Waldman Enterprises reported pre-tax accounting income of $150,000, but due to a permanent difference, taxable income is only $110,000. Assuming a tax rate of 30%, the income statement should report net income of:
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- please give me true answerhfgAlvis Corporation reports pretax accounting income of $220,000, but due to a single temporary difference, taxable income is only $115,000. At the beginning of the year, no temporary differences existed.Required:1. Assuming a tax rate of 25%, what will be Alvis’s net income?2. What will Alvis report in the balance sheet pertaining to income taxes?
- Alvis Corporation reports pretax accounting income of $320,000, but due to a single temporary difference, taxable income is only $190,000. At the beginning of the year, no temporary differences existed. 1. Assuming a tax rate of 25%, what will be Alvis’s net income?2. What will Alvis report in the balance sheet pertaining to income taxes?AbcAlvis Corporation reports pretax accounting income of $400,000, but due to a single temporary difference, taxable income is only $250,000. At the beginning of the year, no temporary differences existed. Required: 1. Assuming a tax rate of 25% , what will be Alvis's net income? 2. What will Alvis report in the balance sheet pertaining to income taxes?
- Alvis Corporation reports pretax accounting income of $400,000, but due to a single temporary difference, taxable income is only $250,000. At the beginning of the year, no temporary differences existed. Required: 1. Assuming a tax rate of 25%, what will be Alvis's net income?2. What will Alvis report in the balance sheet pertaining to income taxes?Help meYebo Corporation reports pretax accounting income of $900,000, but due to a single temporary difference, taxable income is only $400,000. At the beginning of the year, no temporary difference existed. Required: Assuming a tax rate of 21%, what will be Yebo’s net income? What will Yebo report in the balance sheet pertaining to income taxes?
- Lin Ltd. reported the following: Earnings (loss) Depreciation (assets have a cost of $360,000) CCA Non-deductible expenses Tax rate Taxable income Accounting earnings Permanent difference Accounting income subject to tax Temporary difference 1. What is the amount of the taxable income or loss in each year? (Negative amounts and deductible amounts should be indicated by a minus sign.) Taxable income 20X7 20x7 (first year of operations) $98,000 $45,000 $60,000 $18,000 20x8 30% 2008 $(166,000) $ 45,000 $ 70,000 $18,000 30%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).Rimas Corporation reported pretax book income of $1,360,000. Included in the computation were favorable temporary differences of $220,000, unfavorable temporary differences of $290,000, and favorable permanent differences of $146,000. Compute the company's book equivalent of taxable income. Use this number to compute the company's total income tax provision or benefit Book equivalent of taxable income Total income tax provision or benefit