a. $950,000
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You have calculated the adjusted profit for the company to be $2,000,000. The tax rate is 25%. Estimated tax paid during the year is $750,000. Employment Tax Credit available (which is non-refundable) is $700,000. The tax refundable for this company is.
a.
$950,000
b.
$200,000
c.
$500,000
d.
$250,000
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- A company has wants to earn an income of $60,000 after-taxes. If the tax rate is 32%, what must be the companys pre-tax income in order to have $60,000 after-taxes? A. $88,235 B. $19,200 C. $79,200 D. $143,000Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
- Assume that the Kelso Company operates in an industry for which NOL carryback is allowed. The Kelso Company had the following operating results: O $22,800. Year 2019 2020 2021 25% What is the income tax refund receivable? O $24,300 O $28,800. Income (loss) 54,000 57,000 (72,000) O 23,550. Tax rate 35% 30% Income tax 18,900first year of operations 17,100 0Give typing answer with explanation and conclusion 6. Thornton, Inc., had taxable income of $131,387 for the year. The company's marginal tax rate was 35 percent and its average tax rate was 22.8 percent. How much did the company have to pay in taxes for the year?The annual revenue, expenses, and depreciation for a company are $130,000; 32,000; and $15,000, respectively. What is the after-tax cashflow if the effective income tax rate is 23%? O a. $75,460 O b. $63,910 O c. $19,090 O d. $78,910 O e. $60,460
- A company wants to earn an income of $60,000 after-taxes. If the tax rate is 32%, what must be the company’s pre-tax income in order to have $60,000 after-taxes? a.$143,000 b.$88,235 c.$19,200 d.$79,200Duval Manufacturing recently reported the following information:Net income $600,000ROA 8%Interest expense $225,000Duval’s tax rate is 35%. What is its basic earning power (BEP)?Moose Industries has a corporate tax rate of 25%. Last year the company realized $14,000,000 in operating income (EBIT). Its annual interest expense is $1,500,000. What was the company's net income for the year? O a. $3,125,000 O b. $11,625,000 c. $9,375,000 O d. $10,500,000 Oe. $12,500,000
- If the current year tax rate is 20% and a company estimates next year's tax rate will be 25%, income tax payable is calculated using the 20% rate and the desired ending balances of the deferred tax accounts are calculated using the 25% rate. • True O FalseMoose Industries has a corporate tax rate of 25%. Last year the company realized $14,000,000 in operating income (EBIT). Its annual interest expense is $1,500,000. What was the company's net income for the year? O a. $9,375,000 O b. $11,625,000 O c. $3,125,000 O d. $12,500,000 O e. $10,500,000A company that has reported an income of sh 2,400,000 computed without subtracting either the bonus or corporation taxes. The bonus is to be based on income after taxes but before deducting bonuses. The corporation tax rate is 30% and the bonus payable is 10%. Required; Calculate the bonus and tax payable Show the double entry in respect of bonus and income taxes payable.