how is income tax expense calculated?
Q: Define Effective tax rate.
A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…
Q: Explain how does the company’s effective tax rate calculated.
A: Effective interest rate: An effective interest rate is the real return on savings account or any…
Q: what is tax accounting?
A:
Q: Define tax effect theory
A: Tax effect theory explains the impact of taxes on revenue or expense of a company. This theory is…
Q: What are the two types of income tax return
A: Answer: Income tax return is the return that is filed for purpose to file income tax due to be paid…
Q: What distinguishes an income tax from other taxes?
A: A tax is a governmental entity's required financial charge or other kind of levy put on a taxpayer…
Q: How to calculate capital gain tax
A: Capital gain is one of the income heads under the Income Tax Act. It includes the gains arising to…
Q: What is intraperiod tax allocation?
A:
Q: How much is the estate tax?
A: Estate Tax- It is the tax imposed on the property transferred upon the death of a person. Under…
Q: What is Income tax payable?
A:
Q: What is DONNER's current tax expense?
A: Current tax expense refers to the tax payable by the Company relating to the current year.
Q: Define Income tax paid
A: Income tax paid is a charge or payment made to the government by the individual or the firms in a…
Q: What effect does intraperiod tax allocation have onreported net income?
A:
Q: What is corporate income tax and value added tax and its use?
A: Both corporate income tax and value added tax are taxes that have to be paid to the government. The…
Q: what are the two components of income tax expense
A: PLEASE LIKE THE ANSWER Firstly, income tax expense means an amount of tax expense incurred on the…
Q: How do you calculate withholding taxes?
A: Federal income tax withholding: The amounts which the employer withheld from employees’ gross pay…
Q: Income Taxation What did you learn in the subject income taxation
A: Learning from income tax 1) Income tax collection is maintained by the internal revenue services…
Q: Income Tax Due
A: To find income tax due on Income we need to prepare Income statement of Mica thok enterprise. Income…
Q: What are the situs rules on income tax situs on sales of goods?
A: Income tax:A tax charged on the income earned by the individual or corporates by the central…
Q: Define Accrued income taxes.
A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…
Q: What is the tax base for each of the following taxes? Income Tax GST FBT
A: Taxes are the amount of dues that is being payable to the government on account of income earned,…
Q: Explain Pre-tax earnings or pre-tax income
A: The net income is the net profit of the company earned during the period. The net income includes…
Q: Define Income Taxation
A: Taxation is the way of imposing tax on particular income or the value of consumption of certain…
Q: What is Income tax receivables?
A: Other receivables: Other receivables are the receivables other than the accounts receivable, and the…
Q: What is the value for IHT and capital gain tax (CGT) purposes?
A: What is Inheritance Tax?Inheritance Tax (IHT) is a tax on the estate of someone who has died,…
Q: Define Income before taxes.
A:
Q: income tax rate would be
A: Net Initial Investments - Profit and Loss on Sale of Old Press - Book Value is = 120000 Sale…
Q: What is the total tax due?
A: The tax due can be defined as the percentage amount computed over the incomes earned during the…
Q: how to calculate someones adjusted basis in tax
A: Adjusted basis refers to the amount of gain or loss earned on selling the property. It includes the…
Q: Calculate the net income after tax
A: Net profit is also called the profit available to the shareholders or Profit available after meeting…
Q: erence between financial income and taxable income?
A: 7 Correct answer :- A Premium paid for officers life insurance 8 Correct answer :- C The…
Q: Define provision for income taxes.
A: A provision for income taxes is the estimated amount that a business or individual taxpayer expects…
Q: What is the Net Income After Tax?
A:
Q: what types of taxes are deductible in full or in part?
A: The tax-deductible expense helps the business to generate revenue by decreasing the tax liability.
Q: What are the aspects of Taxation?
A: Taxation Taxation is important for the country which can be generate revenue to the government to…
Q: What is the Effect on Deferred Income Taxes?
A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…
Q: What is personal income tax and it's use?
A: Income tax is a type of tax that governments impose on income generated by businesses and…
Q: What is adjusted gross income and what influence does it have on other elements in the tax return…
A: Adjusted gross income is calculated by deducting the specific deduction from the total gross income.…
Q: Define income tax expense.
A:
Q: What is tax due?
A: Tax Due: Tax due is the tax liability that is payable by any individual person or a corporate body…
Q: What are direct taxes?
A: The financial position of the company can be arrived from the income statement prepared by the…
Q: What are the special features of regular income taxation?
A: Income Tax It is a tax placed on an individual. It is deducted from a person's total income. It is a…
Q: What is Percentage Tax?
A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital gain…
how is income tax expense calculated?
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- Income Statement For the Year Ending December 31, 20X1Sales (on credit)$ 2,106,000Cost of goods sold1,371,000Gross profit$ 735,000Selling and administrative expenses561,000*Note asteriskOperating profit (EBIT)S 174,000Interest expense33,900Earnings before taxes (EBT)S 140,100Taxes83,300Earnings after taxes (EAT)S 56,800*Selling and administrative expenses Note asteriskIncludes $42,700 in lease payments. Using the above financial statements for the Jackson Corporation, calculate the following ratios. Profitability ratios. Note: Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places.Total Net Fixed Assets Total Assets O 14.97 siven, O 16.05 O 9.63 Cash Accounts Receivable Inventory Click to open: O 12.59 Net Sales Less: Cost of Goods Sold Less: Depriciation Earnings before Interest and Taxes O 10.12 Less: Interest Paid Taxable income Less: Taxes Net Income Precision Tools 2012 Income Statement ($ in Millions) What is the times interest earned ratio for 2012? 2011 2060 3411 18776 24247 14160 38407 LE 36408 28225 1760 6423 510 5913 2070 3843 Precision Tools 2011 and 2012 Balance Sheets ($ in Millions) 2012 1003 Accounts Payable 4218 Long Term Debt 21908 Common Stock 27129 Retained Earnings 14080 41209 Total Liabilities and Equity 2011 7250 9800 15000 6357 38407 2012 8384 11500 17500 3825 41209 97A company shows the following balances: Sales Revenue $2962000Sales Returns and Allowances 402000Sales Discounts 60000Cost of Goods Sold 1350000 What is the gross profit rate? 46.0%58.0%54.0%66.0%
- Presented below are the information taken from the books of NMIXX Co. 2022 2023 Sales Regular P 125,000 P 187,500 Installment 62,500 100 000 Cost of goods sold: Regular 75.000 112,500 Installment 31,250 45,000 Selling expenses 25,000 31,250 Collection on accounts from Regular sales 100,000 137,500 Installment sales - 2022 37.500 25,000 Installment sales - 2023 62,500 How much is the Realized gross profit in installment and net income for the year 2023?Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?Adjustments for a Merchandising Business: Perpetual Inventory System with Sales Returns and Allowances A partial Trial Balance for Curless Company as of December 31, 20-- is shown. Curless Company Partial Trial Balance For Year Ended December 31, 20-- ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Merchandise Inventory 150,000.00 Estimated Returns Inventory 500.00 Customer Refunds Payable 650.00 Sales 425,000.00 Sales Returns and Allowances 18,000.00 Cost of Goods Sold 288,000.00 Curless has made the following estimates for next year: • Sales made this year of $7,800 will be returned next year and customers will be granted full refunds. • The estimated cost of the inventory sold this year and expected to be returned by customers next year is $5,900. Open T accounts and enter the balances for the above accounts. Make appropriate adjustments to the T accounts. For grading purposes use the labels shown. TB Trial balance (beginning balance) ATB Adjusted trial balance (ending balance) (1)…
- Calculate the missing information for the purchase. Item SellingPrice SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price(in $) Sofa $850.00 5 $ 0 0 $Calculate net profit Details Debit(OMR) Credit(OMR) General expenses 11700 Prepaid Rent 5100 Cost of goods sold 99700 Salaries 9300 Depreciation 1560 Account Payable 3575 Net Sales 150000 Other income 2500 Select one: a. OMR 34715 b. OMR 30240 c. OMR 39815 d. OMR 31140Accounts receivable (gross) Inventory Total current assets Total current liabilities Credit sales Cost of goods sold Current ratio Receivables turnover Inventory turnover 2021 1.000.000 $850,000 $750,000 $650,000 1.020,000 980,000 840,000 2,100,000 2,000,000 1,700,000 1.100.000 1,250,000 6.420.000 6.240,000 5.430.000 4,540,000 4,550,000 3,950,000 (b) Based on (1) current ratio, (2) receivables turnover ratio, and (3) inventory turnover ratio, what conclusion(s) can be drawn about the company's liquidity? 2021 21:1 2020 8.0 times 4.5 times 2020 2019 18:1 8.9 times 5.0 times.
- A company reported the following data for the year ending 2018: Description Amount Sales Sales discount Sales returns and allowances $400,000 $16,000 $13,000 $117,000 $153,000 |Cost of goods sold |Operating expense Income tax expense $23,750 Compute the amount of gross profit to be reported on the income statement. a. $101,000 b. $117,000 c. $254,000 d. $124,750 Answer O O O OSales Sales Returns & Allowances Sales Discount Purchases Freight in Purchase Renurns & Allowances Purchase Discount Beginning Inventory Ending Inventory Operating expenses Other Income Otber Expenses P 780,000 15,000 19,000 420,000 12,000 8,000 2,000 50,000 80,000 120,000 16,000 3,000 How much is the cost of goods available for sale? P 4E0.000 P 472,000 P448,000 P 470,000Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful accounts $ 119,000 6,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 3/10, n/30 (assume a unit sales price of $900 in all transactions). Transactions during current year a. Sold merchandise for cash, $236,000. b. Sold merchandise to R. Smith; invoice price, $11,500. c. Sold merchandise to K. Miller; invoice price, $27,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $25,000. f. R. Smith paid his account in full within the discount period. g. Collected $98,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in () within the discount period. 1. Sold merchandise to R. Roy; Invoice price, $20,500. J. Three days after paying the account in full, K.…