hello, I need help please he following information was available for the year ended December 31, 2019:Earnings before interest and taxes (operating income)Interest expenseIncome tax expense2450,00010,00012,00028,000Net incomeTotal assets at year-endTotal liabilities at year-end120,000The times interest earned for the year ended December 31, 2019 was:

Times interest earned ratio refers to the measure used to check whether the company is able to pay…

he following information was available for the year ended December 31, 2019: Earnings before interest and taxes (operating income) Interest expense $ 50,000 10,000 12,000 28,000 200,000 120,000 Income tax expense Net income Total assets at year-end Total liabilities at year-end The times interest earned for the year ended December 31, 2019 was:

he following information was available for the year ended December 31, 2019: Earnings before interest and taxes (operating income) Interest expense $ 50,000 10,000 12,000 28,000 200,000 120,000 Income tax expense Net income Total assets at year-end Total liabilities at year-end The times interest earned for the year ended December 31, 2019 was:

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.
Intraperiod Tax Allocation Wright Company reports the following information for the year ended December 31, 2019: Required: 1. Prepare the year-end journal entry necessary to record the 2019 intraperiod income tax allocation in regard to the preceding information. 2. Prepare Wrights 2019 income statement and statement of retained earnings.
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