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- Which of the following statements is not correct? Multiple Choice Corporations must estimate and prepay their income taxes through quarterly tax deposits. At the end of the year, when the worksheet is prepared, the Income Tax Expense account is adjusted only if the corporation owes additional taxes. Income Tax Expense may be shown as an operating expense on a corporation's income statement. The Income Tax Expense account may be either debited or credited in the adjusting journal entry for income tax at year-end.1. Employees are subject to taxes withheld from their paychecks. a. List the federal taxes withheld form most employee's paychecks. b. Give the title of the accounts credited by amounts withheld. c. Social security tax d. Federal unemployment compensation tax e. Sate unemployment compensation taxIn Step 1 the income tax expense of $8,750,000 is correct. The deferred tax liability and income tax payable are incorrect. In Step 2 the net income is correct.
- For each of the following subsequent (post-balance-sheet) events, indicate whether a company should (a) adjust the financial statements, (b) disclose in notes to the financial statements, or (c) neither adjust nor disclose. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Subsequent (Post-Balance-Sheet) Events Settlement of federal tax case at a cost considerably in excess of the amount expected at year-end. Introduction of a new product line. Loss of assembly plant due to fire. Sale of a significant portion of the company's assets. Retirement of the company president. Prolonged employee strike. Loss of a significant customer. Issuance of a significant number of shares of common stock. Material loss on a year-end receivable because of a customer's bankruptcy. Hiring of a new president. Settlement of prior year's litigation against the company (no loss was accrued). 12. Merger with another company of comparable size. < < < <Patriot Corporation reports the following results for the current year: View the current year results. Read the requirements. Requirement a. What are Patriot's taxable income and income tax liability for the current year? Begin by computing Patriot's taxable income. (If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) Gross income Minus: Taxable income Requirements a. What are Patriot's taxable income and income tax liability for the current year? b. How would your answers to Part a change if Patriot's short-term capital loss is $12,000 instead of $2,000? Print Done - X Current Year Results Gross profits on sales Long-term capital gain Long-term capital loss Short-term capital gain Short-term capital loss Operating expenses Print $ 159,000 7,000 8,000 9,000 2,000 70,000 Done X11.A taxpayer is claiming tax preparation expense as a legal and professional fee. They paid $430 at your office last year. The forms breakdown by cost is as follows: Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75 What is the correct amount that can be deducted on their Schedule C for the current year? Choose one answer. a. $280 b. $180 c. $355 d. $430
- Identify 2 documents that must accompany the Corporation Tax return when it is filed.PC:5-25 (similar to) Quest In the current year, Murray Corporation is deemed to be a PHC and reports the following results: E (Click the icon to view the results.) Read the requirements. Requirement a. What is Murray's regular tax liability (ignoring any AMT implications)? Requirements Murray's regular income tax liability is Data Table a. What is Murray's regular tax liability (ignoring any AMT implications)? b. What is Murray's PHC tax liability? с. What measures can Murray take to eliminate its PHC tax liability after year-end and before it files its tax return? After it files its tax return? Taxable income $ 210,000 Dividend received from an 18%-owned domestic corporation 45,000 Print Done Dividends paid in the sixth month of the current year 20,000A C corporation has a fiscal year-end of November 30. It does not request an extension of time to file its income tax return. It must file its return no later than the 15th day of: Multiple Choice March. January. April. February.
- Concerning accounting for warranties, which of the following statements is true? Federal income tax regulations require companies to accrue warranty expense in the year of the sale. The modified cash basis method is required for tax reporting. The modified cash basis method uses a percentage of completion approach to warranty revenue recognition. The modified cash basis recognizes warranty expense when cash is received on the sale.Under what circumstances would the Commissioner-General of Ghana Revenue Authority may, by notice, require a person to file a tax return before the due date for filing of tax returns?