An entity provided the following net of tax figures for the current year:Net income7,700,000Net remeasurement loss on defined benefit plan 300,000Unrealized gain on FA@FVOCI1,500,000Reclassification adjustment for gain on sale of250,000FA@FVOCI included in the net incomeShare warrants outstanding400,000Cumulative effect of change in accounting500,000policy - creditInterest revenue100,000Equity in associate's earnings300,000Prior period error - underdepreciation200,000What is the comprehensive income for the current year?A. 8,650,000B. 8,900,000C. 8,950,000D. 9,050,000

Total comprehensive income consists of 2 part : 1. Net Income 2. Other Comprehensive Income (OCI)…

Answered: An entity provided the following net of…

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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Pretax accounting income is computed to be $117,000 after including the effects of the appropriate items from the following information: Depreciation taken for tax purposes $93,000 Depreciation taken for accounting 16,000 Contributions to the pension plan 22,000 Pension expense 18,000 Interest revenue on municipal bonds 7,600 Penalty for late payment of income taxes 12,000 Unearned revenue for deposits received in advance 33,000 Unrealized gain on available-for-sale securities 8,000 Fine assessed for pollution of a river 25,000 Using the setup below, compute taxable income Pretax accounting income 99,000 Depreciation difference Pension cost difference Interest revenue Penalty Unearned revenue Unrealized gain Fine Taxable income
For the year ended December 31, 2024, Fidelity Engineering reported pretax accounting income of $988,000. Selected information for 2024 from Fidelity's records follows: Interest income on municipal governmental bonds $ 44,000 Depreciation claimed on the 2024 tax return in excess of depreciation on the income statement Carrying amount of depreciable assets in excess of their tax basis at year-end Warranty expense reported on the income statement 68,000 112,000 32,000 Actual warranty expenditures in 2024 22,000 Fidelity's income tax rate is 25%. At January 1, 2024, Fidelity's records indicated balances of zero and $11,000 in its deferred tax asset and deferred tax liability accounts, respectively. Required: Determine the amounts necessary to record income taxes for 2024, and prepare the appropriate journal entry. What is Fidelity's 2024 net income?
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On 1, 2020, the tax asset Complex of P12,800,000 for P18,300,00 for The income recognized on 31, 2019 in at which The tax was to a of P500,000 The for the tax rent of P6,000,000 on 1, entire is tax Pro Problem 16-13 (IFRS) Complex Company reported pretax accounting inco P6,2 tax rate is 30%. Incl P450,000 and no deferred tax liability. The deferred tax asset was due to a provision of P500. Th of The other reason for the deferred tax asset was res, P1,000,000 collected in 2019 but earned only in 2020 time it was tax deductible. ta: Life insurance premiums of P200,000 were recognized o year on key officers for 2020 and 2021. ye The entity paid for a two-year casualty insurance for P6,000,000 on January 1, 2020. The entire premium is to deductible when paid. The entity collected rent from leasing some of its equipment The rent is recognized as revenue when earned but taxahla when collected. 2020 2021 3,300,000 2,500,000 Rent collected 3,500,000 3,300,000 Rent earned The entity had trading…
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $ 300,000 Permanent difference (15,000 ) 285,000 Temporary difference-depreciation (20,000 ) Taxable income $ 265,000 Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as income tax payable for its first year of operations?

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