Brush Company has the following income before income tax andestimated effective annual income tax rates for the first threequarters of 2019.QuarterIncome before income EstimatedEffective TaxTax provisionrate7 st120,000122nd130,000103rd140,00014Required:What should be Brush company estimated income for "First"quarter income statement?Select one:a. $54,600b. None of the other pointsc. $39,000Od. $46,800%24

Income tax payable is an obligation by the tax payer to the government on the taxable income.

Brush Company has the following income before income tax and estimated effective annual income tax rates for the first three quarters of 2019. Quarter Income before income Estimated Effective Tax Tax provision rate 24 7st 120,000 12 2nd 130,000 10 3rd 140,000 14 Required: What should be Brush company estimated income for "First" quarter income statement? Select one: Oa. $54,600 b. None of the other points Oc. $39,000 d. $46,800

Brush Company has the following income before income tax and estimated effective annual income tax rates for the first three quarters of 2019. Quarter Income before income Estimated Effective Tax Tax provision rate 24 7st 120,000 12 2nd 130,000 10 3rd 140,000 14 Required: What should be Brush company estimated income for "First" quarter income statement? Select one: Oa. $54,600 b. None of the other points Oc. $39,000 d. $46,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The pretax financial income (or Loss) figures for Limerick co. are as follows: 2017 83,000 2018 (53,000) 2019 (36,000) 2020 115,000 2021 104,000 Pretax financial income( or loss) and taxable income(loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years. Prepare the journal entires for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforward. All income and losses relate to normal operations (in recording the benefits of a loss carryforward assume that no valuation account is deemed necessary.
A) Calculate bi-weekly gross earnings 55 hours @ $13/hr. USE YOUR ANSWER IN 3A TO CALCULATE THE TAX FOR BC, AND D. B) Calculate Fed Tax (15 %) on gross earnings. C) Calculate Socail Security Tax (6.25%) on gross earnings. D) Calculate Medicare Tax (1.14%) on gross earnings. E) What is the total amount of deductions?
Josh Company, a calendar-year corporation has the following income before income tax provison and estimated effective annual income tax rates for the first three quarters of year 1: Income before income tax provision Estimated effective annual rate at end of quarter Quarter First P600,000 40% Second 700,000 40% Third 400,000 45% 1. Josh income tax provision in its interim income statement for the third quarter should be?
The Snella Company reports 2023 Pre-tax Net Income of $10,000. The following items exist: Premiums Paid for Key Officer Life Insurance Accrued Revenues Unearned Revenues $ 200 $ 80 $ 50 The tax rate is 20%, Indicate the amounts for 2023 Income Tax Expense and 12/31/23 Income Tax Payable, respectively: Select one: a. $2,040, $2,034 b. $1,960, $1,934 Oc. $1,960, $1,986 d. $2,040, $1,986 e. $2,034, $2,034
dont uplode any image in answer
Required Answer each of the following questions by providing supporting computations. 1. Assume that the company’s income tax rate is 30% for all items. Identify the tax effects and after-tax amounts of the three items labeled pretax. 2. Compute the amount of income from continuing operations before income taxes. What is the amount of the income tax expense? What is the amount of income from continuing operations? 3. What is the total amount of after-tax income (loss) associated with the discontinued segment? 4. What is the amount of net income for the year?
Using the tax rate schedule given here LOADING..., perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $ 15 000; $ 60 000; $ 90 000; $ 150 000; $ 250 000; $ 450 000; and $1 million. b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis) $0 to $9,875 $0 (10% amount over $0) 9,876 to 40, 125 988 + (12% amount over 9, 876) 40, 126 to 85, 525 4,618 + (22% amount over 40, 126) 85,526 to 163, 300 14, 606 + (24% amount over 85, 526) 163, 301 to 207, 350 33, 272 + (32% amount over 163, 301) 207, 351 to 518, 400 47,368 (35% amount over 207, 351) 518,401 to Unlimited 156, 235 (37% amount over 518, 401)
Woods Company reports income before taxes in the amount of $925,000. The current tax expense is $365,375 and the effective tax rate is 27%. What is the conservatism ratio for Woods Company? Group of answer choices 0.45 0.19 0.40 0.68
XYZ Company reported the following pretax income (loss) and related tax rates during the years 2016-2021. Year Pretax Income (loss) Tax rate 2016 $75,000 30% 2017 150,000 30% 2018 240,000 40% 2019 (540,000) 48% 2020 210,000 40% 2021 300,000 42% Prepare the journal entries for the years 2019 and 2020 to record income taxes and the tax effects of the loss. Assume that XYZ elects the carryback provision where possible and it is probable that it will realize benefits of any loss carryforward. Prepare the portion of the income statement that presents your answer in part (a) for the year ended 2019.
The pretax financial income (or loss) figures for Shamrock Company are as follows. 2017 81,000 2018 (51,000 ) 2019 (35,000 ) 2020 111,000 2021 95,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years.Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit 2017 enter an account title to record carryback enter a debit amount enter a…
In 2019, Beta had an annual effective tax rate of 20%. In the 2020 first quarter, the company would pay tax at 25% just for that quarter alone. Beta management estimates that the 2020 full year effective tax rate will be 15%. Based on a first quarter 2020 income before tax of $200,000 what amount of provision for income taxes should be accrued under the integral method. a. $50,000 b. $40,000 c. $60,000 d. $0 e. $30,000
Bridgeport Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes: Year 2018 2019 2020 2021 (a) Accounting Income 2019 (Loss) $131.000 2020 2021 97,000 (306,000) 223.000 The tax rates listed were all enacted by the beginning of 2018. Bridgeport reports under the ASPE future/deferred income taxes method. 2018 Deferred Tax Expense Tax Rate 25 % Prepare the journal entries for each of the years 2018 to 2021 to record income tax. Assume the tax loss is first carried back, and that at the end of 2020, the loss carryforward benefits are judged more likely than not to be realized in the future. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) de 25 % 30 % 30 % Prepare the journal entries for each of the years 2018 to 2021 to record income tax Assume the tax loss is first carried back, and that at…