21)Santos Company had a 40 percent tax rate. Given the following pre-taxamounts, what would be the income tax expense reported on the face of the incomestatement?$ 300,000180,00024,00033,00027,0003,0006,000Sales revenueCost of goods soldSalaries and wages expenseDepreciation expenseDividend revenueUtilities expenseInterest expense22)York Corporation reports the following information:Correction of understatement of depreciation expensein prior years, net of tax$ 645,000480,0001,500,0003,000,000Dividends declaredNet incomeRetained earnings, 1/1/21, as reportedYork should report retained earnings, 12/31/21, as adjusted at?23)Jersey Company reported the following information for 2021:Sales revenue1,530,0001,050,000165,000Cost of goods soldOperating expensesUnrealized holding gain onavailable-for-sale securitiesCash dividends received on the securities120,0006,000For 2021, Jersey would report other comprehensive income of?24)For the year ended December 31, 2021, Colorado Inc. reported the following:Net income2$120,00020,0004,0002,000160,00080,000Preferred dividends declaredCommon stock dividend declaredUnrealized holding loss, net of taxRetained earnings, beginning balanceCommon stockAccumulated Other ComprehensiveIncome, Beginning BalanceWhat would Colorado report as total stockholders' equity?10,0001263 words以DFocusType here to search近

Income tax is charged on the net income of the business. The net income is the Excess of revenue…

Santos Company had a 40 percent tax rate. Given the following pre-tax 21) amounts, what would be the income tax expense reported on the face of the income statement? $ 300,000 180,000 24,000 33,000 27,000 3,000 6,000 Sales revenue Cost of goods sold Salaries and wages expense Depreciation expense Dividend revenue Utilities expense Interest expense

Santos Company had a 40 percent tax rate. Given the following pre-tax 21) amounts, what would be the income tax expense reported on the face of the income statement? $ 300,000 180,000 24,000 33,000 27,000 3,000 6,000 Sales revenue Cost of goods sold Salaries and wages expense Depreciation expense Dividend revenue Utilities expense Interest expense

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 32BEB

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FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. 1. What is deductible expense if the company uses OSD? 2. Using the problem above, what is the income tax payable?
Required Answer each of the following questions by providing supporting computations. 1. Assume that the company’s income tax rate is 30% for all items. Identify the tax effects and after-tax amounts of the three items labeled pretax. 2. Compute the amount of income from continuing operations before income taxes. What is the amount of the income tax expense? What is the amount of income from continuing operations? 3. What is the total amount of after-tax income (loss) associated with the discontinued segment? 4. What is the amount of net income for the year?
ACCT Co. had a 20 percent tax rate. Given the following pre-tax amounts, what would be the income tax expense reported on the face of the income statement? A. $54,000 B. $34,000 C. $36,000 D. $16,000 Sales revenue $ 1,000,000 Cost of goods sold 600,000 Selling expense 100,000 Administrative expense 10,000 Interest expense 20,000 Discontinued operations loss 100,000 Answer:
A company reported in the income statement for the current year 900,000 income before provision for income tax. Please consider the following information: Rent income received in advance 150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation 100,000Income tax rate 30% What amount should be reported as current provision for income tax or current tax expense for the current year?A. 225,000B. 270,000C. 230,000D. 220,000
Suppose a company has the following financials (in £millions) and no other non-operating income or expense: Net financial expense after tax = 8 Net interest expense = 12.6 Reported tax (on standard income statement) = 1220.4 Operating profit = 4,741 What is the company's net operating profit after tax (NOPAT)? (in £millions) Select one: a. 1,635 b. 3,516 c. None of the others d. 5,163
Nalad Corp. provided the following data related to accounting and taxable income: Pre-tax accounting income (financial statements) Taxable income (tax return) Income tax rate 20X8 $530,000 20X9 $505,000 305,000 730,000 38% 38% There are no existing temporary differences other than those reflected in these data. There are no permanent differences. Required: 1-a. How much tax expense would be reported in each year if the taxes payable method was used? Tax Expense 20X8 20X9 1-b. What is the implied tax rate? (Round your answers to 1 decimal place.) 20X8 20X9 Implied tax rate 96 % 2-a. How much tax expense would be reported using comprehensive tax allocation (liability method). Tax Expense 20X8 20X9 2-b. How much deferred income tax would be reported using comprehensive tax allocation (liability method).
A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance 150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation 100,000Income tax rate 30% Required: 1. How much is the taxable income?2. How much is the accounting income subject to tax?3. How much is the permanent difference?4. How much is the net temporary differences?
The SGS Co. had $215,000 in taxable income. Use the rates from Table 2.3. (Enter your answer as directed, but do not round intermediate calculations.) Required: Calculate the company's income taxes. Income taxes
The following income statement does not reflect Intraperlod tax allocation. Sales revenue Cost of goods sold Gross profit INCOME STATEMENT For the Fiscal Year Ended March 31, 2021 ($ in millions) Operating expenses Income tax expense Income before discontinued operations Loss from discontinued operations Net income Gross profit (loss) The company's tax rate is 25%. Required: Recast the income statement to reflect Intraperlod tax allocation. (Loss amounts should be indicated with a minus sign. Enter your answers in millions (l.e., 5,500,000 should be entered as 5.5).) Income Statement For the fiscal year ended March 31, 2021 Operating expenses Income from continuing operations before income taxes Net income (loss) Income before discontinued operations $ 874 (434) 440 (208) (23) 289 (140) $ 69 ($ in millions)
A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30% How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000
(To help answer this question, create an Income Taxes Payable T-account and insert the beginning andending balances.) If the company debited Income Tax Expense and credited Income Taxes Payable $700during the year, what is the total amount of the debits recorded in the Income Taxes Payable account?What does the amount of these debits represent?
Give typing answer with explanation and conclusion 6. Thornton, Inc., had taxable income of $131,387 for the year. The company's marginal tax rate was 35 percent and its average tax rate was 22.8 percent. How much did the company have to pay in taxes for the year?