Packard Corporation reported a taxable income of $1,200,000 in 2023 and paid federal income taxes of $408,000. Included in the computation were: . Dividend received deduction - $6,000 Net capital loss carryover from 2022-$12,000 Gain from an instalment sale (from 2021) = $60,000 Determine Packard Corporation's current earnings and profits (E&P) for 2023.
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- Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________Pretax financial statement income for the year ended December 31, 2024 was $180 million for Wilton Company. Wilton's taxable income was $120 million. This was a result of differences between depreciation for financial reporting purposes and tax purposes. The enacted tax rate is 20% for 2024 and 25% thereafter. What amount should Wilton report as the current portion of income tax expense for 2024? $45 million $24 million $30 million $36 million
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- AP Trayer Corporation has income from continuing operations of $290,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). An unrealized loss of $80,000 on available-for-sale securities.A gain of $30,000 on the discontinuance of a division (comprised of a $10,000 loss from operations and a $40,000 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate. Instructions Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income.The following information relating to the year ending 30 June 2023 for Penrith Ltd has been obtained from the company's records. Profit for year before further adjustments and tax Retained earnings (1 July 2022) General reserve Revaluation surplus Interim dividend paid Development costs Share Capital $33 000 5 500 3 000 increase the general reserve by $1000 2 500 5 000 4. provide for an estimated tax expense and current tax liability of $7500 on 2022-23 profita 3 500 100 000 On 30 June 2023, the directors decided to: 1. recommend a final cash dividend of $7000, to be ratified by shareholders at the Annual General Meeting to be paid on 15 August 2023. 2. write off development costs 3.Swifty Corporation's pre-tax accounting income of $748,000 for the year 2023 included the following items: Amortization of identifiable intangibles $142,000 Depreciation of building 115,000 Loss from discontinued operations 46,000 Unusual, non-recurring gains 157,000 Profit-sharing payments to employees 63,600 Ewing Industries Ltd. would like to purchase Swifty. In trying to measure Swifty's normalized earnings for 2023, Ewing determines that the building's fair value is triple the book value and that its remaining economic life is double the life that Swifty is using. Ewing would continue the profit-sharing payments to employees, with the payments being based on income from continuing operations before amortization and depreciation. Calculate the 2023 normalized earnings amount of Swifty that Ewing would use to calculate goodwill. Normalized earnings $
- Swifty Corporation has income from continuing operations of $319,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. An unrealized loss of $58,800 on available-for-sale securities. 2. A gain of $25,300 on the discontinuance of a division (comprised of a $8,200 loss from operations and a $33,500 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate.Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income. SWIFTY CORPORATIONPartial Income Statementchoose the accounting period select an income statement item $enter a dollar amount select an income statement item select an income statement item…Subject: acountingBramble Corporation's pre-tax accounting income of $724,000 for the year 2023 included the following items: Amortization of identifiable intangibles $147,000 Depreciation of building 114,000 Loss from discontinued operations 46,000 Unusual, non-recurring gains 157,000 Profit-sharing payments to employees 63,100 Ewing Industries Ltd. would like to purchase Bramble. In trying to measure Bramble's normalized earnings for 2023, Ewing determines that the building's fair value is triple the book value and that its remaining economic life is double the life that Bramble is using. Ewing would continue the profit-sharing payments to employees, with the payments being based on income from continuing operations before amortization and depreciation. Calculate the 2023 normalized earnings amount of Bramble that Ewing would use to calculate goodwill. Normalized earnings +A
