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SWFT Essntl Tax Individ/Bus Entities 2020

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 4BCRQ

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Question

Cost Account

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. $455,750

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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. $455,750
Subject :- General Account
Financial Account
I need correct answer this general accounting question
Subject. Cost Account
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%
A- 9
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:
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
What is the adjustable taxable income and how is it derived? * Your answer is incorrect. Swifty Company has the following for the current year: Revenue $1,200,000 Cost of Goods Sold ($395,000) Salaries paid ($240,400) Advertising ($12,500) Depreciation Expense ($25,200) Business Interest Expense ($2,860) Amortization Expense ($5,550) Office Expense ($1,240) 2 What is Swifty Company's adjusted taxable income for determining the amount of business interest expense that can be deducted? Ignore the impact of the QBI deduction. Adjusted taxable income $ 1240
Ann Corporation reported pretax book income of $1,190,000. Included in the computation were favorable temporary differences of $140,000, unfavorable temporary differences of $234,000, and favorable permanent differences of $138,000. Compute the company's book equivalent of taxable income. Use this number to compute the company's total income tax provision or benefit. Book equivalent of taxable income Total income tax provision or benefit
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

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