Greene Co. has book income of $425,000, and a tax rate of 30%. Assuming there are no book-tax differences, what will the journal entry be to record the income tax expense? Group of answer choices Income Tax Expense 255,000 Income Tax Payable 255,000 Income Tax Expense 127,500 Income Tax Payable 127,500 Income Tax Payable 255,000 Income Tax Expense 255,000 Income Tax Payable 127,500 Income Tax Expense 127,500

Greene Co. has book income of $425,000, and a tax rate of 30%. Assuming there are no book-tax differences, what will the journal entry be to record the income tax expense? Group of answer choices Income Tax Expense 255,000 Income Tax Payable 255,000 Income Tax Expense 127,500 Income Tax Payable 127,500 Income Tax Payable 255,000 Income Tax Expense 255,000 Income Tax Payable 127,500 Income Tax Expense 127,500

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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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)
net income? Find net income
Calculate the net income after corporate income tax is paid for Quarter 1 from the following income statement. Use a corporate income tax rate of 21%. Q1 (x1000) Q2(x1000) Net Sales 115 125 COGS (30) (31) Gross Profit 85 94 Overhead (32) (41) Pre-tax Income 53 53 Net Income = $[?] Multiply your result by 1000 before entering. For example: 1.23 (x1000) = $1,230. %3D Enter Copyright 2003 - 2021 Acellus Corporation. All Rights Reserved,
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1. If a company has a pre - tax accounting income of $1, 000, with interest revenue from municipal bonds totaling S500, and operates under a 20% tax rate, how would you record the journal entry?
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
Use the following information for Taco Swell, Incorporated, (assume the tax rate is 22 percent): Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2020 $ 23,549 2,516 6,390 1,441 1,180 8,746 11,628 1,814 29,480 73,091 6,353 20,662 2,679 Cash flow from assets Cash flow to creditors Cash flow to stockholders 2021 $ 19,188 2,624 6,871 1,248 1,395 9,667 13,902 1,781 35,579 78,030 7,060 22,002 2,454 For 2021, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
Z (Corporate income tax) Meyer Inc. has taxable income (earnings before taxes) of $319,000. Calculate Meyer's federal income tax liability using the tax table shown in the popup window: What are the firm's average and marginal tax rates? The firm's tax liability for the year is $. (Round to the nearest dollar.) 2 30 F2 W S Data table iple X भ command Taxable Income $0-$50,000 $50,001-$75,000 $75,001-$100,000 $100,001-$335,000 39% $335,001-$10,000,000 34% $10,000,001-$15,000,000 35% $15,000,001-$18,333,333 38% 35% Over $18,333,333 (Click on the icon in order to copy its contents into a spreadsheet.) # 3 Get more help - 80 E D $ 4 C 000 000 F4 R Print F % 5 Marginal Tax Rate 15% 25% 34% V F5 T Done G MacBook Air A 6 P F6 B Y & 7 H 44 F7 U N X 00 * 8 J DII FB 1 1 M 9 K MOSISO BB F9 O 1 O < I H L F10 Clear all P 11 • V command : ; FIX { + + 11 Check answer = 1 ? option 14 1 F12 } 1 A delete 1
An accountant needs to withhold 18% of income for taxes if the income is below $40,000, and 21% of income if the income is $40,000 or more. The income amount is in cell A1. Write a spreadsheet expression that would calculate the amount to withhold.
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An inexperienced accountant for Culver Corporation showed the following in the income statement: income before income taxes $395,000 and unrealized gain on available-for-sale securities (before taxes) $92,100. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 25% tax rate. Prepare a correct statement of comprehensive income. CULVER CORPORATION Partial Statement of Comprehensive Income Textbook and Modi V v $