What is the amount of net income after tax that Vignette Company should report for the year 2021? Vignette Construction Company changed from completed contract method to the percentage of completion method of accounting for long-term construction contracts during 2021. For tax purposes, the company employs the completed contract method and will continue this approach in the future. The appropriate information related to this change is as follows: Pre-tax Income from Percentage of Completion 2020 2,028,000 1,820,000 Completed Contract 1,534,000 1,248,000 2021 Income tax rate is 35%. What is the amount of net income after tax that Vignette Company should report for the year 2021? Your answer
What is the amount of net income after tax that Vignette Company should report for the year 2021? Vignette Construction Company changed from completed contract method to the percentage of completion method of accounting for long-term construction contracts during 2021. For tax purposes, the company employs the completed contract method and will continue this approach in the future. The appropriate information related to this change is as follows: Pre-tax Income from Percentage of Completion 2020 2,028,000 1,820,000 Completed Contract 1,534,000 1,248,000 2021 Income tax rate is 35%. What is the amount of net income after tax that Vignette Company should report for the year 2021? Your answer
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 47P: How do the all events and economic performance requirements apply to the following transactions by...
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![What is the amount of net income after tax that
Vignette Company should report for the year 2021?
Vignette Construction Company changed from completed contract method to the percentage
of completion method of accounting for long-term construction contracts during 2021. For tax
purposes, the company employs the completed contract method and will continue this
approach in the future.
The appropriate information related to this change is as follows:
Pre-tax Income from
Percentage of Completion
2020
2,028,000
1,820,000
Completed Contract
1,534,000
1,248,000
2021
Income tax rate is 35%.
What is the amount of net income after tax that Vignette Company should report for the year
2021?
Your answer](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F42e214b0-17d0-4a9a-bf8b-c0d708efd5f8%2Fd18b2c60-0714-4859-ab9f-647658d15e2d%2F91rymf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:What is the amount of net income after tax that
Vignette Company should report for the year 2021?
Vignette Construction Company changed from completed contract method to the percentage
of completion method of accounting for long-term construction contracts during 2021. For tax
purposes, the company employs the completed contract method and will continue this
approach in the future.
The appropriate information related to this change is as follows:
Pre-tax Income from
Percentage of Completion
2020
2,028,000
1,820,000
Completed Contract
1,534,000
1,248,000
2021
Income tax rate is 35%.
What is the amount of net income after tax that Vignette Company should report for the year
2021?
Your answer
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