Corporate Estimated Tax. F Corporation, a calendar year corporation, reported the following information with respect to its tax liabilities for 2020 and 2021: Actual 2021 tax liability . Actual 2020 tax liability . $120,000 100,000 F made timely quarterly estimated tax payments of $26,000 each quarter during 2021. F Corporation is not a “large" corporation (i.e., it did not have taxable in- come of $1 million or more in any of the three preceding taxable years). The 2020 tax liability was for a full 12-month period.

Corporate Estimated Tax. F Corporation, a calendar year corporation, reported the following information with respect to its tax liabilities for 2020 and 2021: Actual 2021 tax liability . Actual 2020 tax liability . $120,000 100,000 F made timely quarterly estimated tax payments of $26,000 each quarter during 2021. F Corporation is not a “large" corporation (i.e., it did not have taxable in- come of $1 million or more in any of the three preceding taxable years). The 2020 tax liability was for a full 12-month period.

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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The following facts relate to Sage Corporation. 1. 2. 3. 4. 5. 6. 7. 8. Deferred tax liability, January 1, 2020, $44,400. Deferred tax asset, January 1, 2020, $0. Taxable income for 2020, $105,450. Pretax financial income for 2020, $111,000. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $266,400. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $38,850. Tax rate for all years, 20%. The company is expected to operate profitably in the future.. Compute income taxes payable for 2020. Income taxes payable $ eTextbook and Media List of Accounts Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (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 O for the amounts) Account Titles and Explanation Sage Corporation…
Silver, Incorporated was incorporated in 2019 and adopted a calendar year for tax purposes. Here is a schedule of Silver's taxable income for 2019 and 2020. 2019 2020 Ordinary income $100,000 $150,000 Net capital gain 0 5,000 Taxable income $100,000 $155,000 In 2021, Silver generated $300,000 ordinary income and recognized a $15,000 net capital loss. Assuming a 21% corporate tax rate, which of the following statements is CORRECT? Silver can deduct its $15,000 net capital loss only on a carryforward basis. Silver can carry the $15,000 net capital loss back to 2020 and receive a $3,150 refund. Silver can deduct $3,000 of the $15,000 capital loss against its 2021 ordinary income and receive a $630 tax savings. Silver can carry $5,000 of the $15,000 net capital loss back to 2020 and receive a $1,050 refund.
*see attached problem REQUIRED: What is the net deferred tax expense for the current year?
Four Square Services Corporation estimates that its 2021 taxable income will be $1,000,000. Thus, it incurs a $210,000 liability. For the following independent cases, compute Four Square's minimum quarterly estimated tax payments that will avoid an underpayment penalty. a. For 2020, taxable income was $800,000, and tax liability was $168,000. b. For 2019, taxable income was $2 million, and tax liability was $680,000. For 2020, taxable income was $100,000, and tax liability was $21,000.
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In 2019, Mini reports $1,503,600 of pretax book net income. Mini did not deduct any bad debt expense for book purposes in 2019 but did deduct $132,900 in bad debt expense for tax purposes. Mini reports no other temporary or permanent differences. Assuming that the pertinent U.S. Federal corporate income tax rate is 21%, and Mini earns an after-tax rate of return on capital of 8%. For 2019, compute Mini's total income tax expense, current income tax expense, and deferred income tax expense. If required, round your answers to nearest dollar. a. Current income tax expense ____ b. Deferred income tax benefit ____ c. Total income tax expense ____
Egolf Corporation failed to include $300,000 of taxable interest income on its 2021 calendar year Form 1120. The gross income reported on the return was $4.7 million, and the return was filed on February 20, 2022. Required: a. What is the last day on which the IRS may assess additional tax for Egolf's 2021 taxable year? b. Assume Egolf only reported $1 million in gross income on its 2021 calendar year return. What is the last date on which the IRS may assess additional tax for 2021? Complete this question by entering your answers in the tabs below. Required A Required B What is the last day on which the IRS may assess additional tax for Egolf's 2021 taxable year? Due date for assessment of additional tax is
The Ohio Corporation had a 20XX taxable income of $50,000,000 from operations after all operating costs but before 1. interest charges of $500,000, 2. dividends received of $45,000, 3. dividends paid of $10,000,000, and 4. income taxes. Using the tax schedule in Table 2.3. what is Ohio's income tax liability? What are Ohio's average and marginal tax rates on taxable income from operations? Multiple Choice $17,329,725, 34.66%, 35%, respectively $13,829,725, 27.66%, 35%, respectively $17,340.750, 34.68%, 35%, respectively $6,416,667, 12.83%, 35%, respectively
Sheridan Corporation reported $230000 in revenues in its 2021 financial statements, of which $91100 will not be included in the tax return until 2022. The enacted tax rate is 40% for 2021 and 35% for 2022. What amount should Sheridan report for deferred income tax liability in its balance sheet at December 31, 2021? O $55560 O $48615 O $36440 O $31885
In 2020, Mays Industries taxable income was -$77,000. In 2021, its taxable income was $160,000. Its corporate tax rate is 25%. Assume that the company takes full advantage of the Tax Code's carry-forward provision. What is the company's tax liability for 2021?
Crane Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $56,200 in 2021, $61,000 in 2022, and $66,500 in 2023. Crane’s pretax financial income for 2020 is $285,200, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020. Prepare the income tax expense section of the income statement for 2020, beginning with the line “Income before income taxes.”. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Crane CorporationIncome Statement (Partial)choose the accounting period Income before income taxes $285,200 select an opening section name select an income statement item $enter a dollar amount…
At December 31, 2025, Pronghorn Corporation had a deferred tax liability of $353,600, resulting from future taxable amounts of $2,080,000 and an enacted tax rate of 17%. In May 2026, a new income tax act is signed into law that raises the tax rate to 20% for 2026 and future years. Prepare the journal entry for Pronghorn to adjust the deferred tax liability. (List debit entry before credit entry. 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 O for the amounts.) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer