pleasee Kingbird Company reports pretax financial income of $73,500 for 2020. The following items cause taxable income to be different than pretax financial income.1. Depreciation on the tax return is greater than depreciation on the income statement by $17,600.2. Rent collected on the tax return is greater than rent recognized on the income statement by $19,900.3. Fines for pollution appear as an expense of $10,500 on the income statement.Kingbird's tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020.v (a)Compute taxable income and income taxes payable for 2020.Taxable incomeIncome taxes payable

Taxable income of the company is adjusted financial income on which company has to pay taxes.

Kingbird Company reports pretax financial income of $73,500 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $17.600. 2. Rent collected on the tax return is greater than rent recegnized on the income statement by $19.900. Fines for pollution appear as an epense of s10.500 on the income statement. Kingbird's tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020. - (a) Compute taxable income and income taes payable for 2020. Tavable income Income taves payable

Kingbird Company reports pretax financial income of $73,500 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $17.600. 2. Rent collected on the tax return is greater than rent recegnized on the income statement by $19.900. Fines for pollution appear as an epense of s10.500 on the income statement. Kingbird's tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020. - (a) Compute taxable income and income taes payable for 2020. Tavable income Income taves payable

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 4BCRQ

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