8 A company has income before income taxes of $879,000 for the current year. The current provision for income taxes is $140,000, and the provision for deferred income taxes is $50,000. Which amount should be recorded as this company's net income for the year? $689,000 O $739,000 O $829,000 O $879,000

8 A company has income before income taxes of $879,000 for the current year. The current provision for income taxes is $140,000, and the provision for deferred income taxes is $50,000. Which amount should be recorded as this company's net income for the year? $689,000 O $739,000 O $829,000 O $879,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Example 5-7 Shu Company located in Arkansas had FUTA taxable wages of $130,000 and SUTA taxable wages (on first $10,000) were $210,000 with a 0.9 percent SUTA tax rate. The total unemployment taxes that Shu Company is liable for are: FUTA tax – $130,000 × 0.6% = $780 SUTA tax – $210,000 × 0.9% = 1,890 Total unemployment taxes $2,670 During the year, Plum Company has a SUTA tax rate of 4.8%. The taxable payroll for the year for FUTA and SUTA is $123,400. Compute: Round your answers to the nearest cent. a. Net FUTA tax $ b. Net SUTA tax $ c. Total unemployment taxes $ Feedback a. FUTA Taxable payroll times net FUTA rate?b. SUTA Taxable payroll times net SUTA rate?c. Total unemployment taxes?
You have calculated the adjusted profit for the company to be $2,000,000. Capital Allowance was $20,000. The tax rate is 25%.Estimated tax paid during the year is $750,000. Employment Tax Credit available (which is nonrefundable)is $700,000. The tax refundable for this company is.a. $950,000b. $500,000c. $250,000d. $200,000
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The Stone Inn earned $167,284 in taxable income for the year. How much tax does the company owe on this income? TxableIncome 60.000 Tox Rale 18% 50.001- 75.000 75.001-100.000 100.001- 35.000 335.001- 10,000,000 a. $46,311.02 b. $48,490.76 c. $54,519.27 d. $65,240.76
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1. If a corporation’s tax return shows taxable income of $98,300 for Year 2 and a tax rate of 40%, how much will appear on the December 31, Year 2, balance sheet for “Income taxes payable” if the company has made estimated tax payments of $35,600 for Year 2? 2. An income statement that reports current tax expense of $81,800 and deferred tax benefit of $23,700 will report total income tax expense of $? If total tax expense is $47,500 and deferred tax expense is $64,900, then the current portion of the expense computation is referred to as current tax expense of $ ?
am.100
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12-7 A firm's annual revenues are $850,000. Its expenses for the year are $615,000, and it claims $135,000 in depreciation expenses. What does it pay in taxes, and what is its after-tax income?