At the end of 2021, Schrutte Inc. in its first year of operations, had pretax financial income of $650,000.  The company had extra depreciation taken for tax purposes in the amount of $975,000.  Estimated expenses that were deducted for financial income but not yet paid amounted to $425,000. It is estimated

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A: a. Compute income taxes payable.

Q: In 2021, the company accrued wages payable $68,000 and will make the payment in 2022.   Taxable…

A: Adjusted taxable income=Taxable income-Accrued wages=$600,000-$68,000=$532,000

Q: Bellago  Ltd made an accounting profit before tax of $75,000 for the year ended 30 June 2020.The…

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Q: At 30 June 2019, Beta Ltd had the following deferred tax balances: Deferred tax liability $18,000…

A:

Q: During 2019, Holmes Co. reports pretax financial income at $762,300 and a taxable income of…

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A: Note:  income tax provision is created on taxable income.   Total provision for income tax =…

Q: On December 31, 2020, Landmark Company reported the following: Income before tax for accounting…

A: The following computations are done in the records of the Landmark Company.

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A: Total income tax = Taxable amount x income tax rate = 250000 x 30% = 75,000

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Q: During 2021, its first year of operations, Baginski Steel Corporation reported a net operating loss…

A: Deferred tax assets = Net operating loss x enacted tax rate = $440,000 x 25% = $110,000

Q: At the end of 2021, Schrutte Inc. in its first year of operations, had pretax financial income of…

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Q: 1. Prepare the journal entry to record income taxes for 2019. 2. Which approach have you applied in…

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Q: Ronin, Inc. had pre-tax accounting income of $2.700,000 and a tax rate of 40% in 2018, its first…

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Q: In 2018, Kardashian Inc. reported pretax accounting income of $240,000. In 2019, the company had a…

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Q: PRANCER Company, at the end of 2021, its first year of operations, prepared a reconciliation between…

A: Total tax = Taxable amount x income tax rate = 250000 x 30% = 75,000

Q: At 30 June 2019, Beta Ltd had the following deferred tax balances: Deferred tax liability $18,000…

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Q: In 2021, Heartfin Farms reported a pretax accounting loss of $196 million. During the year, the…

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