The following information is Choco's first year of operations in 2015: Pretax accounting income Installment sales included in pretax accounting income Installment sales included in taxable income Taxable income (tax return) $ 1,00,000 $ 10,000 $ 0 $ 90,000 Assume that Choco has a tax rate of 40% and there were no other differences in income for financial statement and tax purposes. What is the amount of income tax payable repotted in the year-end 2015 balance sheet?

The following information is Choco's first year of operations in 2015: Pretax accounting income Installment sales included in pretax accounting income Installment sales included in taxable income Taxable income (tax return) $ 1,00,000 $ 10,000 $ 0 $ 90,000 Assume that Choco has a tax rate of 40% and there were no other differences in income for financial statement and tax purposes. What is the amount of income tax payable repotted in the year-end 2015 balance sheet?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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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.
In 2016, Bodily Corporation reported $290,000 pretax accounting income. The income tax rate for that year was 28%. Bodily had an unused $130,000 net operating loss carryforward from 2014 when the tax rate was 31%. What would be Bodily's income tax payable for 2016? (General Account)[03]
What is the 2016 net income?
For the year ended December 31, 2015, Pering Co. reported pretax financial income of $550,000. Its current tax expense was $144,000. Pering reported a difference between pretax financial statement income and taxable income. This difference is due to accelerated depreciation for income tax purposes. Pering?s effective income tax rate is 30% and Pering made estimated tax payments during 2015 of $75,000. What amount did Paring report as taxable income for 2015? a. $405,000 b. $475,000 c. $480,000 d. $550,000
I need this correct answer general Accounting
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Use the information provided below to prepare the pro forma statement of comprehensive income for the year ended 31 December 2023. (Note the statement must reflect the gross profit,operating profit, profit before tax and profit after tax
The accounting profit before tax of Cherry Ltd for the year ended 31 December 2012 amounted to $5,000 after including the following information: Accrued interest payable: Opening balance as at 1 January 2012 was $5,000; interest paid during the financial year amounted to $2,000; and ending balance as at 31 December 2012 was $4,000. Income tax rate was 30 per cent. There is no other difference between accounting profit and taxable income except the above information. Which journal entry should be recorded for the change in deferred tax assets or deferred tax liabilities in relation to the movement of accrued interest payable for the financial year ended 31 December 2012.
What is the income tax expense for 2015 ?
A company's income statement reported net income of $80,000 during 2014. The income tax return excluded a revenue item of $6,000 (reported on the income statement) because under the tax laws the $6,000 would not be reported for tax purposes until 2015. Which of the following statements is incorrect assuming a 35% tax rate? Income tax expense on the income statement exceeds the tax liability to the IRS. The $6,000 of revenue creates a deferred tax liability. A $2,100 deferred tax liability is reported as of December 31, 2014. Income tax expense on the income statement is $25,900.
Nalad Corp. provided the following data related to accounting and taxable income: Pre-tax accounting income (financial statements) Taxable income (tax return) Income tax rate 20X8 $530,000 20X9 $505,000 305,000 730,000 38% 38% There are no existing temporary differences other than those reflected in these data. There are no permanent differences. Required: 1-a. How much tax expense would be reported in each year if the taxes payable method was used? Tax Expense 20X8 20X9 1-b. What is the implied tax rate? (Round your answers to 1 decimal place.) 20X8 20X9 Implied tax rate 96 % 2-a. How much tax expense would be reported using comprehensive tax allocation (liability method). Tax Expense 20X8 20X9 2-b. How much deferred income tax would be reported using comprehensive tax allocation (liability method).