Crane Corp.'s 2021 income statement showed pretax accounting income of $1300000. To compute the federal income tax liability, the following 2021 data are provided: Income from exempt municipal bonds Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes Estimated federal income tax payments made Enacted corporate income tax rate $88000 $82400 $100000 $226400 $66400 80000 160000 What amount of current federal income tax liability should be included in Crane's December 31, 2021 balance sheet? 20%

Crane Corp.'s 2021 income statement showed pretax accounting income of $1300000. To compute the federal income tax liability, the following 2021 data are provided: Income from exempt municipal bonds Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes Estimated federal income tax payments made Enacted corporate income tax rate $88000 $82400 $100000 $226400 $66400 80000 160000 What amount of current federal income tax liability should be included in Crane's December 31, 2021 balance sheet? 20%

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 47P

See similar textbooks

Similar questions

Barth James Inc. has the following deferred tax assets and liabilities: 12,000 noncurrent deferred tax asset, and 10,500 noncurrent deferred tax liability. Show how Barth James would report these deferred tax assets and liabilities on its balance sheet.
Prior to and during 2019, Shadrach Company reported tax depreciation at an amount higher than the amount of financial depreciation, resulting in a book value of the depreciable assets of 24,500 for financial reporting purposes and of 20,000 for tax purposes at the end of 2019. In addition, Shadrach recognized a 3,500 estimated liability for legal expenses in the financial statements during 2019; it expects to pay this liability (and deduct it for tax purposes) in 2023. The current tax rate is 30%, no change in the tax rate has been enacted, and the company expects to be profitable in future years. What is the amount of the net deferred tax liability at the end of 2019? a. 300 b. 450 c. 1,050 d. 1,350
Assume that a corporation has $100,000 of taxable income from operations plus $5,000 of interest income and $10,000 of dividend income. What is the company’s federal tax liability?
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)
Grevilla Corporation is a manufacturing company. The corporation has accumulated earnings of $950,000, and it can establish reasonable needs for $400,000 of that amount. Calculate the amount of the accumulated earnings tax (if any) that Grevilla Corporation is subject to for this year. $_____________