,500. 4. Percentage depletion deducted for income taxes exceeded cost depletion deducted for financial reporting by...
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