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There is a deferred tax asset of 30% on 3600000 = 1080000. This deferred tax asset will reduce the tax expense in income statement in 2018. So Krause should report income tax expense of $90000. The answer is first. $90000.
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In 2018, Krause Company accrued, for financial statement reporting, estimated losses on disposal of unused plant fa...
In 2017, Krause Corp’s financial statement showed accrued losses on disposal of unused plant facilities of...
In 2017, Krause Corp’s financial statement showed accrued losses on disposal of unused plant facilities of $3,600,000. The facilities were sold in December 2018 and a $3,600,000 loss was recognized for tax purposes then. Also in 2018, Krause Corp’s paid $150,000 for a two-year life insurance policy for their CEO Krause, and the company was the beneficiary. Assuming that the enacted tax rate is 35% in both 2017 and 2018, and that Krause paid $1,170,000 in income taxes in 2017....
In 2017, Kerry Corp’s financial statement showed accrued losses on disposal of unused plant facilities of...
In 2017, Kerry Corp’s financial statement showed accrued losses on disposal of unused plant facilities of $3,600,000. The facilities were sold in December 2018 and a $3,600,000 loss was recognized for tax purposes then. Also in 2018, Kerry Corp’s paid $150,000 for a two-year life insurance policy for their CEO Kerry, and the company was the beneficiary. Assuming that the enacted tax rate is 35% in both 2017 and 2018, and that Kerry paid $1,170,000 in income taxes in 2017....
Omaha Inc. reports $156,000 financial income for 2018, before adjusting the following differences for tax reporting...
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...
Omaha Inc. reports $156,000 financial income for 2018, before adjusting the following differences for tax reporting...
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...
Maine Company reported a pretax operating loss of $150,000 for financial reporting and tax purposes in...
Maine Company reported a pretax operating loss of $150,000 for financial reporting and tax purposes in 2017. The enacted tax rate is 40% for 2017 and subsequent years. In 2015, Maine reported taxable income of $42,000 and paid $14,700 in income taxes; and in 2016 Maine reported taxable income of $40,000 and paid $16,000 in taxes. Assume Maine requests a refund of taxes already paid by electing a loss carryback. In addition, Maine expects to generate positive operating profits and...
Omaha Inc. reports $156,000 financial income for 2018, before adjusting the following differences for tax reporting...
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...
Tobac Company reported an operating loss of $133,000 for financial reporting and tax purposes in 2018....
Tobac Company reported an operating loss of $133,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40% for 2018 and all future years. Assume that Tobac elects a loss carryback. No valuation allowance is needed for any deferred tax assets. Taxable income, tax rates, and income taxes paid in Tobac's first four years of operations were as follows: Taxable income Tax rates Taxes paid 2014 $ 31,000 30 % $ 9,300 2015 $ 36,000 30...
Check my work Tobac Company reported an operating loss of $123,000 for financial reporting and tax purposes in 2018. Th...
Check my work Tobac Company reported an operating loss of $123,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40% for 2018 and all future years. Assume that Tobac elects a loss carryback. No valuation allowance is needed for any deferred tax assets. Taxable income, tax rates, and income taxes paid in Tobac's first four years of operations were as follows: points Taxable income $21,000 $26,000 $33,000 $31,000 2014 2015 2016 2017 Tax rates 30%...
Cabot Company reported a pretax operating loss of $50,000 for financial reporting and tax purposes in...
Cabot Company reported a pretax operating loss of $50,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25% for 2021 and subsequent years. Assume that Cabot operates in an industry for which NOL carryback is allowed and requests a refund of taxes already paid by electing a loss carryback. Taxable income, tax rates, and income taxes paid in Cabot's first four years of operations were as follows: Taxable Tax Taxes income rates paid 2017 $30,000...
Omaha Inc. reports $156,000 financial income for 2018, before adjusting the following differences for tax reporting...
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...
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...
Check my work Tobac Company reported an operating loss of $123,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40% for 2018 and all future years. Assume that Tobac elects a loss carryback. No valuation allowance is needed for any deferred tax assets. Taxable income, tax rates, and income taxes paid in Tobac's first four years of operations were as follows: points Taxable income $21,000 $26,000 $33,000 $31,000 2014 2015 2016 2017 Tax rates 30%...
Cabot Company reported a pretax operating loss of $50,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25% for 2021 and subsequent years. Assume that Cabot operates in an industry for which NOL carryback is allowed and requests a refund of taxes already paid by electing a loss carryback. Taxable income, tax rates, and income taxes paid in Cabot's first four years of operations were as follows: Taxable Tax Taxes income rates paid 2017 $30,000...
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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