Current Year Prior Year Interest expense $5,000,000 $5,000,000 Income before income tax 3,500,000 6,000,000
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Iacouva Company reported the following on the company’s income statement for two recent years:
Please see the attachment for details:
a. Determine the times interest earned ratio for the current year and the prior year. Round to one decimal place.
b. What conclusions can you draw?
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- Fiscal Year June 30, 2021 (5th yr) 2022 Sales 80,000,000.00 75,000,000.00 Cost of Sales 50,000,000.00 46,875,000.00 Allowable deductions excluding NOLCO 32,000,000.00 25,000,000.00 What is the tax due and payable amount in FY 2021?2023 TAXABLE INCOME FIRST $53,359 OVER $53,359 TO $106,717 OVER $106,717 TO $165,430 OVER $ $165,430 TO $237,675 OVER $235,675 ernment Budget Fiscal Policy FILL IN THE BLANK UNIT TAX RATE 15.00% 20.50% 26.00% 29.32% 33.00% D) The average tax rate for someone making $120,000. type your text here Based on the Canadian Federal Income Tax Brackets for 2023 shown above, calculate and input the numeric answers to the questions below. Round off your answers to the nearest dollar. Do not use $, decimals or comma. For example, instead of $23,486.52, write 23487. For answers requiring a tax rate, enter only the numeric value with two decimal places, with "%" symbol. For example, 20.50%).Amount in excess of P490,000.00 taxable income is to be multiplied to_______to compute for the graduated tax due a. 30% b. 32% c. 35%
- A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30% How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000(Corporate income tax) Last year Sanderson, had The cost came to 52 5 expenses were Km paid $151,000 in interest on its bank loans Also, the corporation received $54,000 in dividend income from a company in which it owned less than 20 percent of its shares) but paid $22,000 in the form of dividends to its own common stockholders Use the corporate tax rates shown in the popup window to calculate the corporation's tax liability What are the fem's average and marginal taxes? The firm's tax liability for the year is (Round to the nearest dollar)1. What is the tax due and payable amount in fiscal year 20x1? Fiscal year June 20, 20x1 (5th year) 20x2 Sales 80,000,000 75,000,000 Cost of Sales 50,000,000 46,875,000 Allowable Deductions excluding NOLCO 32,000,000 25,000,000 2. Using the information above, how much is tax due in fiscal year 20x2?