4.1.1 Gross margin 4.1.2 Inventory turnover 4.1.3 Acid test ratio
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- Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________Single Temporary Difference: Multiple Rates At the end of 2019, Fulhage Company reported taxable income of 9,000 and pretax financial income of 10,600. The difference is due to depreciation for tax purposes in excess of depreciation for financial reporting purposes. The income tax rate for the current year is 40%, but Congress has enacted tax rates of 35% for 2020 and 30% for 2021 and beyond. Fulhage has calculated the excess of its financial depreciation over its tax depreciation for future years as follows: 2020, 600; 2021, 700; and 2022, 300. Prior to 2019, the company had no deferred tax liability or asset. Required: Prepare Fulhages income tax journal entry at the end of 2019.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.
- INCOME STATEMENT Year ended June 30 2022 2021 $'000 $'000Revenue 22450 18675Cost of sales 8475 8055Gross Profit 13975 10620Distribution costs 4245 3120Administrative expenses 1276 2134Selling expenses…EFG & Co. started its business at the beginning of the current year. By end of first year operations, EFG reported P6,000,000 financial income before income tax and P5,100,000 taxable income. Breakdown of the P900,000 difference revealed that P500,000 is a permanent difference and P400,000 is a future taxable amount. Enacted tax rate is 30%. How much is the total income tax expense? a. 1,800,000 b. 1,950,000 c. 1,530,00 d. 1,650,000Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other Assets:Equipment, net P340,000 P320,000Other Assets 15,000 15,000Total Property and Other Assets P355,000 P335,000 Total Assets…
- Addams, Inc. appropriately used the installment method of accounting to recognize income in its financial statement. Some pertinent data relating to this method of accounting include: 2021 2022 Installment sales $750,000 $900,000 Cost of sales 450,000 630,000 Gross profit $300,000 $270,000 Collections during year: On 2021 sales 200,000 200,000 On 2022 sales 240,000 What amount of deferred gross profit should be reported on Addams’ income statement for 2021? a. $80,000 b. $100,000 c. $220,000 d. $300,000 What amount of realized gross profit should be reported on Addams’ income statement for 2022? a. $132,000 b. $152,000 c. $176,000 d. $216,000Wangerin Company reported the following pretax financial income (loss) for the years 2018–2022. 2018 $240,000) 2019 350,000) 2020 120,000) 2021 (570,000) 2022 180,000) Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 34% for 2018 and 2019, and 20% for 2020–2022. Assume the carryback provision is used first for net operating losses. Instructions a. Prepare the journal entries for the years 2020–2022 to record income tax expense, income taxes payable (refundable), and the tax effects of the loss carryback and loss carryforward, assuming no valuation allowance is needed. b. Prepare the income tax section of the 2021 income statement beginning with the line “Income (loss) before income taxes.”Goofy Company reported the following before-tax items for the year ended December 31, 2021: Sales $600 Selling & Administrative Expense 250 Restructuring Costs 20 Loss on Discontinued Operations 50 Goofy's effective tax rate is 40%. Goofy's after tax income from continuing operations for the year ended December 31, 2021 is? Group of answer choices $360 $210 $330 $198
- PROBLEM 1 Xavier Company provided the following information for its first year of operations ended December 31, 2021 in connection with the preparation of its income tax return:Taxable income P 4,000,000Non-deductible expenses 200,000Non-taxable revenue 300,000Deferred income on installment saleincluded in financial income but taxable in 2022 450,000Doubtful accounts recorded 100,000Financial depreciation 300,000Tax depreciation 350,000Estimated warranty cost accrued in2021 but not deductible for tax purposes until paid…Goofy Company reported the following before-tax items for the year ended December 31, 2021: Sales $600 Selling & Administrative Expense 250 Restructuring Costs 20 Loss on Discontinued Operations 50 Goofy's effective tax rate is 40%. Goofy's net income for the year ended December 31, 2021 is? Group of answer choices $148 $168 $112 $280Ivanhoe Corporation prepared the following reconciliation for its first year of operations: Pretax financial income for 2021 $ 1300000 Tax exempt interest ( 140000) Originating temporary difference ( 330000) Taxable income $ 830000 The temporary difference will reverse evenly over the next 2 years at an enacted tax rate of 30%. The enacted tax rate for 2021 is 25%.What amount should be reported in its 2021 income statement as the deferred portion of income tax expense? $ 99000 credit $ 117500 credit $ 99000 debit $ 117500 debit