Twitter is an online news and social networking company. In its 2021 annu ported deferred tax assets totaling $398 million. The company also reporte otaling $200 million. What would motivate Twitter to have a valuation allo erred assets?
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- VeriFone Systems is a provider of electronic card payment terminals, peripherals, network products, and software. In its 2015 annual report, the company reported deferred tax assets totaling about $398 million. The company also reported valuation allowances totaling about $332 million. What would motivate VeriFone to have avaluation allowance almost equal to its deferred tax assets?Uber Technologies, Incorporated, is a ridesharing provider. In its 2019 annual report, the company reported deferred tax assets totaling about $11,230 million. The company also reported valuation allowances totaling about $9,855 million. Does that suggest that it is more likely than not that Uber will be able to realize most of its deferred tax assets?VeriFone Systems is a provider of electronic card payment terminals, peripherals, network products, and software. In its 2013 annual report, the company reported current and long-term deferred tax assets totaling about $513 million. The company also reported valuation allowances totaling about $418 million. What would motivate VeriFone to have a valuation allowance almost equal to its deferred tax assets?
- A domestic corporation started its operations in year 2008. The following data on income taxes during the years 2012 to 2019 were made available: YEAR RCIT MCIT 2012 25,000 100,000 2013 100,000 150,000 2014 300,000 190,000 2015 250,000 300,000 2016 100,000 50.000 2017 70,000 50.000 2018 5.000 40.000 2019 85,000 60,000 How much is the income tax payable for the year 2018 and 2019, respectively? O 50,000 : 70.000 O 40,000 ; 85,000 O 40,000: 50,000 O None of the choicesMatador Company is preparing its 2022 financial statements. Matador's bookkeeper has determined Income from Continuing Operations (ICO) but is not certain this number is accurate. Matador has a corporate tax rate of 30%. Use the following information to determine the adjustments, if any, to ICO. (Hint: if you are adjusting ICO, should the adjustments be pre-tax or net of tax?) If you need to increase ICO, enter your answer as a positive number; for instance: 3000 If you need to decrease ICO, enter your answer as a negative number; for instance: -3000 If you determine no change is needed to ICO; enter 0. Put your answers in the provided boxes. 1) During 2022, Matador declared preferred dividends of $70,000, paid $90,000 for dividends, and received $135,000 for dividends on available-for-sale equity securities. The bookkeeper did not include any of these when calculating ICO. Determine the adjustment to ICO. Matador has a corporate tax rate of 30%. 2) Over the past 4 years, Matador has…Hunt Taxidermy, Inc. is concerned about the taxes paid by the company in 2018. In addition to $16.8 million of taxable income, the firm received $1,615,000 of interest on state-issued bonds and $1,610,000 of dividends on common stock it owns in Oakdale Fashions, Inc. (Use Table 2.3.) Calculate Hunt Taxidermy’s tax liability. Calculate Hunt Taxidermy’s average tax rate. Calculate Hunt Taxidermy’s marginal tax rate.
- In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $306.0 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Suppose the deferred portion of the rent collected was $104 million at the end of 2022. Taxable income is $1,180 million. Prepare the appropriate journal entry to record income taxes in 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $130.0 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Suppose the deferred portion of the rent collected was $60 million at the end of 2022. Taxable income is $520 million. Prepare the appropriate journal entry to record income taxes in 2022.XYZ Company reported the following pretax income (loss) and related tax rates during the years 2016-2021. Year Pretax Income (loss) Таx rate 2016 $75,000 30% 2017 150,000 30% 2018 240,000 40% 2019 (540,000) 48% 2020 210,000 40% 2021 300,000 42% a. Prepare the journal entries for the years 2019 and 2020 to record income taxes and the tax effects of the loss. Assume that XYZ elects the carryback provision where possible and it is probable that it will realize benefits of any loss carryforward. b. Prepare the portion of the income statement that presents your answer in part (a) for the year ended 2019.
- Bezos Company’s income tax return shows income taxes payable for 2020 of $75,000 (that is, $75,000 is owed for 2020). For financial reporting, the firm reports deferred tax assets of $67,900 at the beginning of 2020 and $63,600 at the end of 2020. It reports deferred tax liabilities of $53,600 at the beginning of 2020 and $59,400 at the end of 2020. Compute the amount of income tax expense for 2020.PP Corp. reports net income on its 2020 financial statements before income tax expense of P400,000. PP has been profitable in the past and expects to continue to be profitable. The company expensed warranty cost in 2017 for P35,000 that is expected to impact tax return in 2021. PP also had P60,000 in revenue that will not be taxed until 2022. PP has a tax rate for 2020 of 30% and enacted rate of 40% beyond 2020. In addition PP made four estimated tax payments of P25,000 each in 2020. How much would PP Corp. report as current year income tax expense on the December 31, 2020 income statement?Ivanhoe Property Management Company announced that in the year ended June 30, 2017, its earnings before taxes amounted to $1,452,000. Calculate its taxes using Exhibit 3.6. (Round answers to 2 decimal places, e.g. 15,175.25.) Exhibit 3.6 U.S. Federal Corporate Income Tax Rates for 2016 The federal corporate marginal tax rate varies from 15 to 39 percent. Generally speaking, smaller companies with lower taxable income have lower tax rates than larger companies with higher taxable incomes. Smaller businesses are given preferential treatment to encourage new business formation. (1) Corporations Taxable Income $0-$50,000 50,001-75,000 75,001-100,000 100.001-335.000 335.001-10,000,000 10,000,001-15,000,000 15.000,001-18,333.333 More than 18.333,333 Pay This Amount on the Base of the Bracket S 0 7,500 13,750 22,250 113.900 3,400,000 5,150,000 6,416.667 (3) Marginal Tax Rate: Tax Rate on the Excess Over the Base 15% 25 34 39 34 35 38 35 Average Tax Rate at Top of Bracket 15.0% 18.3 22.3 34.0…