Calculate the corporate income tax for Quarter 2 from the following income statement. Use a corporate income tax rate of 21%. Q1 (x1000) Q2(x1000) Net Sales 112 174 COGS (18) (32) Gross Profit 94 Overhead (31) (53) Pre-tax Income 63 89 Corporate Income Tax = $ [?] 142

Calculate the corporate income tax for Quarter 2 from the following income statement. Use a corporate income tax rate of 21%. Q1 (x1000) Q2(x1000) Net Sales 112 174 COGS (18) (32) Gross Profit 94 Overhead (31) (53) Pre-tax Income 63 89 Corporate Income Tax = $ [?] 142

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter6: Accounting For Financial Management

Section: Chapter Questions

Problem 3P

See similar textbooks

Related questions

Q: Whispering Winds Corp. started the month of June 2022 with total assets of $215000 and total…

A: Requirement: In the given question it is asked to calculate net income of the whispering Wind Corp.…

Q: May 31, 2022 1. Let us assume, that in the management of a small hotel business providing 50 rooms…

A: Cost refers to the payment made for acquiring or producing a specific item. The buyer considers this…

Q: Megamind Inc. purchases equipment for $250000. They pay $50,000 cash and the supplier finances the…

A: Cash paid = $50,000 Finance portion = $250,000 - 50,000 = $200,000 Interest payment annually =…

Q: Bonneau Corporation declares a cash dividend of $100,000 on July 1 for any shareholder on record on…

A: Lets understand the basics. Journal entry is required to record financial event and transaction that…

Q: Parekoy Company acquires 150,000 of the 1,000,000 Marekoy Company’s common stock for P500,000 cash…

A: Under the full goodwill method, the goodwill is calculated by using the fair value of…

Q: What will be the statement of liquidation?

A: Statement of the liquidation is the statement which is prepared when the business of the company or…

Q: Jan. June 19 Sold merchandise on account to Dr. Kyle Norby, $15,160. The cost of the goods sold was…

A: Under the direct write-off method of accounting for uncollectible receivables, the bad debts are…

Q: Anti Corp. purchased 10,000 shares of Pro Corp. at P60 per share. The shares represent less than 5%…

A: All journal entries regarding every transaction given below

Q: O'Shaughnessy Inc. sells a product for $90 per unit. The variable cost is $65 per unit, while fixed…

A: Introduction: Break even point in units: It tells the level where there is no profit nor loss to the…

Q: what are the components of the cost of goods sold (also known as cost of revenues for healthcare…

A: Cost of goods sold is that cost which is incurred by an organization for generating the sales or…

Q: Bramble Corp. lends Sheffield Corp. $50400 on April 1, accepting a four-month, 9% interest note.…

A: Adjusting entry is the entry passed in the books of account on reporting date to record the…

Q: Problem 5-20 (AICPA Adapted)-06) From inception of operations, Comprehensive Company provided for…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: What is the maximum amount a 45-year-old taxpayer and 45-year-old spouse can put into a Traditional…

A: The retirement plan is an individual retirement account in which contributions are made by the…

Q: The elements of a claim of Negligence are O Causation and duty O Proximate cause and actual cause O…

A: Negligence refers to the situation where proper care is not taken for something.

Q: Aces Inc makes identical accessories for bathrooms and uses process costing. The flow of production…

A: Under the FIFO method, beginning units are completed first.

Q: Raymond Ryans purchased a 50-year-old flat in Melbourne on 15 September 2010 for $350,000 which he…

A: Introduction: When a financial instrument is sold, the value increases, resulting in a capital gain.…

Q: own payment: 20% nstallment sales: P545, 000 in 2020, P785,000 in 2021, and P968,000 in 2022 Markup…

A: Realized gross profit on instalment basis is equal to the amount of cash collected X gross profit %…

Q: Statement 1: When an item of asset is transferred to and from the classification investment…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Given below are the statements of financial position of H and its subsidiary of S as at 31st…

A: Consolidation is the process of merging the accounts of a subsidiary with the parent entity.…

Q: Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the…

A: Ledger is the second step of Accounting after Journal. After Journal Entries are posted in…

Q: Jules Jewels, a wholesaler of designer jewellery, has provided you with the following information…

Q: From the following data, determine the total actual costs incurred for direct material, direct…

A: Formula: Material price variance = (Standard price - Actual price)*Actual quantity purchased…

Q: In WEAK’s books, what amounts are recognized for the following?

A: The answer is stated below:

Q: In July 2020, ABC Co. computed its equivalent unit costs under FIFO process costing as follows:…

Q: A certain retail company is obligated to pay 2.17% on earned wages into Worker's Compensation…

A: The expenses incurred during the current period should be recorded in the current period income…

Q: Silas Company prepares accounts for accounting year end December 31. Prepare the appropriate…

A: Adjusting entries are the journal entries passed on the reporting date to record the transactions…

Q: uestions below

A: Compound interest is used in case of lump-sum money accumulates in the future if interest is charged…

Q: Assume that a foreign company using IFRS is owned by a company using U.S. GAAP. Thus, IFRS balances…

A: a. Under IFRS Account title Debit Credit Cash 100,000 Bonds Payable 88,699…

Q: Zest Company noted the following information regarding its returnable containers for fiscal year…

Q: QUESTION 4 Garfield Electronics Sdn Bhd manufacturers a product called LED casing. In year 2017,…

A: An income statement is the part of the financial statement that is prepared by the company to…

Q: Problem 1 At the beginning of current year, Kahel Company had 125,000 shares issued which included…

A: In the context of the given question, we are required to prepare the journal entries. Treasury…

Q: On April 1, 2022, the Bergify Corp., signs a 10-year non-cancelable lease agreement for a storage…

A: Under lease transactions, the income statement of the lessee is charged by the amount of…

Q: Current Attempt in Progress Joseph Geary, the controller of Carla Vista Company, has reviewed the…

A: All assets value goes down due to time being and that decrease in value is depreciation of building…

Q: Empl Hrs OT Rate Gross FIT FICA 0010 40 5 $12 $570 $57 $43.61 $15 $5 0011 40 0 $16 $640 $64 $48.96…

A: Federal Insurance Contributions Act: The Federal Insurance Contributions Act is a United States…

Q: Each partner's initial noncash investment in the partnership should be recorded at the a. carrying…

A: Answer: Option b Fair value of assets at the date of their transfer in to the business.

Q: The tax rates are as shown below: Taxable Income Tax Rate 15% $0 - 50,000 50,00175,000 25% 75,001…

A: Revised taxable income = $80900 + $22100 = $103000

Q: Annual demand * [ (fixed cost / # orders per year) + variable cost] EOQ= 3 Annual Inventory *Σ Cost…

A: Economic order quantity can be calculated by the square root of twice of the product of annual…

Q: Half of Remaining miles flew in 2005. ● It is expected that the vehicle will sell for Rs 17,500 at…

A: Depreciation Expenses There are different method which are opted for the assets of the business. To…

Q: Bonneau Corporation declares a cash dividend of $100,000 on July 1 for any shareholder on record on…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: 2021, the board of directors of ABC Co. declares a 10% share dividend. The market price of ABC’s…

A: Explanation of Concept Dividend is the part of earning which is been distributed to the shareholder…

Q: Prepare a statement showing the pricing of issues, on the basis of: (a) First In First Out (FIFO)…

A: FIFO- first in first out LIFO- Last in first out FIFO method issues the old units first to the…

Q: During 2014, Sigma Company earned service revenues amounting to $720,000, of which $605,000 was…

A: Solution: As per accrual system of accounting, revenue should be recognized when services are…

Q: Prepare journal entries for each of the following transactions. (Credit account titles are…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On June 5, 2020, Leo purchased and placed in service a new car that cost $75,000. The business use…

A: Here discuss about the details of the depreciation for deduction which are applicable for Modified…

Q: 27. Using the information below, determine the amount of the payroll tax expense for B. Harper…

A: Payroll tax expense refers to the tax charged on the payroll of the entity. It includes the social…

Q: SM Department Store sells gift certificates, redeemable for store merchandise that expires one year…

A: Unearned Gift Certificates, December 31, 2022 P 1,000,000

Q: Le Sserafim Industries sells merchandise to dealers on a consignment basis. Shipping costs are…

Q: The usual sequence of steps in the transaction recording process is O analyze, journalize, post to…

A: Journal is a book of entries in which all the transactions made by the company are recorded…

Q: Under the corporate form of business organization, Group of answer choices a)ownership rights are…

A: Owners of a corporate (company) are the stockholders. Shockholders hold shares of the corporate…

Q: In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa…

A: Solution 5: Under percentage of completion method of revenue recognition for long term construction…

Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

100%

Help please and can show correct answer

Calculate the corporate income tax for Quarter 2
from the following income statement. Use a
corporate income tax rate of 21%.
Q1 (x1000)
Q2(x1000)
Net Sales
112
174
COGS
(18)
(32)
Gross Profit
94
Overhead
(31)
(53)
Pre-tax Income 63
89
Corporate Income Tax = $ [?]
Multiply your result by 1000 before entering.
For example: 1.23 (x1000) = $1,230.
Enter
2 International Academy of Science. All Rights Reserved.
H
a
a
18
142
☆
Z

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

VIEW

Step 2 Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

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
A company has pre-tax or operating income of $120,000. If the tax rate is 40%, what is the companys after-tax income? A. $300,000 B. $240,000 C. $48,000 D. $72,000
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)
Use the following income statement of Elliott Game Theory Consulting to determine its net operating profit after taxes (NOPAT). Use 25% as the tax rate. Elliott Game Theory Consulting Income Statement for Year Ending December 31
Albion Inc. provided the following information for its most recent year of operations. The tax rate is 40%. Required: 1. Compute the following: (a) return on sales, (b) return on assets, (c) return on stockholders equity, (d) earnings per share, (e) price-earnings ratio, (f) dividend yield, and (g) dividend payout ratio. 2. CONCEPTUAL CONNECTION If you were considering purchasing stock in Albion, which of the above ratios would be of most interest to you? Explain.
Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
For income tax purposes, what is the amount of gross income given the following amounts? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Given the amount, how much is the minimum corporate income tax? Group of answer choices P78,000.00 P34,000.00 P32,000.00 P48,000.00
Based on the following amounts, how much is the income tax due based on the 25% regular corporate income tax rate? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Group of answer choices P975,000.00 P400,000.00 P600,000.00 P425,000.00
2. Sohar Company had a 40 percent tax rate. Given the following pre-tax amounts, what would be the income tax expense reported on the face of the income statement ?............................................................................ Sales $ 100,000 Depreciation expense11,000 Cost of goods sold60,000 Dividend revenue9,000 Salary expense8,000 Utilities expense1,000 Extraordinary loss10,000 Interest expense2,000
Byron Books Inc. recently reported $13 million of net income. Its EBIT was $22.1 million, and its tax rate was 35%. What was its interest expense? (Hint: Write out the headings for an income statement, and then fill in the known values. Then divide $13 million of net income by (1 - T) = 0.65 to find the pretax income. The difference between EBIT and taxable income must be interest expense. Use this same procedure to complete similar problems.) Write out your answer completely. For example, 25 million should be entered as 25,000,000. Round your answer to the nearest dollar, if necessary. Do not round intermediate calculations.
Bryon Brooks Inc. recently reported 15 million of net income. Its EBIT was 20.8 million, and its tax rate was 25%. What was its intrest expense?(Hint: Write out the headings for an income statement, and fill in the known values. Then divide 15 million of net income by (1-T)= 0.75 to find the pretax income. The difference between EBIT and taxable income must be intrest expense.
Compute the income after income tax given the following: Net Sales of 100,00,00.00; Marketing Expense of 5,000,000.00; Tax Rate of 30%. Based on the latest income statement, revenue is 500,000,000.00; COGS is 400,000,000.00 and operating expense amounted to 40,000,000.00. Income after income tax is _____.