Bluestone Corporation reported a pretax income of $800,000. The company was previously taxed at a rate of 20%, but due to new legislation, the tax rate has been reduced to 18%. How does the change in tax rate affect net income, and what will be the new net income after taxes?
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- HiByron Books Inc. recently reported $15million of net income. Its EBIT was$20.8million, and its tax rate was 25%. What was its interest expense? (Hint: Write out the headings foran income statement, and fill in the known values. Then divide $15million of net income by (1-T)=0.75 tofind the pretax income. The difference between EBIT and taxable income must be interest expense. Usethis same procedure to complete similar problems.)Bryon Brooks Inc. recently reported 15 million of net income. Its EBIT was 20.8 million, and its tax rate was 25%. What was its intrest expense?(Hint: Write out the headings for an income statement, and fill in the known values. Then divide 15 million of net income by (1-T)= 0.75 to find the pretax income. The difference between EBIT and taxable income must be intrest expense.
- Molteni Motors Inc. recently reported $6 million of net income. Its EBIT was$13 million, and its tax rate was 40%. What was its interest expense? (Hint:Write out the headings for an income statement and then fill in the knownvalues. Then divide $6 million net income by 1 - T = 0.6 to find the pretax income. The difference between EBIT and taxable income must be theinterest expense. Use this procedure to work some of the other problems.)The Sirap Co had sales for the year at $150000. Only $105000 was collected in cash, The remaining $45000 should be collected in cash next year. The income is not taxable until it is collected in cash. The only expense for the business in income tax and the rate is 25% for this year and in all future years. how do you Make all journal entries necessary to record income tax for the year. ?Byron Books Inc. recently reported $15 million of net income. Its EBIT was $36.4 million, and its tax rate was 25%. What was its interest expense? (Hint: Write out the headings for an income statement, and then fill in the known values. Then divide $15 million of net income by (1 - T) = 0.75 to find the pretax income. The difference between EBIT and taxable income must be interest expense. Use this same procedure to complete similar problems.) Write out your answer completely. For example, 25 million should be entered as 25,000,000. Round your answer to the nearest dollar, if necessary. Do not round intermediate calculations. $________
- Hi, Need help with the attached question, thank you kindly!Little Books, Inc. recently reported $3 million of net income. Its EBIT was $6 million, and its tax rate was 40%. What was its interest expense? (Hint: write out the headings for an income statement and then fill in the known values. Then divide $3 million net income by (1-T) to find pre-tax income. The difference between EBIT and taxable income must be the interest expense. Use this same procedure to work some of the other problems.)What is Henderson net income??
- Goose Industries faces the following tax schedule. Last year the company realized $15,000,000 in operating income (EBIT). Its annual interest expense is $7,500,000. (1) Compute the company’s income taxes payable? Use the tax rate table below. (2) What was the company’s net income for the year? If a corporation's taxable income is It pays this amount on the base of the bracket Plus this percentage on the excess over the base (marginal rate) Average tax rate at top of bracket Up to $50,000 $0 15% 15.0% $50,000 – $75,000 $7,500 25% 18.3% $75,000 – $100,000 $13,750 34% 22.3% $100,000 – $335,000 $22,250 39% 34.0% $335,000 – $10,000,000 $113,900 34% 34.0% $10,000,000 – $15,000,000 $3,400,000 35% 34.3% $15,000,000 – $18,333,333 $5,150,000 38% 35.0% Over $18,333,333 $6,416,667 35% 35.0% (1) $2,436,000 (2) $4,950,000 (1) $2,550,000 (2) $4,950,000 (1) $2,550,000 (2)…Pumpkin Company recorded Income tax payable equal to $10M, increased the Deferred Tax Asset by $2M, and increased the Deferred Tax Liability by $3M. Accounting income before taxes is equal to $50M. What amount of Net Income will Maxie report on its income statement? O $45M. O $39M. O $49M. O $46M.I need step by step instructions for the problem e) what is the average income tax rate?** I know you have to divide total tax expense by the net income before taxes.So,For E) the income tax expense is $13,134Net Income before tax??Average Tax rate: ??Revenue : (sales) $144000(service) $28700All the taxes :depreciation tax $10400Interest expense $2400Income Tax expense. $13,134Supplies expense. $12,700F) if $18,500 of dividends had been declared and paid during year, what was the January 1 2016 balance of retained earnings?Retained Earnings Dec 31st : $59000Dividens declared: ???Retained Earnings January 1st: ???Please solve and explain thoroughly.
