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- Hedepeth fne net income for the most recent year was S15,185, The tax rate was 34 percent The mm paid $3,806 in total interest expense and deducted $2,485 in depreciation expense. a) What is the company's Earnings Before Taxes (EBT) b) What is the company's Earnings Before Interest and Taxes (EBIT) c) What is the company's Earnings Before Interest, Taxes, and Depreciation (EBITD) d) What was the cash coverage ratio for the year and how do you interpret your answer?Allen Company's 2022 income statement reported total revenues, $890,000 and total expenses (including $44, 000 depreciation) of $760,000. The company's accounting records showed the following: accounts receivable - beginning balance, $54,000 and ending balance, $43, 600; accounts payable - beginning balance, $26,000 and ending balance, $31,600. Therefore, based only on this information, how much was the 2022 net cash provided by operating activities? Multiple Choice $190,000. $ 178,800. $125, 200. $169, 200During the current year, Dale Corporation sold a segment of its business at a gain of $315,000.Until it was sold, the segment had a current period operating loss of $112,500. The company had$1,275,000 from continuing operations for the current year.Prepare the lower part of the income statement, beginning with the $1,275,000 income fromcontinuing operations. Follow tax allocation procedures, assuming that all changes in incomeare subject to a 20% income tax rate. Disregard earnings per share disclosures. (Round all calculations to nearest dollar amount.)
- aa.4For its fiscal year ending October 31, 2022, Pina Colada Corp. reports the following partial data shown below. Income before income taxes Income tax expense (20% x $382,200) Income from continuing operations Loss on discontinued operations Net income $491,400 76,440 414,960 109,200 $305,760 The loss on discontinued operations was comprised of a $45,500 loss from operations and a $63,700 loss from disposal. The income tax rate is 20% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes. PINA COLADA CORP. Partial Statement of Comprehensive Income V V V >The following information was extracted from the records of Elwood Ltd as at 30 June 2020. Asset (liability) Carrying amount ($) Tax base ($) Machinery 720,000 600,000 Accounts receivable 262,500 322,500 Prepaid rent 45,000 0 Provision for warranty (86,000) 0 Insurance payable (15,000) 0 Deposit received in advance (54,000) 0 Depreciation rate for machinery is 20% per year. For tax purpose, the depreciation rate is 25%. An allowance for doubtful debts of $60,000 has been raised against accounts receivable for accounting purposes, but such debts are deductible only when written off as uncollectible. Deposits are taxable when received, and warranty costs are deductible when paid. Deferred tax assets and deferred tax liabilities as at 30 June 2019 were $35,000 and $31,250 respectively. The tax rate is 30%. Question Calculate Deferred Tax Assets and Deferred Tax Liabilities as at 30 June 2020. Show your calculations by creating…
- ILLUSTRATION 1. Compute the tax payable by a company for the Assessment year 2012-13 if (a) its total income is $ 4,00,000 and book profit is $ 15,00,000 ; or (b) its total income is $ 6,20,000 and book profit is $ 10,00,000.ace company's income statements for the 3years(2012,2011,2010) are given below all amount in $ million. information from the annual report provided the following additional informations: other income(expense) comprised. calculate the core income?The following information relates to Sandhill Corporation's transactions during 2023, its first year of operations. 1. 2. 3. 4. 5. 6. Income before income tax on the income statement for 2023 was $56,000. Income before income tax ($56,000 above) is net of a loss due to the writedown of land of $48,000. Sandhill reported a tax-deductible financing charge of $6,300 on its 2023 statement of retained earnings. The charge is for interest on a financial instrument that is legally debt, but in substance is equity for financial reporting purposes. The tax rate enacted for 2023 and future years is 30%. Because this was Sandhill's first taxation year, no instalments on account of income taxes were required or paid by Sandhill. Differences between the 2023 GAAP amounts and their treatment for tax purposes were as follows: a. Warranty expense accrued for financial reporting purposes amounted to $16,000. Warranty payments deducted for taxes amounted to $12,800. Warranty liabilities were classified…
- please solve with full working explanation computation with steps Delta Corporation's income statement for the year ending June 30, 2020 reported profit before tax of $10,300. Cash expenses amounting to $1,500 incurred in the prior year were expensed again in the current year, and deferred income of $1,350 was included in the turnover. What is Delta's correct profit before tax for the year ending June 2020? SELECT ONLY ONE $8,800 $8,950 $10,450The following information is available for Oriole Corporation for 2025. 1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $114,000. This difference will reverse in equal amounts of $28,500 over the years 2026-2029. Interest received on municipal bonds was $10,200. Rent collected in advance on January 1, 2025, totaled $61,800 for a 3-year period. Of this amount, $41,200 was reported as unearned at December 31, 2025, for book purposes. 2. 3. 4. The tax rates are 20% for 2025 and 17% for 2026 and subsequent years. 5. Income taxes of $154,000 are due per the tax return for 2025. 6. No deferred taxes existed at the beginning of 2025 (a) (b) (c) Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for 2025 and 2026. Assume taxable income was $426,000 in 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not…The following data relate to the operations of Delicious, Inc., during 2015. Continuing operations: Net sales $37,400,000 Costs and expenses (including applicable income tax) 21,500,000 Other data: Operating income during 2015 on segment of the business Discontinued near year-end 205,000 Loss on disposal of discontinued segment (net of income tax benefit 510,000 Extraordinary loss (net of income tax benefit) 930,000 Prior period adjustment (increase in 2014 amortization expense, net of income tax benefit 310,000 Cash dividend declared 2,000,000 a)Prepare a condensed income statement for 2015