What is the amount of income tax payable for 2019? What is the company's financial income subject to tax?
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What is the amount of income tax payable for 2019?
What is the company's financial income subject to tax?
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- Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. cash B. federal income tax payable this year C. long-term note payable D. current portion of a long-term note payable E. note payable due in four years F. interest expense G. state income taxBrooks Company reported a prior period adjustment of 512,000 in pretax financial "income" and taxable income for 2020. The prior period adjustment was the result of an error in calculating bad debt expense for 2019. The current tax rate is 30%, and no change in the tax rate has been enacted for future years. When the company applies intraperiod income tax allocation, the prior period adjustment will be shown on the: a. income statement at 12,000 b. income statement at 8,400 (net of 3,600 income taxes) c. retained earnings statement at 12,000 d. retained earnings statement at 8,400 (net of 3,600 income taxes)
- 26. Kayo Na Company's income statement for the year ended December 31, 2019 shows pretax income of P2,000,000. The company's tax rate for 2019 is 30%. The following items are treated differently on the tax return and in the accounting records: Tax Return P140,000 560,000 Accounting Records Rent revenue Depreciation expense Premium on officers' life insurance P240,000 440,000 180,000 The records also show that the gross sales is P60M; cost of goods sold is P29M; sales returns and allowances, P450,000; & sales discounts, P550,000. What is the income tax payable for 2019? В. Р588,000 A. P534,000 С. Р600,000 D. P720,000Wise AG began operations at the beginning of 2019. The following information pertains to this company 1. Pretax financial income for 2019 is €100,000. 2. The tax rate enacted for 2019 is 30% 3. Tax rate for future years is 40%. 4. Differences between the 2019 income statement and tax return are listed below: a. Warranty expense accrued for financial reporting purposes amounts to €7,000. Warranty deductions per the tax return amount to €2,000. b. Income on construction contracts using the percentage-of-completion method per books amounts to €92,000. Income on construction contracts for tax purposes amounts to €67,000. c. Depreciation of property, plant, and equipment for financial reporting purposes amounts to €60,000. Depreciation of these assets amounts to €80,000 for the tax return. d. A €3,500 fine paid for violation of pollution laws was deducted in computing pretax financial income. e. Interest revenue recognized on an investment…The Snella Company reports 2023 Pre-tax Net Income of $10,000. The following items exist: Premiums Paid for Key Officer Life Insurance Accrued Revenues Unearned Revenues $ 200 $ 80 $ 50 The tax rate is 20%, Indicate the amounts for 2023 Income Tax Expense and 12/31/23 Income Tax Payable, respectively: Select one: a. $2,040, $2,034 b. $1,960, $1,934 Oc. $1,960, $1,986 d. $2,040, $1,986 e. $2,034, $2,034
- Blossom Inc reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes Accounting Income Year (Loss) Tax Rate i 2021 $124,000 2022 91,000 2023 (287,000) 2024 218,000 The tax rates lated were all enacted by the beginning of 2021. Blossom reports under the ASPE future Income tavas method. Prepare the journal entries for each of the years 2021 to 2024 to record Income tax. Assume the texclosa la first carried back and that at the end of 2023, the loss carry forward benefits are judged more likely than not to be realized in the future. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem) Date Account Titles and Explanation (To record benefit from losa canryback) (To record deferred benefit from loss…Thinker Corporation’s income statement for the year ended December 31, 2022, shows pretax income of P1,000,000. The following are treated differently on the tax return and in the accounting records: Tax Return Book records Rent income P 120,000 P 70,000 Depreciation 220,000 280,000 Premiums on officer’s life insurance* --- 90,000 *the Corporation is the beneficiary of the insurance policy of the officer. Assume that Thinker Corporations tax rate for 2022 is 30%, what is the amount of income tax payable for 2022?Bonita Inc. reports the following pretax income (loss) for both book and tax purposes. Pretax Year Income (Loss) Tax Rate 2018 $124,000 20 % 2019 86,000 20 % 2020 (89,000 ) 25 % 2021 126,000 25 % The tax rates listed were all enacted by the beginning of 2018. Prepare the journal entries for years 2018-2021 to record income tax expense (benefit) and income taxes payable, and the tax effects of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half of the benefits of the loss carryforward will not be realized. (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 0 for the amounts.)
- Bridgeport Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes: Year 2018 2019 2020 2021 (a) Accounting Income 2019 (Loss) $131.000 2020 2021 97,000 (306,000) 223.000 The tax rates listed were all enacted by the beginning of 2018. Bridgeport reports under the ASPE future/deferred income taxes method. 2018 Deferred Tax Expense Tax Rate 25 % Prepare the journal entries for each of the years 2018 to 2021 to record income tax. Assume the tax loss is first carried back, and that at the end of 2020, the loss carryforward benefits are judged more likely than not to be realized in the future. (Credit account titles are automatically indented when the 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) de 25 % 30 % 30 % Prepare the journal entries for each of the years 2018 to 2021 to record income tax Assume the tax loss is first carried back, and that at…Required: Prepare an accrual basis income statement for 2021. (Ignore income taxes.) STANLEY AND JONES LAWN SERVICE COMPANY Income Statement For the Year Ended December 31, 2021 Service revenue 410,000 %24How much is the total income tax expense recorded for the year ended December 31, 2019? a. P246,000 b. P270,000 c. P540,000 d. P786,000