Hawkeye Corporation starts business on April 2, 2023. The corporation reports startup expenditures of $64,000 all incurred in the prior year. Determine the total amount that Hawkeye Corporation can elect to deduct in 2023. O a. $0 O b. $3,200 O c. $4,267 O d. $7,950
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- Rhodes Corporations financial statements are shown after part f. Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions. a. What is the net operating profit after taxes (NOPAT) for 2020? b. What are the amounts of net operating working capital for both years? c. What are the amounts of total net operating capital for both years? d. What is the free cash flow for 2020? e. What is the ROIC for 2020? f. How much of the FCF did Rhodes use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchases, and net purchases of short-term investments? (Hint: Remember that a net use can be negative.) Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)Contact Support for textbook, writing, or account heln Balance Corporation borrowed P10,000,000 at 12% to finance in part the construction of a new office building on January 1, 2021 and in part for general purposes. The loan is to be repaid commencing the month following completion of the building. Expenditures for the completed structure totaled P8,000,000 during the year ended December 31, 2021. These expenditures were incurred evenly throughout the year. The entity earned interest of P80,000 for the year on the unexpended portion of the loan. What amount of interest is capitalized on December 31, 2021? What is the interest expense for 2021? O 720,000 O 1,000,000 O 1.200.000On January 1, 2021, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The company borrowed $1,500,000 at 8% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2021: B 4 12% bonds Long-term note, 8% Required: Construction expenditures incurred during 2021 were as follows: January 1 March 31 June 30 September 30 December 1 $600,000 $1,200,000 $800,000 $600.000 $300,000 Calculate the amount of interest capitalized for 2021 using the specific interest method. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place.) Expenditure Average Date January 1 March 31 June 30 September 30 December 1 Avg. accumulated expenditures 5,000,000 3,000,000 Average accumulated expenditures X X X X X Amount Weight X X IIII|| Interest Rate P Capitalized Interest
- X company started construction of a new office building for its own use at an estimated cost of $5 000 000 on January 1, 2022, and completed the construction on December 31, 2022. During the year of construction (2022) the company had outstanding the following debt obligations. i. Specific Construction Debt: $2 000 000 12% note issued December 31, 2021. Interest payable semiannually Other Debt: $1 400 000 10% short-term loan. Interest payable monthly and principal payable at maturity on May 30, 2023 $1 000 000 11% long-term loan. Interest payable on January 1 of each year and principal payable at maturity on January 1, 2025 Total expenditures - $5 200 000 Weighted average accumulated expenditures - $3 500 000 One of the accounting interns on the other team having reviewed the statement of financial position commented that it just did not make any sense… this ’avoidable interest’…. In reality, isn’t all interest unavoidable …. No one lends money without expecting to be compensated for…Current Attempt in Progress The pretax financial income (or loss) figures for Larkspur Company are as follows. 2022 $82,000 2023 (47,000) 2024 (42,000) 2025 128,000 2026 105,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 20% tax rate for all years. Prepare the journal entries for the years 2022 to 2026 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)Oak Corporation has the following general business credit carryovers: 2016 $7,250 2017 21,750 2018 8,250 2019 25,750 Total carryovers $63,000 The general business credit generated by activities during 2020 equals $50,400 and the total credit allowed during the current year is $87,000 (based on tax liability). a. Enter the amount (if any) of each year's carryover utilized in 2020. Year Amount ofCarryoverUtilized 2016 $ 2017 $ 2018 $ 2019 $ 2020 $ b. What is the amount of any unused credits carried forward to 2021?
- Oak Corporation holds the following general business credit carryovers: 2016 $5,000 2017 15,000 2018 6,000 2019 19,000 Total carryovers $45,000 The Oak's general business credit generated by 2020 activities equals $36,000 and the total credit allowed during the current year is $60,000 (based on tax liability). a. Enter the amount (if any) of each year's carryover utilized in 2020. Amount of Carryover Year Utilized 2016 2017 2018 2019 2020 b. What is the amount of any unused credits carried forward to 2021? %24Island Solutions started construction of a new office building for its own use at an estimated cost of $5000 000 on January 1, 2022, and completed the construction on December 31, 2022.j. During the year of construction (2022) the company had outstanding the following debtobligations.i. Specific Construction Debt:$2 000 000 12% note issued December 31, 2021. Interest payable semiannuallyii. Other Debt:$1 400 000 10% short-term loan. Interest payable monthly and principal payable at maturityon May 30, 2023$1 000 000 11% long-term loan. Interest payable on January 1 of each year and principalpayable at maturity on January 1, 2025B. Total expenditures - $5 200 000C. Weighted average accumulated expenditures - $3 500 000One of the accounting interns on the other team having reviewed the statement of financial positioncommented that it just did not make any sense… this ’avoidable interest’…. In reality, isn’t all interestunavoidable …. No one lends money without expecting to be compensated…Island Solutions started construction of a new office building for its own use at an estimated cost of $5 000 000 on January 1, 2022, and completed the construction on December 31, 2022. i During the year of construction (2022) the company had outstanding the following debt obligations. ii. Specific Construction Debt: $2 000 000 12% note issued December 31, 2021. Interest payable semi-annually iii. Other Debt: $1 400 000 10% short-term loan. Interest payable monthly and principal payable at maturity on May 30, 2023, $1 000 000 11% long-term loan. Interest payable on January 1 of each year and principal payable at maturity on January 1, 2025 Total expenditures - $5 200 000 Weighted average accumulated expenditures - $3 500 000 One of the accounting interns on the other team having reviewed the statement of financial position commented that it just did not make any sense, this ’avoidable interest’. Isn’t all interest unavoidable? No one lends money without expecting to be compensated for…
- High Tech Inc. reported earnings before income taxes of $3,150,000 in 2019. The tax rate for this year is 40%. ItemAmt.a. Golf club dues$ 44,000b. Depreciation expense66,000c. Development costs incurred during year; capitalized for accounting purposes220,000d. Warranty costs accrued during year42,000e. Interest and penalty for late payment payroll taxes55,000f. CCA420,000g. Amortization of capitalized development costs22,000Required: a) Identity 2 permanent differences and 2 temporary differences from items (a) to (g) shown in the table above. b) Calculate the Taxable Incomec) Calculate the Income Tax payableYebi Corp began operations in December 2024. Yebi builds and sells warehouses under the installment method. When warehouses are sold, Yebi recognizes income for financial reporting purposes. Installment income recognized for financial reporting purposes in 2024 was $28 million, which will be collected over the next three years. Scheduled collections for 2025-2027 are as follows: 2025 2026 2027 $ 8 million 13 million 7 million. $ 28 million Pretax accounting income for 2024 was $38 million. The enacted tax rate is 45%. Required: 1. Assuming no differences between accounting income and taxable income other than those described above, prepare the journal entry to record income taxes in 2024. 2. Suppose a new tax law, revising the tax rate from 45% to 40%, beginning in 2026, is enacted in 2025, when pretax accounting income was $32 million. There were no sales resulting in temporary differences in 2025. Prepare the appropriate journal entry to record income taxes in 2025. 3. If the new tax…b. Adoptions and More drew on 8 annual notes totaling $250,000 to be paid upon completion of the office it is building. The company intends to pay $75,000 next year. What is that portion considered?
