Fill In the mlssing numbers for the followIng Income statement. (Do not round Intermedlate calculations.) Sales 666,800 Costs 429,200 Depreciation 102,800 EBIT 134,800 Taxes (21%) Net income b. Calculate the OCF. (Do not round Intermedlate calculations.) C. What Is the depreclation tax shleld? (Do not round Intermediate calculations.) b. OCF 209,372 Depreciation tax shield 21,588 c.

Fill In the mlssing numbers for the followIng Income statement. (Do not round Intermedlate calculations.) Sales 666,800 Costs 429,200 Depreciation 102,800 EBIT 134,800 Taxes (21%) Net income b. Calculate the OCF. (Do not round Intermedlate calculations.) C. What Is the depreclation tax shleld? (Do not round Intermediate calculations.) b. OCF 209,372 Depreciation tax shield 21,588 c.

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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Fill in the missing numbers for the following income statement. (Do not round intermediate calculations.) Sales Costs Depreciation EBIT Taxes (24%) Net income 665,600 427,800 102,200 a. Calculate the OCF. (Do not round intermediate calculations.) b. What is the depreciation tax shield? (Do not round intermediate calculations.) a. OCF b. Depreciation tax shield
Fill in the missing numbers for the following income statement. (Do not round intermediate calculations.) Sales Costs Depreciation EBIT Taxes (24%) Net income b. b. Calculate the OCF. (Do not round intermediate calculations.) c. What is the depreciation tax shield? (Do not round intermediate calculations.) C. $ OCF 662,600 424,300 100,700 Depreciation tax shield
Fill in the missing numbers for the following statement of comprehensive income. (Input all amounts as positive values. Omit $ sign in your response.) Sales Costs Depreciation EBIT Taxes (34%) Net income Calculate the OCF. OCF $ What is the CCA tax shield? CCA tax shield 733,500 503,300 89,400
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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.
1. The amount of income taxes that relate to financial income subject to tax is reported on the income statement as A. long-term deferred income taxes (credit) C. income tax expense B. current deferred income taxes (debit) D. income tax payable 2. An item that would create a permanent difference in pretax financial and taxable income would be A. using accelerated depreciation for tax purposes & straight line depreciation for book purposes. B. using the percentage of completion method on long-term construction contracts. C. purchasing equipment previously leased with an operating lease in prior years. D. paying fines for violation of laws. 3. Which of the following is the most likely item to result in a deferred tax asset? A. using completed contract method of recognizing construction revenue tax purposes, but using percentage of completion method for financial reporting purposes. B. using accelerated depreciation for tax purposes but straight-line depreciation for accounting purposes.…
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Nalad Corp. provided the following data related to accounting and taxable income: Pre-tax accounting income (financial statements) Taxable income (tax return) Income tax rate 20X8 $530,000 20X9 $505,000 305,000 730,000 38% 38% There are no existing temporary differences other than those reflected in these data. There are no permanent differences. Required: 1-a. How much tax expense would be reported in each year if the taxes payable method was used? Tax Expense 20X8 20X9 1-b. What is the implied tax rate? (Round your answers to 1 decimal place.) 20X8 20X9 Implied tax rate 96 % 2-a. How much tax expense would be reported using comprehensive tax allocation (liability method). Tax Expense 20X8 20X9 2-b. How much deferred income tax would be reported using comprehensive tax allocation (liability method).
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Mf1. One way to select the input screen for interest income reported on Form 1099-INT is for the Tax Professional to: Select Add Forms and Schedules and choose the Income tab, and then check the box for other income. Choose the Info Docs tab on the Add Forms and Schedules screen, and then select Yes from the dropdown field for interest income. Type "1099" in the first field on the Common tab of the Add Forms and Schedules screen. Choose Yes or type "1" next to the Interest field on the Common tab on the Add Forms and Schedules screen.
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