&J Corporation has a year-end retained earnings balance of 210000 for 2020. The corporation paid 10000 in dividends in 2020. The corporation's net profit after tax in 2020 was 60000. What was the retained earnings balance at the end of 2019?
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- Amazon Ltd reported the following tax attributes for the taxation year ending December 31, 2020. The balance of both refundable dividend tax on hand account at December 31,2019 was nil. The company received portfolio dividend of $18,750. The company paid $112,500 in taxable dividend, all non-eligible, to its shareholders. The refundable portion of part I tax was correctly calculated to be $1,533. Calculated the dividend refund for the taxation year 2020.For calendar 2020, Marvel Corporation, Inc., reported depreciation expense of $900,000 on its income statement, but on its 2020 income tax return, Marvel claimed CCA of $1,200,000. The 2020 balance sheet also included $150,000 in accrued warranty liability that will be deducted for tax purposes when paid. Marvel's income tax rates (known at December 31, 2020) are 30% for 2020 and 2021, and 24% for 2022 and 2023. The depreciation difference and warranty liability will reverse over the next three years as follows: Depreciation Difference Warranty Costs 2021 $ 60,000 $ 70,000 2022 140,000 50,000 2023 100,000 30,000 $ 300,000 $150,000 These were Marvel's only reversible (timing) differences. At December 31, 2020, Marvel’s deferred tax liability should be Select one: a. $67,800. b. $35,400. c. $75,000. d. $133,800. e. None of the above AMOUNTS.The accounting income (loss) figures for Pronghorn Corporation are as follows: 2015 2016 2017 2018 2019 2020 2021 $162,000 242,000 82,000 (162,000) (382,000) 140,000 154,000 Accounting income (loss) and taxable income (loss) were the same for all years involved. Assume a 30% tax rate for 2015 and 2016, and a 25% tax rate for the remaining years. Prepare the journal entries for each of the years 2017 to 2021 to record income tax expense and the effects of the tax loss carrybacks and carryforwards, assuming Pronghorn Corporation uses the carryback provision first. All income and losses relate to normal operations and it is more likely than not that the company will generate substantial taxable income in the future.
- At the beginning of 2021, a company had future deductible amounts of $400,000 and the enacted tax rate was 27%. In October 2021, a new income tax act is signed into law that lowers the tax rate to 20% for 2022 and future years. To record the change, the company will (enter 1, 2, 3, or 4 that represents the correct answer): Credit Income Tax Expense by $28,000. Debit Income Tax Expense by $28,000. Credit Deferred Tax Liability by $28,000. Debit Deferred Tax Asset by $28,000.1. Walmart's net sales in fiscal year 2021 increased $6.79% from 2020 to $555,233 million, its gross profit (or margin) increased 20 bps to 24.30%, and its operating income (or profit) rate increased 6 bps to 4.06% from 2020. A. Please complete the P&L statement of Walmart in 2021 and 2020. B. According to its annual report, Walmart's effective tax rate was 33.3% for 2021 and 24.4% in 2020. Its net income in 2021 and 2020 were $13.7 billion and 15.2 billion respectively. Although the company's net sales and operating income increased in 2021 but its net income decreased due to the higher effective tax rate. Please find out Walmart's net profit margin (%) in 2021 and 2020 and describe bps change between the two fiscal years.Concord Corporation had income before income taxes of $205,200 in 2020. Concord’s current income tax expense is $49,700, and deferred income tax expense is $29,700.Prepare Concord’s 2020 income statement, beginning with "Income before income taxes". (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Concord CorporationIncome Statement (Partial) $ $ $
- The accounting income of Pharoah Corporation and its taxable income for the years 2023 to 2026 are as follows: Year Accounting Income Taxable Income Tax Rate 2023 $463,000 $302,000 25% 2024 425,000 301,000 30% 2025 401,000 309,000 30% 2026 465,000 651,000 30% The change in the tax rate from 25% to 30% was not enacted until early in 2024. Accounting income for each year includes an expense of $42,000 that will never be deductible for tax purposes. The remainder of the difference between accounting income and taxable income in each period is due to one reversing difference for the depreciation of property, plant, and equipment. No deferred taxes existed at the beginning of 2023. (a) Calculate the current and deferred tax expense or benefit for each of the four years. Also calculate the balance of the deferred tax balance sheet account at the end of each fiscal year from 2023 to 2026. (Show asset and benefit numbers as positive, and liability and expense numbers as negative.) 2023 2024…BCD Company had sales Revenue of $500,000 for the year 2019. Its cost of goods sold was $240,000, and its operating expenses were $50,000, and administrative expenses $ 25,000. Interest revenue for the year is $5,000 of which $2000 is unearned and interest expense was $12,000. BCD’s income tax rate is 25%. Required: Prepare a classified multiple-step income statement for the year for BCD Company.In the past year Cullumber Corporation had net income of $211000, interest expense of $50000, and tax expense of $85000. During the current year, Cullumber refinanced their debt so interest expense is now $42000. Net Income is expected to be $253000 and the tax expense is expected to be $99800. What is Cullumber Corporation's times interest earned after the changes? 06.02 9.40 6.59 02.54
- The following information relating to the year ending 30 June 2023 for Penrith Ltd has been obtained from the company's records. Profit for year before further adjustments and tax Retained earnings (1 July 2022) General reserve Revaluation surplus Interim dividend paid Development costs Share Capital $33 000 5 500 3 000 increase the general reserve by $1000 2 500 5 000 4. provide for an estimated tax expense and current tax liability of $7500 on 2022-23 profita 3 500 100 000 On 30 June 2023, the directors decided to: 1. recommend a final cash dividend of $7000, to be ratified by shareholders at the Annual General Meeting to be paid on 15 August 2023. 2. write off development costs 3.In 2020, Ace Corporation reports gross income of $200,000 (including $150,000 of profit from its operations and $50,000 in dividends from less-than-20%-owned domestic corporations) and $230,000 of operating expenses. A. What is Ace’s NOL for 2020 B. Assume that Ace expects 2021’s taxable income to be $20,000 and 2022’s taxable income to be $100,000, both before any NOL deduction in the carryover year. What NOL deductions can Ace expect to claim in 2021 and 2022 C. How would your answer to Part b change if, in addition to the 2020 NOL, Ace also had a $5,000 NOL carryover from a loss occurring before 2018?A corporation which started in 2016 reported the following date in 2020: Total gross income 3,000,000 Regular allowable deductions 1,600,000 Special allowance deductions 400,000 How much is the income tax due?
