At the end of 20X2, Mac plc had a machine whose carrying amount was £9,000 and tax base was £10,000. The tax rate on corporate profits is 25%. What is the deferred tax related to this machine? a. Deferred tax asset of £250 b. Deferred tax liability of £250 c. Deferred tax asset of £2,500 d. Deferred tax liability of £2.500 e. Deferred tax asset of £2,250 Clear my choice

At the end of 20X2, Mac plc had a machine whose carrying amount was £9,000 and tax base was £10,000. The tax rate on corporate profits is 25%. What is the deferred tax related to this machine? a. Deferred tax asset of £250 b. Deferred tax liability of £250 c. Deferred tax asset of £2,500 d. Deferred tax liability of £2.500 e. Deferred tax asset of £2,250 Clear my choice

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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Lantos Company had a 20 percent tax rate. Given the following pretax amounts, what would be the income tax expense reported on the face of the income statement? Sales revenue Cost of goods sold Salaries and wages expense Depreciation expense Dividend revenue Utilities expense Discontinued operations loss Interest expense $1,000,000 600,000 80,000 110,000 90,000 10,000 100,000 20,000 Example of Answer: 4000 (No comma, space, decimal point, or $ sign)
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(Corporate income tax) Barrington Enterprises earned $4.9 million in taxable income (earnings before taxes) during its most recent year of operations. Use the corporate tax rates shown in the popup window., to calculate the firm's tax liability for the year. What are the firm's average and marginal tax rates? The firm's tax liability for the year is $. (Round to the nearest dollar.) View an example 2 99 W S X command # 3 Get more help. 80 E D $ 4 C 888 F4 R F % 5 V T G MacBook Air A 6 *** F6 Y B & 7 H Data table Taxable Income $0-$50,000 $50,001-$75,000 $75,001-$100,000 $100,001-$335,000 39% $335,001-$10,000,000 34% $10,000,001-$15,000,000 35% $15,000,001-$18,333,333 38% 35% Over $18,333,333 (Click on the icon in order to copy its contents into a spreadsheet) 44 F7 U N 8 J DII A 1 1 -o Print 9 K M DD F9 MOSISO Marginal Tax Rate 15% 25% 201 34% O 1 O I Done <` PO L 110 Clear all P command : . ; + { = [ - X Check answer 49 #1 ? V12 1 option } 1 dele