llment Receivable at the end of 2022 equaled $20 million. and is expected to be collected equally in 2023 and 2024. Warranty Liability balance at the end of 2022 equaled $16 million and is expected to be paid equally in 2023 and 2024. The income tax rate is 20%.
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Clementi Corporation provided the following information for the current year 2022:
- Accounting income (pre-tax) in 2022 is $400 million.
- Installment Receivable at the end of 2022 equaled $20 million. and is expected to be collected equally in 2023 and 2024.
- Warranty Liability balance at the end of 2022 equaled $16 million and is expected to be paid equally in 2023 and 2024.
- The income tax rate is 20%.
Clementi Corporation records income tax payable equal to:
O $79.2 million
O $72.8 million
O $87.2 million
O $80.8 million.
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- 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)In 2024 , AutoUSA Inc. received $ 4,600,000 of book income , including $ 20,000 of interest income from tax - exempt bonds . AutoUSA reported $ 3,600,000 of regular business expenses . If it made $ 210,000 of estimated tax payments ( prepayments ) throughout the tax year , what is its tax due or tax refund when it files its return ?Shenron, Inc. had pre-tax accounting income of P1,350,000 and a tax rate of 40% in 2020, its first year of operations. During 2020 the company had the following transactions: Received rent from Master, Co. for 2021 P48,000 Municipal bond income P60,000 Depreciation for tax purposes in excess of book depreciation P30,000 Installment sales revenue to be collected in 2021 P81,000 For 2020 what is the amount of income taxes payable for Shenron, Inc? a. P579,600 b. P452,400 c. P514,800 d. P490,800
- Sherrod, Incorporated, reported pretax accounting income of $86 million for 2024. The following information relates to differences between pretax accounting income and taxable income: Income from installment sales of properties included in pretax accounting income in 2024 exceeded that reported for tax purposes by $5 million. The installment receivable account at year-end 2024 had a balance of $6 million (representing portions of 2023 and 2024 installment sales), expected to be collected equally in 2025 and 2026. Sherrod was assessed a penalty of $2 million by the Environmental Protection Agency for violation of a federal law in 2024. The fine is to be paid in equal amounts in 2024 and 2025. Sherrod rents its operating facilities but owns one asset acquired in 2023 at a cost of $92 million. Depreciation is reported by the straight-line method, assuming a four-year useful life. On the tax return, deductions for depreciation will be more than straight-line depreciation the first two…Sherrod, Incorporated, reported pretax accounting income of $86 million for 2024. The following information relates to differences between pretax accounting income and taxable income: Income from installment sales of properties included in pretax accounting income in 2024 exceeded that reported for tax purposes by $5 million. The installment receivable account at year-end 2024 had a balance of $6 million (representing portions of 2023 and 2024 installment sales), expected to be collected equally in 2025 and 2026. Sherrod was assessed a penalty of $2 million by the Environmental Protection Agency for violation of a federal law in 2024. The fine is to be paid in equal amounts in 2024 and 2025. Sherrod rents its operating facilities but owns one asset acquired in 2023 at a cost of $92 million. Depreciation is reported by the straight-line method, assuming a four-year useful life. On the tax return, deductions for depreciation will be more than straight-line depreciation the first two…J-Matt, Inc., had pretax accounting income of $331,000 and taxable income of $376,000 in 2021. The only difference between accounting and taxable income is estimated product warranty costs of $45,000 for sales in 2021. Warranty payments are expected to be in equal amounts over the next three years (2022–2024) and will be tax deductible at that time. Recent tax legislation will change the tax rate from the current 25% to 20% in 2023. Determine the amounts necessary to record J-Matt’s income taxes for 2021 and prepare the appropriate journal entry.
- Fidelity, Inc., a financial company, reported income tax expense of $2,648 million for 2020, comprising $2,346 million of current taxes and $302 million of deferred taxes. The balance sheet showed income taxes payable of $222 million at the beginning of 2020 and $427 million at the end of 2020. Compute the amount of cash payments for income taxes paid during 2020.Orlando Company has a contract with its CEO to pay him a bonus during each of the years 2021 – 2024. The profit before deductions for bonus and income taxes were P14,500,000 in 2021; P18,000,000 in 2022; P22,500,000 in 2023; and P25,000,000 in 2024. The bonus of 25% is deductible for tax purposes in each year. The tax rate is 20%. Compute the amount of the bonus for 2021 if the bonus is based on profit bonus and taxes. 2.Knicks Company requires nonrefundable advance payments with special orders from customers for machinery constructed to their specifications. Information for 2023 follows: Customers advances, 12/31/22 P 500,000 Advances received with orders in 2023 840,000 Advances applied to orders shipped in 2023 600,000 Advances applicable to orders canceled in 2023 190,000 How much is the ending balance of advances on December 31, 2023?Orlando Company has a contract with its CEO to pay him a bonus during each of the years 2021 – 2024. The profit before deductions for bonus and income taxes were P14,500,000 in 2021; P18,000,000 in 2022; P22,500,000 in 2023; and P25,000,000 in 2024. The bonus of 25% is deductible for tax purposes in each year. The tax rate is 20%. The 2022 bonus is based on profit after bonus but before taxes. Compute the amount of the bonus for 2022. 2. Orlando Company has a contract with its CEO to pay him a bonus during each of the years 2021 – 2024. The profit before deductions for bonus and income taxes were P14,500,000 in 2021; P18,000,000 in 2022; P22,500,000 in 2023; and P25,000,000 in 2024. The bonus of 25% is deductible for tax purposes in each year. The tax rate is 20%. The 2024 bonus is based on profit after bonus and taxes Compute the amount of the bonus for 2024 3. Wizards Company sold 4,100,000 boxes of apple pie mix. Each box contains one coupon, in which 10 coupons, with P5…
- In 2021, Bartley Corporation's federal income tax due was $147,000. Compute the required installment payments of 2022 tax in each of the following cases: Required: Bartley's 2022 taxable income is $440,000. Bartley's 2022 taxable income is $975,000. Bartley's 2022 taxable income is $2,100,000.Asnwer in 30 minutes Sherrod, Inc., reported pretax accounting income of $76 million for 2021. The following information relates to differences between pretax accounting income and taxable income: Income from installment sales of properties included in pretax accounting income in 2021 exceeded that reported for tax purposes by $3 million. The installment receivable account at year-end 2021 had a balance of $7 million (representing portions of 2020 and 2021 installment sales), expected to be collected equally in 2022 and 2023. Sherrod was assessed a penalty of $2 million by the Environmental Protection Agency for violation of a federal law in 2021. The fine is to be paid in equal amounts in 2021 and 2022. Sherrod rents its operating facilities but owns one asset acquired in 2020 at a cost of $80 million. Depreciation is reported by the straight-line method, assuming a four-year useful life. On the tax return, deductions for depreciation will be more than straight-line depreciation the…At the end of 2019, ABC has a balance in accounts receivable of $250,500. Of this amount, it is estimated that $4,500 would prove uncollectible. A reserve for tax purposes is deducted for this amount. During 2020, $7,500 of accounts receivable are written off. At the end of 2020, accounts receivable total $333,200, with $8,100 of this amount expected to be uncollectible. Required: Calculate the net impact on the business income of ABC given the above information with respect to bad debts?
