Answered: Computer World reports income tax…

Computer World reports income tax expense of $340,000. Income tax and $75,000, respectively. What is the cash paid for income taxes during the year? (List cash out

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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Consider the following information from the Income Statement of Production Ltd. on 31st December 2022 (accounting year-end): Operating profit equals £30,000 and depreciation expense equals £2,000. In addition, consider the following information from the Statement of Financial Position of Production Ltd.: Trade Receivables Trade Payables 31st December 2021 31st December 2022 £ £ 2,500 9,000 32,000 12,000 Additional information: • Tax paid on cash during the current accounting year amounts to £12,500 • Gain on asset disposal equals £1,000. Considering all the previous information from Production Ltd., which of the following statements is true on 31st December 2022? O a. Production Ltd. shows a negative net cash flow from operating activities which equals -£8,000. O b. Production Ltd. shows a positive net cash flow from operating activities which equals £3,000. O c. The net cash flow from operating activities equals £0 O d. None of the answers is true.
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Your pro forma income statement shows sales of $1,006,000, cost of goods sold as $488,000, depreciation expense of $97,000, and taxes of $105,250 due to a tax rate of 25%. What are your pro forma earnings? What is your pro forma free cash flow? Complete the pro forma income statement below: (Round to the nearest dollar.) Sales Cost of Goods Sold Gross Profit Depreciation EBIT Taxes (25%) Earnings $ $ $ $ $ $ $
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Emma’s balance sheet showed an accounts receivable balance of $75 000 at the beginning of the year and $97 000 at the end of the year. Emma reported sales of $1 150 000 on her income statement. REQUIRED: Using the direct method, determine the amount that Emma will report as cash collections in the operating activities section of the statement of cash flows.
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At the beginning of 2021, Pitman Co. had pretax financial income of $1,200,000. Additionally, there was a timing difference of $300,000 due to an accounts receivable that will not be collected until the following year. The tax rate us 30%. A. Calculate the total taxable income for 2021. B. Calculate Income tax expense, income tax payable, and the deferred amount for 2021, and create the journal entry.