Hi expart give answer the accounting question do fast Lintner Beverage Corp. reported the following information from their financial statements:Operating income (EBIT) = $10,500,000Interest payments on long-term debt = $1,750,000Dividend income = $1,000,000Calculate Lintner's total tax liability using the corporate tax schedule below:Tax on Base of Bracket Percentage on Excess above BaseTaxable Income$0-$50,000$0$50,000-$75,0007,500$75,000-$100,00013,750$100,000-$335,00022,250$335,000-$10,000,000 113,900$10,000,000-$15,000,000 3,400,000$15,000,000-$18,333,333 5,150,000Over $18,333,3336.416,66715%25343934353835Assurne a 70% dividend exclusion for tax on dividends.a. $3,692,400b.$3,292,390c. $2,892,380d.$3,077,000e $2,738,530

Step 1:- Introduction to the Tax LiabilityCorporate tax liability would be the amount of corporate…

Answered: Lintner Beverage Corp. reported the…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter2: The Domestic And International Financial Marketplace

Section2.A: Taxes

Problem 2P

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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
Pecorino Company had pretax financial income of P2,500,000 in the current year. The entity made corporate estimated tax payment in the amount of 180,000 during the current year. To compute the provision for income tax, the following information was provided: Interest income received 360,000 Tax depreciation in excess of financial statement amount 160,000 Rent received in advance 280,000 Corporate tax rate 30% What amount of income tax payable should be reported?a. 498,000b. 606,000c. 330,000d. 570,000
Pecorino Company had pretax financial income of P2,500,000 in the current year. The entity made corporate estimated tax payment in the amount of 180,000 during the current year. To compute the provision for income tax, the following information was provided: Interest income received 360,000 Tax depreciation in excess of financial statement amount 160,000 Rent received in advance 280,000 Corporate tax rate 30% What amount of permanent difference between book income and taxable income existed at year-end?
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(Corporate income tax) G. R. Edwin Inc. had sales of $6.07 million during the past year. The cost of goods sold amounted to $2.99 million. Operating expenses totaled $2.54 million, and interest expense was $33,000. Determine the firm's tax liabilityby using the corporate ta rate structure in the popup window, Calculate the gross profits. The gross profits are $3,080,000. (Round to the nearest dollar.) Calculate the taxable income. The taxable income is $ 507,000. (Round to the nearest dollar. Calculate the total tax due. The total tax due is $. (Round to the nearest dollar) Data table (Click on the following icon in order to copy its contents into a spreadsheet.) Corporate Tax Rates 15% 25% 34% 35% (*) Print Additional surtax: * 5% on income between $100,000 and $335,000 • 3% on income between $15,000,000 and $18,333,333 $50,001-$75,000 $75,001-$10,000,000 over $10,000,000 Done $0-$50,000 X
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Calculate the balance in the company’s deferred income tax liability account at the end of each year.
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Crypto Corporation recognizes net income of $150,000 along with an other comprehensive gain of $32,400 (pre-tax) for the current year ended December 31. The prior year December 31 balance in accumulated other comprehensive income is $68,400 (credit balance), and the balance in retained earnings is $48,000 (credit balance). Assume a tax rate of 25%. a. Prepare a statement of comprehensive income for the current year, and what is the AOCI account balance.
What is the tax liability that appears on the balance sheet for this year of this financial accounting question?
Kindly help its a finance tax question

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