Ron Landscaping's income statement reports net income of $76,200, which includes deductions for interest expense of $12,800 and income taxes of $36,500. Its times interest earned is: Multiple Choice 9.8 times 7,0 times
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- Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Assuming that the tax rate is 25%, what is the income tax payable of A? Group of answer choices P2,500.00 P12,500.00 P25,000.00 P15,000.00Staycate Travels Inc. reports a gross profit of $35,000, interest expense of $4,000, a tax rate of 30% and earning after taxes of $8,610. What is Staycate’s depreciation expense
- For the year ended December 31, 2006, Grim Company's pretax financial income was P2,000,000 and its taxable income was P1,500,000. the difference is due to the following:Interest income as savings deposit, 700,000Premium expense on keyman life insurance, (200,000)Total 500,000The income tax rate is 35%. In its 2006 income statement, what amount should Grim report as current provision for income tax expense?a. 525,000 b. 700,000 c. 595,000 d. 770,0001. Faye Faye Corporation's statement of financial performance for the year ended December 31, 20X2, shows pretax income of P 1,000,000. The following items are treated differently on the tax return and in the accounting records. Tax Return Accounting Records Rent income P 70,000 P 120,000 Depreciation Expense 280,000 220,000 Premiums on officers' life insurance 90,000 Faye Faye's rate for 20X2 is 30%. How much is the current tax expense for 20X2?Grand Company reported the following on its income statement: Income before income taxes$ ,000 Income tax expense 100,000 Net income $300,000 An analysis of the income statement revealed that interest expense was $ 100, 000 . Grand Company's times interest earned was?
- Greene Co. has book income of $425,000, and a tax rate of 30%. Assuming there are no book-tax differences, what will the journal entry be to record the income tax expense? Group of answer choices Income Tax Expense 255,000 Income Tax Payable 255,000 Income Tax Expense 127,500 Income Tax Payable 127,500 Income Tax Payable 255,000 Income Tax Expense 255,000 Income Tax Payable 127,500 Income Tax Expense 127,500Bryon Brooks Inc. recently reported 15 million of net income. Its EBIT was 20.8 million, and its tax rate was 25%. What was its intrest expense?(Hint: Write out the headings for an income statement, and fill in the known values. Then divide 15 million of net income by (1-T)= 0.75 to find the pretax income. The difference between EBIT and taxable income must be intrest expense.The following information applies to the operations of MK Inc. for 2022 and 2023. Assume a tax rate of 20% for both years.2022 information:Sales on account in the amount of $675,000Warranty expense and associated liability in the amount of $145,000No other expenses incurred.2023 information:Sales on account in the amount of $210,000Warranty repairs made in the amount of $69,000No expenses incurred.What is MK's income tax expense for 2022? Group of answer choices $121,200 $135,000 $106,000 $164,000
- Minor, Inc., had revenue of $572,000 and expenses (other than income taxes) of $282,000 for thecurrent year. The company is subject to a 35 percent income tax rate. In addition, available-for-saleinvestments, which were purchased for $17,500 early in the year, had a market value at the end ofthe year of $19,200.a. Determine the amount of Minor’s net income for the year.b. Determine the amount of Minor’s comprehensive income for the year.c. How would your answers to parts a and b differ if the market value of Minor’s investments atthe end of the year had been $14,200?Hsu Company reported the following on its income statement: Income before income taxes $343,271 Income tax expense 102,981 Net income $240,290 Interest expense was $60,867. Hsu Company's times interest earned ratio (rounded to two decimal places) is a.3.95 times b.5.64 times c.2.95 times d.6.64 times10. Faye Faye Corporation's statement of financial performance for the year ended December 31, 20X2, shows pretax income of P 1,000,000. The following items are treated differently on the tax return and in the accounting records. Tax Return Accounting Records Rent income P 70,000 P 120,000 Depreciation Expense 280,000 220,000 Premiums on officers' life insurance 90,000 Faye Faye's rate for 20X2 is 30%. How much is the income tax expense for 20X2?
