Artiga Corp. provides the following information for the year 20X2: Particulars Income before non-operating items Unusal Loss Extraordinary Loss Gain on disposal of equipment Increase in prior years's income due to change in accounting estimates Tax Rate Values $352,000 $45,600 $103,000 $17,500 $62,000 30% Determine the amount of tax expense Artiga would report on its income statement. a. $105,600 b. $97,170 c. $91,920 d. $110.520
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- An entity reported the following information during the first year of operations: Pretax financial income 9,000,000 Nontaxable interest received 1,000,000 Long-term loss accrual in excess of deductible amount 1,500,000 Tax depreciation in excess of financial depreciation 2,000,000 Income tax rate 30% What is the total tax expense?COSLS and expenses with related revenues. Arreaga Corp. has a tax rate of 20 percent and income before non-operating items of $1,392,000. It also has the following items (gross amounts). Unusual loss $222,000 Discontinued operations loss 606,000 Gain on disposal of equipment 48,000 Change in accounting principle increasing prior year's income 318,000 What is the amount of income tax expense Arreaga would report on its income statement? O a. 278,400 O b. 297,600 186,000 O d. 243,600 chZeff Company prepared the following reconciliation for the · first year of operations: 1,600,000 Pretax financial income Nontaxable interest received Long-term loss accrual in excess of deductible amount Depreciation in excess of financial depreciation ( 50,000) 100,000 ( 250,000) 1,400,000 Taxable income (Tax rate is 30%) What amount should be reported as total income tax expense? a. 495,000 b. 480,000 c. 465,000 d. 420,000 What amount should be reported as deferred tax liability a. 90,000 b. 45,000 с. 75,000 d. 30,000 What amount should be reported as deferred tax asset? a. 30,000 b. 90,000 c. 45,000 d. 75,000
- An entity reported the following information during the first year of operations: Pretax financial income 9,000,000 Nontaxable interest received 1,000,000 Long-term loss accrual in excess of deductible amount 1,500,000 Tax depreciation in excess of financial depreciation 2,000,000 Income tax rate 30% What is the deferred tax liability at year-end?York Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax Dividends declared 22) $ 645,000 480,000 1,500,000 3,000,000 Net income Retained earnings, 1/1/21, as reported York should report retained earnings, 12/31/21, as adjusted at? Jersey Company reported the following information for 2021: 1,530,000 1,050,000 165,000 23) Sales revenue 2$ Cost of goods sold Operating expenses Unrealized holding gain on available for-sale securities 120,000 6,000 Cash dividends received on the securities For 2021, Jersey would report other comprehensive income of? For the year ended December 31, 2021, Colorado Inc. reported the following: 24 24) 120,000 20,000 4,000 2,000 160,000 80,000 Net income Preferred dividends declared Common stock dividend declared Unrealized holding loss, net of tax Retained earnings, beginning balance Common stock Accumulated Other Comprehensive Income, Beginning Balance 10,000 What would Colorado…Lee Min Jae Company reported net income of P7,410,000 for the current year. The following items are included in the net income: Unrealized gain on foreign translation 540,000 Gain on early retirement of bonds payable 2,200,000 Adjustment of profit of prior year for error in depreciation (net of tax) 750,000 Loss on fire (1,400,000) What amount should be reported as adjusted net income? B. P6,500,000 A. P6,120,000 C. P8,160,000 D. P8,700,000
- Current Attempt in Progress For its fiscal year ending October 31, 2022, Martinez Corp, reports the following partial data shown below. Income before income taxes Income tax expense (20% × $369,600) Income from continuing operations Loss on discontinued operations Net income $475,200 73,920 401.280 105.600 $295,680 The loss on discontinued operations was comprised of a $44,000 loss from operations and a $61.600 loss from disposal. The income tax rate is 20% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes.Data for item nos. 24 & 25 Di Ka Na Mahal Company reported the following information during the first year of operations: P 9,000,000 1,000,000 1,500,000 2,000,000 30% Pretax financial income Nontaxable interest received Long-term loss accrual in excess of deductible amount Tax depreciation in excess of financial depreciation Income tax rate 24. What is the current tax expense? A. P2,250,000 C. P1,800,000 B. P2,700,000 D. P2,550,000 25. What is the deferred tax asset at the year-end? В. Р450,000 С. Р750,000 A. P600,000 D. P150,000A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30% How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000
- Arreaga Corp. has a tax rate of 40 percent and income before non-operating items of €262,000. It also has the following items (gross amounts). Unusual loss € 37,000 Discontinued operations loss 101,000 Gain on disposal of equipment 8,000 Change in accounting principle increasing prior year's income 53,000 What is the amount of income tax expense Arreaga would report on its income statement? a. €104,800 b. €93,200 c. €111,200 d. €74,000Moorman Corporation reports the following information: Correction of overstatement of depreciation expense in prior years, net of tax $ 430,000 Dividends declared 320,000 Net income 1,000,000 Retained earnings, 1/1/10, as reported 2,000,000 Moorman should report retained earnings, 31/12/10, as adjusted at Select one :- a. $3,110,000 b. $2,250,000 c. $3,430,000 d. $1,820,000A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30% 1. How much is the taxable income?A. 950,000B. 750,000C. 850,000D. 700,0002. How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000Thank you.