None Grand River Corporationreported pretax book income of$610,000. Included in thecomputation were favorabletemporary differences of$155,000, unfavorabletemporary differences of$98,000, and favorablepermanent differences of$146,000. The corporation'scurrent income tax expense orbenefit would be:

In order to calculate the current income tax expense, we have to put into consideration the effect…

Answered: Grand River Corporation reported pretax…

Financial Management: Theory & Practice

16th Edition

ISBN:9781337909730

Author:Brigham

Publisher:Brigham

Chapter2: Financial Statements, Cash Flow,and Taxes

Section: Chapter Questions

Problem 10MC

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Calculate Anaheim Corporation's excess net passive income tax in each of the following alternative scenarios: a. Passive investment income, $100,000; expenses associated with passive investment income, $40,000; gross receipts, $208,000; taxable income if a C corporation, $22,400; corporate Earnings and profit, $41,000. Excess net passive income tax??? b. Passive investment income, $100,000; expenses associated with passive investment income, $70,000; gross receipts, $208,000; taxable income if a C corporation, $5,600; corporate Earnings and profit, $41,000. Excess net passive income tax??? c. Passive investment income, $100,000; expenses associated with passive investment income, $40,000; gross receipts, $208,000; taxable income if a C corporation, $22,400; corporate Earnings and profit, $0. Excess net passive income tax???
FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. 1. What is deductible expense if the company uses OSD? 2. Using the problem above, what is the income tax payable?
1.Kumara Corporation reported pretax book income of $1,200,000. Kumara also reports an increase in the taxable temporary differences of $176,000, an increase in the deductible temporary differences of $171,000, and favorable permanent differences of $176,000. Assuming a tax rate of 21 percent, compute the company's deferred income tax expense or benefit. what is the deferred income expense
Umasa Corporation reported the following information for the current year: Pretax financial income Income from exempt municipal bonds Rent received in advance P 9,000,000.00 2,000,000.00 1,500,000.00 Depreciation deduction for income tax purposes in excess of depreciation reported for financial reporting purposes Estimated tax payment for current year Income tax rate 1,000,000.00 500,000.00 30% 21. What amount of current tax liability should be reported at the year-end? B. P2,250,000 A. P1,750,000 C. P2,750,000 D. P2,850,000 22. What is the total tax expense? A. P2,700,000 B. P2,100,000 C. P2,250,000 D. P1,600,000
Woodward Corporation reported pretax book income of $1,335,000. Included in the computation were favorable temporary differences of $355,000, unfavorable temporary differences of $98,250, and favorable permanent differences of $158,000. Compute the company’s current income tax expense or benefit. In picture- what is the tax rate and current income tax expense?
Woodward Corporation reported pretax book income of $1,132,500. Included in the computation were favorable temporary differences of $302,500, unfavorable temporary differences of $108,750, and favorable permanent differences of $180,000. Compute the company’s current income tax expense or benefit. Pretax book income Favorable temporary differences Unfavorable temporary differences Favorable permanent differences Taxable incomeTax rate%
An entity reported pretax financial income of P8.000,000 for the current year. The taxable income was P7,000,000 for the current year. The difference is due to accelerated depreciation for income tax purposes. The income tax rate is 30% and the entity made estimated tax payment of P500,000 during the current year. What amount should be reported as income tax payable at year-end?
Flint, an S corporation with substantial AEP, reports operating gross receipts of $410,000, taxable interest income of $390,000, operating expenses of $260,000, and deductions attributable to the interest of $150,000. Calculate any passive investment income penalty tax payable.
An entity provided the following net of tax figures for the current year: Net income 7,700,000 Net remeasurement loss on defined benefit plan 300,000 Unrealized gain on FA@FVOCI 1,500,000 Reclassification adjustment for gain on sale of 250,000 FA@FVOCI included in the net income Share warrants outstanding 400,000 Cumulative effect of change in accounting 500,000 policy - credit Interest revenue 100,000 Equity in associate's earnings 300,000 Prior period error - underdepreciation 200,000 What is the comprehensive income for the current year? A. 8,650,000 B. 8,900,000 C. 8,950,000 D. 9,050,000
Beckett Corporation has nexus with States A and B. Apportionable income for the year totals $1,190,000 . Beckett's apportionment factors for the year use the following data. Compute Beckett's B taxable income for the year; B uses a three-factor apportionment formula with a double-weighted sales factor. State AState BTotalSales$1,428,000$856,800$2,284,800Property$238,000$0 $238,000Payroll$357,000$0 $357,000
Assume that a corporation has $100,000 of taxable income from operations plus $5,000 of interest income and $10,000 of dividend income. What is the company’s federal tax liability?
An entity reported pretax financial income of P8.000,000 for the current year. The taxable income was P7,000,000 for the current year. The difference is due to accelerated depreciation for income tax purposes. The income tax rate is 30% and the entity made estimated tax payment of P500,000 during the current year. The amount should be reported as current tax expense for the current year?

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