Pankaj Business Solutions started the year with total assets of $180,000 and total liabilities of $80,000. The company is a sole proprietorship. The revenues and expenses for the year amounted to $135,000 and $69,000, respectively. During the year, there were no new capital contributions, and the owner withdrew $50,000. Calculate Pankaj's net income for the year.

At the end of the year, Huskies Together Company has pretax financial income of $550,000. Included in the $550,000 is $70,000 interest income on municipal bonds, $25,000 fine for dumping hazardous waste, and depreciation of $60,000. Depreciation for tax purposes is $45,000. Compute income taxes payable, assuming the tax rate is 30% for all periods. Prepare the journal entry at the end of the year.

ZYX Inc has average gross receipts of $40 million per year over the last several years. In the current year, ZYX has $2,000,000 of taxable income before considering interest.ZYX has $150,000 of business interest income, S1, 200,000 of interest expense, and no floor plan financing. How much interest expense can ZYX deduct?

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During its first year of operations, Nile.com reported an operating loss of $15 million for financial reporting and tax purposes. The enacted tax rate is 40%. Prepare the journal entry to recognize the income tax benefit of the operating loss.

In its first year of operations, Martha Enterprises Corp. reported the following information: a. Income before income taxes was $640,000. b. The company acquired capital assets costing $2,400,000; depreciation was $160,000, and CCA was $120,000. c. The company recorded an expense of $155,000 for the one-year warranty on the company's products; cash disbursements amounted to $79,000. d. The company incurred development costs of $77,000 that met the criteria for capitalization for accounting purposes. Development work was still ongoing at year-end. These costs could be immediately deducted for tax purposes. e. The company made a political contribution of $30,000 and expensed this for accounting purposes. f. The income tax rate was 28% and the year 2 tax rate was enacted, at 30%. In the second year, the company reported the following: a. Earnings before income tax were $1,700,000. b. Depreciation was $160,000; CCA was $360,000. c. The estimated warranty costs were $250,000, while the cash…

Maynard Corporation began the year with cash of $135,000 and land that cost$25,000. During the year, Maynard earned service revenue of $260,000 and had the followingexpenses: salaries, $185,000; rent, $81,000; and utilities, $28,000. At year-end, Maynard’s cashbalance was down to $31,000. How much net income (or net loss) did Maynard experience forthe year?a. ($138,000)b. $75,000c. ($34,000)d. ($6,000)

Abbot Corporation reported pretax book income of $500,000. During the current year, the reserve for bad debts increased by $5,000. In addition, tax depreciation exceeded book depreciation by $40,000. Finally, Abbot received $3,000 of tax-exempt life insurance proceeds from the death of one of its officers. Abbot's current income tax expense or benefit would be:

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Show your work  At the beginning of the year, Teal Corporation had accumulated E & P of $210,000. On March 30, Teal sold an asset at a loss of $200,000. For the calendar year, Teal incurred a deficit in current E & P of $305,000, which includes the $200,000 loss on the sale of the asset. If Teal made a distribution of $50,000 to its sole shareholder on April 1 and the shareholder had a basis in her stock of $72,000, how will the shareholder be taxed?