In 2023, Mini reports $800,000 of pretax book net income. Mini did not recognize any bad debt expense for book purposes in 2023 but did deduct $15,000 in bad debt expense for tax purposes. Mini reports no other temporary or permanent book - tax differences. The applicable U.S. Federal corporate income tax rate is 21%, and Mini earns an after-tax rate of return on capital of 4%. For 2023, compute Mini's current income tax benefit or expense.

In 2023, Mini reports $800,000 of pretax book net income. Mini did not recognize any bad debt expense for book purposes in 2023 but did deduct $15,000 in bad debt expense for tax purposes. Mini reports no other temporary or permanent book - tax differences. The applicable U.S. Federal corporate income tax rate is 21%, and Mini earns an after-tax rate of return on capital of 4%. For 2023, compute Mini's current income tax benefit or expense.

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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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 ____
Subject - account Please help me. Thankyou.
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