See sir i know the answers but i want complete explanation pls listen once again complete explanation why its done etc etc pls pls like guaranteed aIncome tax expense$ 110,460 Income tax payable$ 110,460 B anwer - $110460 and $115500 a.b.Income tax expenseIncome tax payableIncome tax expenseIncome tax payableAmount On January 1, 2020, Abbey acquires 90 percent of Benjamin's outstanding shares. Financial information for thesetwo companies for the years 2020 and 2021 follows (credit balances indicated by parentheses):Abbey Company:SalesOperating expensesIntra-entity gross profits in ending inventory(included in above figures)Dividend income-Benjamin CompanyBenjamin Company:SalesOperating expensesDividends paid20202021$ (670,000) $ (958,000)418,000568,000(196,000)(220,000)(22,500) (27,000)(251,000) (331,000)160,000171,000(25,000)(30,000)Assume that a tax rate of 21 percent is applicable to both companies.a. On consolidated financial statements for 2021, what are the income tax expense and the income tax currentlypayable if Abbey and Benjamin file a consolidated tax return as an affiliated group?b. On consolidated financial statements for 2021, what are the income tax expense and income tax currentlypayable if they choose to file separate returns?

Abbey company income for 2022 (Sales-Expenses)($958,000 - $568,000)$390,000Benjamin company income…

See sir i know the answers but i want complete explanation pls listen once again complete explanation why its done etc etc pls pls like guaranteed a Income tax expense $ 110,460 Income tax payable $ 110,460 B anwer - $110460 and $115500

See sir i know the answers but i want complete explanation pls listen once again complete explanation why its done etc etc pls pls like guaranteed a Income tax expense $ 110,460 Income tax payable $ 110,460 B anwer - $110460 and $115500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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D42 Enter X 21 Gross FUTA Tax DUE 22 23 Problem 4 24 25 26 27 28 29 30 Total Futa Taxable Wages 31 Credit against FUTA (assume applicable) 32 33 34 Problem 5 35 36 37 38 39 40 Gross FUTA Tax DUE 41 Credit against FUTA (assume applicable) 42 NET FUTA tax: With the following data, compute the Credit against FUTA: (assume applicable as well as the Maximum Credit allowed). Esc B With the following data, compute the NET FUTA Tax. Instructions Accessibility: Good to go ☆ Type here to search F1 fx 3650 Problem 1 4₁ @ 2 F2 # F3 Problems 2-5 3 $ 127,000 (c) $ Ş ZI -¤- CỌ: C (b) 6,750 3,100 (d) 3650 $ O E F4 4 F5 % 5 F6 8 AS b F7
Question 14 What is your average tax rate if you pay taxes of $7134 on taxable income of $57920? (Reminder: Enter your answer as a decimal, not a percentage.) Your Answer: Answer
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Wynn Farms reported a net operating loss of $225,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25%. Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: Income Taxable Income 2017$ 73,000 2018 83,000 2019 145,000 2020 Таx Таxes Paid $21,900 24,900 58,000 18,000 Rates 30% 30 40 40,000 45 Required: 1. NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as some farm-related businesses. Assume Wynn is one of those businesses. Complete the table given below and prepare the journal entry to recognize the income tax benefit of the net operating loss. 2. Show the lower portion of the 2021 income statement that reports the income tax benefit of the net operating loss. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required Required 1 GJ 1 2 NOL carrybacks are not allowed for most companies, except…
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ROUP 2: sodiaschow slicerbot been ad bloco il todos) letovarlad su OBLEMS 2.1 2.1 1. Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross income for the 2021 tax year. a. Welfare payments b. Commissions RIFOITD2 to nourt woll |||||||| Piruvor anolaulox3 ban Questions and Proble orli € 1697 6 002,02 c. Hobby income 122 d. Scholarships for room and board avea ins e. $300 set of golf clubs, an employee award for length of service f. Severance pay j. Gifts k. Tips and gratuities noorain id yd g. Ordinary dividend of $50gms bash. Accident insurance proceeds received for personal bodily injury i. Inheritances 20 2. Jane is a roofing contractor. Jane's friend needed a new roof but did not have the cash to pay. Jane's friend instead paid with a used truck that Jane could use in her roofing
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[The following information applies to the questions displayed below.] Henrich is a single taxpayer. In 2023, his taxable income is $537,000. What are his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable. Round your final answers to 2 decimal places. a. All of his income is salary from his employer. Assume his modified AGI is $570,000. Income tax Net investment income tax Total tax liability Amount
CASE 26 All taxpayers are VAT taxpayers. Prices given are VAT not included: Sale by Mr. A to Mr. B for P140,000; Sale by Mr. B to Mr. C for P280,000; Sale by Mr. C to Mr. D for P560,000; Sale by Mr. D to Mr. E for P750,000. (a) Value-added tax payable by Mr. B? (b) Value-added tax payable by Mr. C? (c) Value-added tax payable by Mr. D?
Status Single DATA TABLE Total Tax Payments $ 8,342 Taxable Income $ 55,060.00 20,000 30,000 Total Tax $ 7,972 40,000 Refund Amount Amount Owed Use Goal Seek to find the Taxable Income (C5) that results in the Total Tax (C7) shown. Answer to the nearest 0.01. Do not include any punctuation ($ or ,) in your answer! Example of accepted answer: 12345.67Examples of incorrect answers: $12,345.67, 12,345.67, $12345.67 Taxable Income Total Tax Answer $2,600 Answer $4,200 Answer $8,500 Answer $10,500 Answer $22,000 Be sure to answer to the neared 0.01.
Section 12.2 Assessment QUICK CHECK Calculate Given the informa- tion above, use Form 1040EZ in Figure 12.4 on pages 394 and 395 and the corresponding tax table in Figure 12.5 on page 397 to determine whether Shirley will owe the government money or will obtain a refund. How much money will she owe, 1. Who must file a federal income tax return? 2. What are the three basic tax forms discussed in this section? 3. What documents do you need to begin to prepare your tax return? THINK CRITICALLY or how much will her refund be? 4. Briefly describe situations in which it would be advantageous to use Form 1040A instead of Form 1040EZ. When would you use Form 1040EZ? SOLVE MONEY PROBLEMS 6. Planning for Tax Time Poor Fred. Tax time is drawing near, and he does not know how to begin to prepare his income tax return. He has piles of forms and other paperwork, but he just cannot figure out what to do with them. Fred needs help, USE MATH SKILLS 5. A Taxing Question Last year, Shirley, a single…