Jackson Corporation reported a pretax book income of $520,000. Included in the computation were: • Favorable temporary differences of $63,800 • Unfavorable temporary differences of $27,400 • Favorable permanent differences of $45,600 What is the book equivalent of taxable income?
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What is the book equivalent of taxable income
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- What is the book equipment of taxable income?Jones Company reported a pretax book income of $415,000. Included in the computation were favorable temporary differences of $51,500, unfavorable temporary differences of $20,750, and favorable permanent differences of $40,750. Book equivalent of taxable income is: A. $342,750 B. $374,250 C. $415,000 D. $455,750Please solve this one
- Smith Company reported pretax book income of $408,000. Included in the computation were favorable temporary differences of $51,600, unfavorable temporary differences of $20,800, and fa vorable permanent differences of $40,800. Smith's deferred income tax expense or benefit would be: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%Quincy Corporation reported pretax book income of $2,300,000. Included in the computation were favorable temporary differences of $400,000, unfavorable temporary differences of $150,000, and favorable permanent differences of $120,000. Compute Milton's deferred income tax expense or benefit.
- Ann Corporation reported pretax book income of $1,800,000. Included in the computation were favorable temporary differences of $182,500, unfavorable temporary differences of $267,000, and favorable permanent differences of $112,000. Compute the company’s book equivalent of taxable income. Use this number to compute the company’s total income tax provision or benefit. Determine the book equavalent of taxable income and total income tax proivison or benefit.Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences reported first on: Income Statement Tax Return Revenue Expense Revenue Expense (1) $ 17,500 (2) $ 17,500 (3) $ 17,500 $ 14,500 (4) $ 14,500 $ 17,500 $ 6,500 $ 11,500 Required: For each situation, determine the taxable income assuming pretax accounting income is $100,000. Note: Amounts to be deducted should be indicated by a minus sign. Accounting income Temporary differences: Income statement first: Revenue Expense Tax return first: Revenue (1) (2) (3) (4) $ 100,000 $ 100,000 $ 100,000 $ 100,000 (17,500) (14,500) 17,500 17,500 14,500 6,500 Expense (17,500) (11,500) Taxable income $ 82,500 $ 82,500 $ 132,000 $ 98,000Robin Corporation reported pretax book income of $4,525,000. Included in the computation were favorable temporary differences of $500,100, unfavorable temporary differences of $650,000, and unfavorable permanent differences of $200,000. Compute Robin’s current income tax expense or benefit.