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- Interpreting Income Tax Disclosures. The financial statements of ABC Corporation, a retail chain, reveal the information for income taxes shown in Exhibit 2.15. REQUIRED a. Assuming that ABC had no significant permanent differences between book income and taxable income, did income before taxes for financial reporting exceed or fall short of taxable income for 2013? Explain. b. Did income before taxes for financial reporting exceed or fall short of taxable income for 2014? Explain. c. Will the adjustment to net income for deferred taxes to compute cash flow from operations in the statement of cash flows result in an addition or a subtraction for 2013? For 2014? d. ABC does not contract with an insurance agency for property and liability insurance; instead, it self-insures. ABC recognizes an expense and a liability each year for financial reporting to reflect its average expected long-term property and liability losses. When it experiences an actual loss, it charges that loss against the liability. The income tax law permits self-insured firms to deduct such losses only in the year sustained. Why are deferred taxes related to self-insurance disclosed as a deferred tax asset instead of a deferred tax liability? Suggest reasons for the direction of the change in amounts for this deferred tax asset between 2012 and 2014. e. ABC treats certain storage and other inventory costs as expenses in the year incurred for financial reporting but must include these in Inventory for tax reporting. Why are deferred taxes related to inventory disclosed as a deferred tax asset? Suggest reasons for the direction of the change in amounts for this deferred tax asset between 2012 and 2014. f. Firms must recognize expenses related to postretirement health care and pension obligations as employees provide services, but claim an income tax deduction only when they make cash payments under the benefit plan. Why are deferred taxes related to health care obligation disclosed as a deferred tax asset? Why are deferred taxes related to pensions disclosed as a deferred tax liability? Suggest reasons for the direction of the change in amounts for these deferred tax items between 2012 and 2014. g. Firms must recognize expenses related to uncollectible accounts when they recognize sales revenues, but claim an income tax deduction when they deem a particular customers accounts uncollectible. Why are deferred taxes related to this item disclosed as a deferred tax asset? Suggest reasons for the direction of the change in amounts for this deferred tax asset between 2012 and 2014. h. ABC uses the straight-line depreciation method for financial reporting and accelerated depredation methods for income tax purposes. Why are deferred taxes related to depreciation disclosed as a deferred tax liability? Suggest reasons for the direction of the change in amounts for this deferred tax liability between 2012 and 2014.Rhodes Corporations financial statements are shown after part f. Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions. a. What is the net operating profit after taxes (NOPAT) for 2020? b. What are the amounts of net operating working capital for both years? c. What are the amounts of total net operating capital for both years? d. What is the free cash flow for 2020? e. What is the ROIC for 2020? f. How much of the FCF did Rhodes use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchases, and net purchases of short-term investments? (Hint: Remember that a net use can be negative.) Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)A company has wants to earn an income of $60,000 after-taxes. If the tax rate is 32%, what must be the companys pre-tax income in order to have $60,000 after-taxes? A. $88,235 B. $19,200 C. $79,200 D. $143,000
- BLOCK D/2018/2 A company shows a taxable profit of € 1.3 million for t1 in the tax balance sheet. The income tax rate is 30%. In addition, net income under commercial law before taxes of € 1.6 million was reported in the same reporting period. What is the maximum amount this company can distribute to shareholders from the annual results of the current reporting period? Present your calculations comprehensibly!Assume that The Bell Company operates in an industry for which NOL carryback is allowed. The Bell Company had the following operating results: Year Income (loss) Tax rate Income tax 2018 40,000 25 % 10,000 2019 40,000 25 % 10,000 2020 50,000 30 % 15,000 2021 (130,000 ) 30 % 0 What is the income tax refund receivable? A) $27,000. B) $24,000. C) $25,000 D) $21,000.Give typing answer with explanation and conclusion 6. Thornton, Inc., had taxable income of $131,387 for the year. The company's marginal tax rate was 35 percent and its average tax rate was 22.8 percent. How much did the company have to pay in taxes for the year?
- 1 - X Iron and Steel Industry and Trade Joint Stock Company of 2018 year corporate tax amount is 70.000 TL and the joint stock company has paid 50.000 TL of this amount through the bank and the remaining 20.000 TL has been covered from the prepaid tax account.Based on this information, which of the following statements is false?A) 102- The banks account has been credited with TL 50,000.B) 371- Prepaid Taxes and Other Liabilities Account of Profit for the Period 20,000 has been credited.C) 370-Prepaid Taxes and Other Liabilities of the Period Profit Hs 70.000 is debited.D) 360 Taxes Payable and Funds Account 70,000 has been credited.E) 193- Prepaid Taxes and Funds account is credited with 20.000 TL.Item 2 The tax rates for a particular year are shown below: Taxable Income Tax Rate $0 – 50,000 15 % 50,001 – 75,000 25 % 75,001 – 100,000 34 % 100,001 – 335,000 39 % What is the average tax rate for a firm with taxable income of $129,513?Hunt Taxidermy, Inc. is concerned about the taxes paid by the company in 2018. In addition to $16.8 million of taxable income, the firm received $1,615,000 of interest on state-issued bonds and $1,610,000 of dividends on common stock it owns in Oakdale Fashions, Inc. (Use Table 2.3.) Calculate Hunt Taxidermy’s tax liability. Calculate Hunt Taxidermy’s average tax rate. Calculate Hunt Taxidermy’s marginal tax rate.
- Problem 2: Read the following problem and calculate corporate tax. Show your working notes: A company sells automobiles and spare parts. During the last financial year the company generated sales of $4 M. Cost of goods sold was 1.5M and operating expense was 1.7 M. Also $300,000 was interest expense during the year. The firm received $5,000 during the year in dividend income for 1000 shares of common stock that had been purchased three years previously. 70% of dividend income is tax deductible. However, the stock was sold towards the end of the year for $100 per share; its initial cost was $80 per share. The company also sold land that had been recently purchased and had been held for only four months. The selling price of land was $55,000 and cost was $45,000. Calculate the corporation’s tax liability using the following corporate tax slabs: Upto $50,000 15% 50,001-75,000 25% Above $75,000 34% Surtax for profit: $0 – $99,999 = 0% $100,000– $335,000 = 5%1. soru At the end of 2019, The Business with 20% Corporate tax rate has Expenses: TL3.150.000 and Revenues: TL3.375.000. How much is the Tax Payable if the business prepaid income tax of TL15.000 during the accounting period? a.TL30.000 b.TL15.000 c.TL45.000 d.TL60.00032 - As of the end of 2019, the status of the 690 Period Profit or Loss Account of our business and other issues are as follows: Its legally unacceptable expenses are 300.000 TL, and its tax exemption earnings are 80.000 TL. The corporate tax rate is 22%. What is the Corporate Tax Amount of the Business? a) 325,600 TL B) 259,600 TL NS) 308,000 TL D) 1,029,600 TL TO) 770.000 TL
