Happy Corporation reports the following information: Understatement of depreciation expense in prior years before tax Dividends declared and paid Net income Retained earnings, 1/1/2022 (as of Dec 31, 2021) $1,612,500 960,000 3,000,000 6,000,000 [appy is subject to 20% income tax rate. What amount should Happy report as retained earnings on 12/31/2022? ample of Answer: 4000 (No comma, space, decimal point, or $ sign) ck here to use Excel. N

Happy Corporation reports the following information: Understatement of depreciation expense in prior years before tax Dividends declared and paid Net income Retained earnings, 1/1/2022 (as of Dec 31, 2021) $1,612,500 960,000 3,000,000 6,000,000 [appy is subject to 20% income tax rate. What amount should Happy report as retained earnings on 12/31/2022? ample of Answer: 4000 (No comma, space, decimal point, or $ sign) ck here to use Excel. N

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 information relating to the year ending 30 June 2023 for Penrith Ltd has been obtained from the company's records. Profit for year before further adjustments and tax Retained earnings (1 July 2022) General reserve Revaluation surplus Interim dividend paid Development costs Share Capital $33 000 5 500 3 000 increase the general reserve by $1000 2 500 5 000 4. provide for an estimated tax expense and current tax liability of $7500 on 2022-23 profita 3 500 100 000 On 30 June 2023, the directors decided to: 1. recommend a final cash dividend of $7000, to be ratified by shareholders at the Annual General Meeting to be paid on 15 August 2023. 2. write off development costs 3.
Prepare the bottom portion of Sheridan's 2021 income statement, beginning with “Income from continuing operations before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Sheridan Corporation Income Statement (Partial) For the Year Ended December 31, 2021 ncome from Continuing Operations before Income Taxes 1164000 ncome Tax Expense urrent Deferred ncome from Continuing Operations Gain on Discontinued Operations 195000 Less v: -39000 i 156000 let Income / (Loss) $ %24 %24
Prepare the bottom portion of Sheridan's 2021 income statement, beginning with “Income from continuing operations before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Sheridan Corporation Income Statement (Partial) For the Year Ended December 31, 2021 ncome from Continuing Operations before Income Taxes 1164000 ncome Tax Expense Current $ Deferred 189000 ncome from Continuing Operations Gain on Discontinued Operations 195000 Less v: -39000 i 156000 let Income / (Loss) $ %24 %24 > >
a. b Below are the taxable profits and losses for the past few years along with the tax rates on income reported for Olive Company. 2025 2026 2027 Income ($275,000) $70,000 $260,000 Tax Rate 20% 20% 20% Olive elects to use the carry forward procedures with no valuation allowance and strongly anticipates future profits to recover losses. Record the tax effect of the above for 2025 Show the income tax section and loss section of the income statement for 2025
Gudubhai
17. Kiwi Corporation reports the following information: • Correction of overstatement of depreciation expense in prior years, net of tax- P215,000 • Dividends declared- P160,000 • Net income- P500,000 • Retained earnings, 1/1/21, as reported- P1,000,000 Kiwi should report retained earnings, December 31, 2021 at a. P1,555,000. b. P1,340,000. c. P1,125,000. d. P785,000.
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A company reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Year Pretax Income (Loss) Tax Rate 2018 $138,000 18% 2019 81,000 18 2020 (258,700) 21 2021 303,200 21 Assuming that the company can carryforward its 2020 net operating loss, what is the amount of deferred tax asset the company would report at the end of 2020 related to this loss carryforward?
BTS Corporation reports the following information: • Correction of overstatement of depreciation expense in prior years, net of tax- P215,000 • Dividends declared- P160,000 • Net income- P500,000 • Retained earnings, 1/1/21, as reported- P1,000,000 BTS should report retained earnings, December 31, 2021 at?
Hardev
Operating income and tax rates for Carla Vista Company's first three years of operations were as follows: 2020 2021 2022 O Income $350000 ($950000) $1630000 Amount $190000 Assuming that Carla Vista Company opts only to carryforward its 2021 NOL, what is the amount of deferred tax asset or liability that Carla Vista Company would report on its December 31, 2021 balance sheet? $285000 $237500 Enacted tax rate $190000 25% 20% 30% Deferred tax asset or liability Deferred tax liability Deferred tax asset Deferred tax liability Deferred tax asset
Prepare the bottom portion of Sheridan's 2021 income statement, beginning with "Income from continuing operations before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Sheridan Corporation Income Statement (Partial) For the Year Ended December 31, 2021 icome from Continuing Operations before Income Taxes 1164000 ncome Tax Expense Current Deferred 189000 ncome from Continuing Operations Gain on Discontinued Operations 195000 Less -39000 156000 let Income / (Loss) %24 %24 > >