Current Attempt in Progress Oriole Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax Dividends declared Net income Retained earnings, 1/1/25, as reported Oriole should report retained earnings, 12/31/25, at © $9266000. $4520000. O $7986000. O $6706000. $1280000 970000 3156000 5800000

Current Attempt in Progress Oriole Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax Dividends declared Net income Retained earnings, 1/1/25, as reported Oriole should report retained earnings, 12/31/25, at © $9266000. $4520000. O $7986000. O $6706000. $1280000 970000 3156000 5800000

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter14: Taxes On The Financial Statements

Section: Chapter Questions

Problem 4BCRQ

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stof sestion Simmons Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax: § 430,000; Dividends declared: 320,000; Net income: 1,000,000 and Retained eamings, retained eamings, 1/1/07, as adjusted at Oa Ob. Oc Od $1,570,000. $2,430,000. $3,110,000. $2,000,000. 1/1/07, as reported 2,000,000, Simmons should report
A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30% 1. How much is the taxable income?A. 950,000B. 750,000C. 850,000D. 700,0002. How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000Thank you.
Flounder Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax Dividends Net income Retained Earnings, January 1, 2023 Flounder should report retained earnings at January 1, 2023, as adjusted at OOO $5616000. $5022000. $9609000. $7000000. $1384000 1029000 3203000 6406000
Answers are given. Only need solution for the answer 36. Kiwi Corporation reports the following information:• Correction of overstatement of depreciation expense in prior years, net of tax- P215,000• Dividends declared- P160,000• Net income- P500,000• Retained earnings, 1/1/21, as reported- P1,000,000Kiwi should report retained earnings, December 31, 2021 ata) P785,000.b) P1,125,000.c) P1,340,000.d) P1,555,000.-answer 44. Pineapple Company provided the following information on December 31, 2020:• Accounts payable amounted to P500,000 and accrued expenses totaled P300,000 on Dec. 31,2020.• On Dec. 15, 2020 the entity declared a cash dividend on P7 per share on 100,000 outstandingshares, payable on Jan. 15, 2021.• On Jul. 1, 2020, the entity issued P5,000,000, 8% bonds for P4,400,000 to yield 10%. The bondmature on June 30, 2025 and pay interest annually every June 30.• The pretax financial income was P8,500,000 and taxable income was P6,000,000. The difference isdue to P1,000,000…
Oriole Company reports the following information: Correction of understatement of depreciation expense in prior years, net of tax $ 1299000 Dividends declared 963000 Net income 2920000 Retained earnings, 1/1/20, as reported 5930000 Oriole should report retained earnings, 1/1/20, as adjusted at $ 7229000. $ 9186000. $ 4631000. $ 5930000.
Azure Company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000 Interest income on time deposit 200,000 Depreciation deducted for income tax purposes in excess of financial depreciation P100,000 Income tax rate 30% How much is the permanent difference?A. 200,000B. 100,000C. 150,000D.350,000
York Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax Dividends declared 22) $ 645,000 480,000 1,500,000 3,000,000 Net income Retained earnings, 1/1/21, as reported York should report retained earnings, 12/31/21, as adjusted at? Jersey Company reported the following information for 2021: 1,530,000 1,050,000 165,000 23) Sales revenue 2$ Cost of goods sold Operating expenses Unrealized holding gain on available for-sale securities 120,000 6,000 Cash dividends received on the securities For 2021, Jersey would report other comprehensive income of? For the year ended December 31, 2021, Colorado Inc. reported the following: 24 24) 120,000 20,000 4,000 2,000 160,000 80,000 Net income Preferred dividends declared Common stock dividend declared Unrealized holding loss, net of tax Retained earnings, beginning balance Common stock Accumulated Other Comprehensive Income, Beginning Balance 10,000 What would Colorado…
Earnings (loss) Depreciation (assets have a cost of $390,000) CCA Non-deductible expenses Tax rate Taxable income 1. What is the amount of the taxable income or loss in each year? (Negative amounts and deductible amounts should be indicated by a minus sign.) Accounting earnings Permanent difference: Accounting income subject to tax Temporary difference: Taxable income 20X7 20X7 (first year of operations) $99,000 $50,000 $65,000 $19,000 25% 20X8 20X8 $ (168,000) $ 50,000 $ 75,000 $ 19,000 25%
Zeff Company prepared the following reconciliation for the · first year of operations: 1,600,000 Pretax financial income Nontaxable interest received Long-term loss accrual in excess of deductible amount Depreciation in excess of financial depreciation ( 50,000) 100,000 ( 250,000) 1,400,000 Taxable income (Tax rate is 30%) What amount should be reported as total income tax expense? a. 495,000 b. 480,000 c. 465,000 d. 420,000 What amount should be reported as deferred tax liability a. 90,000 b. 45,000 с. 75,000 d. 30,000 What amount should be reported as deferred tax asset? a. 30,000 b. 90,000 c. 45,000 d. 75,000
Use the following information to answer the next 3 questions. Retained earnings, 12/31/18, as reported $ 2,000,000 Correction of overstatement of depreciation expense in prior $4 215,000 years, net of tax (found in 2019) Dividends declared (2019) $ 160,000 Net Income (2019) $ 500,000 Accumulated Other Comprehensive Income, 12/31/18 175,000 Unrealized holding loss due to changes in fair value (2019) $ 24,000 Common Stock, 12/31/2018 $ 1,255,000 Additional Paid in Capital, 12/31/2018 $10,500,000
The following is governed by an income tax rate of 25% . Depreciation rate is determined using MACRS A company is considering two alternatives Choice 1 : Amachine is purchased for 60,000. It is a 5 year property class. It will be used for 10 years after which it will have a salvage value of 15,000. It is mostly grey with a metallic steel cover. The Before Tax Cash Flow will be 80,000 per year. The machine is purchased from Retained Earning cash outright. It has no extra deductions associated with it. Choice 2: A machine is purchased for 65,000. It is a 10 year property class object. It will be used for 12 years with a salvage value of 18,000. It is mostly blue with a white cover. The Before Tax Cash Flow will be 86,000 per year. The machine is purchased from Retained Earnings Cash Outright. It receives an additional allowance for environmental effects of 5000/yr. The allowance is not taxed. and is not included in the 86,000 BTCF.
Current Attempt in Progress Sheridan Inc. reports the following pretax income Doss) for both financial reporting purposes and tax purposes. Year 2018 2019 2020 2021 The tax rates listed were all enacted by the beginning of 2018. (c) Prepare the journal entries for the years 2018-2021 to record income tax expense (benefit) and income taxes payable (refundable) and the tax effects of the loss carryforward, assuming that at the end of 2020 the benefits of the loss carryforward are judged more likely than not to be realized in the future. (Credit account titles are automatically indented when amount is entered Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) 2018 Pretax Income (Loss) $128.000 96.000 (214.000) 310.000 2019 Date Account Titles and Explanation 2020 2021 Tax Rate 17 % 17% 19 % 19 % List of Accounts Safor Later Debit Credit Attempts:0 of 4 used Sub (b) The parts of this question must be completed in order. This…