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- Trade receivables have a carrying amount of P4,000. The related revenue has already been included in taxable profit (tax loss). How much is the tax base of the asset? The tax rate is 40%.12. The records for Ivanhoe Co. show this data for 2021: ● Gross profit on installment sales recorded on the books was $350,000. Gross profit from collections of installment receivables was $210,000. ● Life insurance on officers was $3,100. ● Machinery was acquired in January for $230,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, MACRS depreciation is used and Ivanhoe may deduct 14% for 2021. ● Interest received on tax exempt Iowa State bonds was $8,300. ● The estimated warranty liability related to 2021 sales was $20,900. Repair costs under warranties during 2021 were $12,900. The remainder will be incurred in 2022. ● Pretax financial income is $530,000. The tax rate is 20%. (a) Prepare a schedule starting with pretax financial income and compute taxable income. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Schedule…10. Payments made for income taxes P760,000 Income tax payable increased by 200,000 Deferred tax liability, Jan. 1 360,000 Deferred tax liability, Dec. 31 470,000 Deferred tax asset, Jan. 1 85,000 Deferred tax asset, Dec. 31 65,000 Income tax expense under accrual basis accounting is a. 1,090,000 b. 960,000 c. 850,000 d. 830,000
- Company M uses the cost recovery method. During 19A, it sells goods with a cost of $15,000 for $25,000, payable in installments of $10,000, $10,000 and $5,000, respectively, beginning in 19A. How much profit should be recognized each year?UMPI’s end of year pretax financial income for 2018 was $720,000. Included in it was $40,000 in interest income on municipal bonds, warranty expense accrued for $15,000, a $25,000 fine for dumping hazardous waste, and depreciation of $40,000. Depreciation for tax purposes was $65,000. Their tax rate was 21%. Format the income tax expense section of the income statement, starting with “income before income taxes”.A company which started its operation in the year 8. The pannel set the MARR at 10% after-tax. CCA rate = 20% FOR EQUIPTMENT. a) What is the remaining Undepreciated Capital cost at the end of year 20 12? b) What is the equivalent annual worth of the tax savings associated with these transactions if the corporate tax rate is 40%?
- 14) The records for Ehrlich Co. show this data for 2021: Accrued revenue recorded on the books was $480,000. Revenue cash collections was $320,000. Life insurance on officers was $2,800. Fine for pollution violation was $1,000. Machinery was acquired in January for $300,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, accelerated depreciation is used and Ehrlich may deduct 15% for 2021. Interest received on tax exempt Florida State bonds was $9,000. The estimated warranty liability related to 2021 sales was $23,000. Repair costs under warranties during 2021 were $12,000. Pretax financial income is $700,000. The tax rate is 25% for this and future years. Instructions (a) Prepare a schedule starting with pretax financial income and compute taxable income. (b) Prepare the journal entry to record income taxes for 2021. (c ) Show the income statement presentation of income tax expense, starting with "income before tax"Use the following information for Taco Swell, Incorporated, (assume the tax rate is 23 percent): 2020 2021 Sales $ 18,049 $ 18,858 Depreciation 2,406 2,514 Cost of goods sold 5,840 6,761 Other expenses 1,364 1,193 Interest 1,125 1,340 Cash 8,691 9,337 Accounts receivable 11,518 13,572 Short-term notes payable 1,704 1,671 Long-term debt 29,150 35,304 Net fixed assets 72,838 77,700 Accounts payable 6,287 6,730 Inventory 20,475 21,892 Dividends 2,129 2,344 For 2021, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)The tax on $2,600 of profit on a capital asset is deferred. A person in a 40 percent tax bracket will have to pay what amount of taxes when the asset is sold? (Round your answer to the nearest whole number.)
- Corporation borrowed $80,000.00 at 11% compounded semi-annually for 14 years to buy a warehouse. Equal payments are made at the end of every 6 months. (a) Determine the size of the semi-annualpayments. (b) Compute the interest included in payment 9. (c) Determine the principal repaid in payment period 6. (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals.The firm invests $1,000 today, and realizes after tax cashflows in the amounts of $110, $660, and $880 at the ends of years 1-3, respectively. WACC=10%. Find NPV.A man invested P110,000 for 31 days. The net interest after deducting 20%withholding tax is P890.36. Find the rate of return annually.· A. 11.50 %· B. 11.75 %· C. 11.95 %· D. 12.32 %
