ABCDEFGH12017201820192020202120222Gross sale6,000,000 6,000,000 6,000,000 3,000,000 5,000,000 5,000,000Deduction -7,000,000 5,500,000 -4,000,000 -4,000,000 -3,900,000 -4,000,000500,000 2,000,000 -1,000,000 1,100,000 1,000,0003Net-1,000,00051. How much is the regular corporate income tax in 2021?2. how much corporate income should be paid in 2021?3. How much corporate income should be paid in 2022?7810114.

In this problem there is no mention of Country or currency . As major…

Answered: A B C D E F G H 1 2017 2018 2019 2020…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

The following information is provided for Rodgers Inc. for a long-term construction project that is expected to be completed in the second quarter of 2021. The project is an addition to an existing stadium, which is a qualifying asset. Capital Expenditures for 2020 Date Amount Jan. 1, 2020 $900,000 Mar. 31, 2020 300,000 June 30, 2020 500,000 Dec. 31, 2020 500,000 Outstanding Debt in 2020 Debt Issuance Date Debt Amount Interest Ra Construction loan 1-Jan-20 $800,000 12% Note payable 1-Mar-19 600,000 12% Bond payable 1-Jan-15 150,000 8% Assume that Rodgers Inc. applies the weighted average method to capitalize interest. Required: 1. The weighted average accumulated expenditures (AAE) for 2020 is $ Round to the nearest dollar. 2. The amount of interest that actually incurred in 2020 is $ Round to the nearest dollar. 3. The amount of interest to be capitalized in 2020 is $ Round to the nearest dollar.
Current Attempt in Progress Operating income and tax rates for B.J. Company's first three years of operations were as follows: Income Enacted tax rate 2024 $500000 25% 2025 ($1100000) 20% 2026 $1780000 30% Assuming that B.J. Company opts only to carryforward its 2025 NOL, what is the amount of deferred tax asset or liability that B.J. Company would report on its December 31, 2025 balance sheet? Deferred tax asset Amount or liability $220000 Deferred tax asset $220000 Deferred tax liability $275000 Deferred tax liability $330000 Deferred tax asset
Question 17 of 20 View Policies Pretax financial income O $385600. O $155200. O $556000. O $756000. $2780000 3780000 - / 1 (5784000) $776000 !!! *** The estimated litigation expense of $3780000 will be deductible in 2025 when it is expected to be paid. Use of the depreciable assets will result in taxable amounts of $1928000 in each of the next 3 years. The income tax rate is 20% for all years. The deferred tax asset at the end of 2024 to be recognized is
Wynn Farms reported a net operating loss of $160,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25%. Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: Income Taxes Taxable Income Rates Таx 2017 $60,000 2018 70,000 2019 80,000 2020 60,000 Paid $ 9,000 10,500 20,000 18,000 15% 15 25 30 Required: 1. NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as some farm-related businesses. Assume Wynn is one of those businesses. Complete the table given below to recognize the income tax benefit of the net operating loss. 2. Show the lower portion of the 2021 income statement that reports the income tax benefit of the net operating loss. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required Required 1 GJ 1 2 NOL carrybacks are not allowed for most companies, except for property and casualty…
EXERCISE 13 Pierce Corporation issues gift certificates in denominations of P 300, P 500 and P 1,000.These gift certificates are redeemable in merchandise and expire one year after the issue date. The company's gross profit is an average of 30%. Based on past experience, an average of ½ of 1% of total gift certificates sold will not be redeemed by reason of expiration. The company records revenue as certificates expire. During 2020, the company sold P 2,000,000 gift certificates through its licensed distributors.At the end of the year, total redeemed gift certificates had a sales value of P I,280,000. REQUIRED: Prepare all journal entries pertaining to the above information.Assume that Pierce uses periodic inventory system.
Q23
Pa help po salamat
Exercise 19-23 Spamela Hamderson Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Year Pretax Income(Loss) Tax Rate 2018 $120,000 17 % 2019 90,000 17 % 2020 (280,000) 19 % 2021 300,000 19 % The tax rates listed were all enacted by the beginning of 2018. Assuming that at the end of 2020 the benefits of the loss carryforward are judged more likely than not to be realized in the future, prepare the income tax section of the 2020 income statement, beginning with the line “Operating loss before income taxes.” (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
A-1
6
question 5.4
Exercise 10-24 (Algo) Interest capitalization [LO10-7] On 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 $1,550,000 at 7% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2021: $9,000,000, 11% bonds $3,000,000, 7% long-term note Construction expenditures incurred during 2021 were as follows: January 1 March 31 June 30 September 30 December 31 Required: 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 (i.e. 0.123 should be entered as 12.3%).) Date $ 680,000 1,280,000 896,000 680,000 480,000 January 1 March 31 June 30 September 30 December 31 Accumulated expenditure Average accumulated X Answer is complete but not entirely correct. Expenditure Weight…

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS