Stanton Inc. is a calendar year, cash basis taxpayer. the IRS required Stanton Inc. to change to the accrual method of accounting for 2015. Net income for 2015 under the accrual basis was $60,000 before any adjustments. On December 31, 2014, the balances in inventory, accounts receivable, and accounts payable were $5,000, $15,000, and $6,000, respectively. What is Stanton's 2015 "adjusted" net income?
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- Tamarisk Inc. had pretax financial income of $139,400 in 2025. Included in the computation of that amount is insurance expense of $4,400 which is not deductible for tax purposes. In addition, depreciation for tax purposes exceeds accounting depreciation by $10,000. Prepare Tamarisk's journal entry to record 2025 taxes, assuming a tax rate of 30%. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit CreditEgolf Corporation failed to include $300,000 of taxable interest income on its 2021 calendar year Form 1120. The gross income reported on the return was $4.7 million, and the return was filed on February 20, 2022. Required: a. What is the last day on which the IRS may assess additional tax for Egolf's 2021 taxable year? b. Assume Egolf only reported $1 million in gross income on its 2021 calendar year return. What is the last date on which the IRS may assess additional tax for 2021? Complete this question by entering your answers in the tabs below. Required A Required B What is the last day on which the IRS may assess additional tax for Egolf's 2021 taxable year? Due date for assessment of additional tax isFor the year ended December 31, 2023, Crane Ltd. reported income before income taxes of $180,000. Prior to 2023 taxable income and accounting income was the same each year. In 2023, Crane Ltd. paid $108,000 for advertising: of this amount. $36,000 was expensed in 2023. The remaining $72,000 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2024-2025 period. The full $108,000 was deductible for tax purposes in 2023. The company paid $28,000 in 2023 for membership in a local golf club (which was not deductible for tax purposes). In 2023 Crane Ltd. began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2023 were $22.500, of which $18,000 was actual repairs for 2023 and the remaining $4,500 was estimated repairs to be completed in 2024. Meal and entertainment expenses totalled $37,000 in 2023, only half of which were deductible for income tax purposes. Depreciation expense for 2023 was $100,000. Capital Cost Allowance…
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- For the year ended December 31, 2023, Bramble Ltd. reported income before income taxes of $90,000. In 2023, Bramble Ltd. paid $45,000 for rent; of this amount, $15,000 was expensed in 2023. The remaining $30,000 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2024-2025 period. The full $45,000 was deductible for tax purposes in 2023. The company paid $72,000 in 2023 for membership in a local golf club (which was not deductible for tax purposes). In 2023 Bramble Ltd. began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2023 were $34,000, of which $26,000 was actual repairs for 2023 and the remaining $8,000 was estimated repairs to be completed in 2024. Meal and entertainment expenses totalled $22,000 in 2023, only half of which were deductible for income tax purposes. Depreciation expense for 2023 was $230,000. Capital Cost Allowance (CCA) claimed for the year was $252,000. Bramble was subject to a 20% income tax…Cullumber Company deducts insurance expense of $246000 for tax purposes in 2025, but the expense is not yet recognized for accounting purposes. In 2026, 2027, and 2028, no insurance expense will be deducted for tax purposes, but $82000 of insurance expense will be reported for accounting purposes in each of these years. Cullumber Company has a tax rate of 20% and income taxes payable of $204000 at the end of 2025. There were no deferred taxes at the beginning of 2025. What is the deferred tax liability at the end of 2025? O $40800 0000 $49200 $21000 O $0Mini, Inc., earns pretax book net income of $1,828,000 in 2018. Mini deducted $190,400 in bad debt expense for book purposes. This expense is not yet deductible for tax purposes.Mini reports $1,919,400 of pretax book net income in 2019. Mini did not deduct any bad debt expense for book purposes in 2019 but did deduct $142,800 in bad debt expense for tax purposes. Mini reports no other temporary or permanent differences. Assuming that the pertinent U.S. Federal corporate income tax rate is 21%, and Mini earns an after-tax rate of return on capital of 8%. a. The 2019 end-of-year balance in Mini’s deferred tax asset and deferred tax liability balance sheet accounts. If an amount is zero, enter "0". If required, round your answer to nearest whole value. 2019 a. Deferred tax asset account balance ______ b. Deferred tax liability account balance ______ b. The cost to Mini of the deferral of the bad debt deduction, considering the time value of money. Mini earns an…
