S 16,800 69,900 Income taxes expense Income taxes payable Insurance expense Interest expense Inventory Other assets S 16,650 12,000 36,610 15,500 59,850 92,800 Accounts payable Accounts receivable Accumulated depreciation (building) 104,800 Accumulated depreciation (furniture) Bonds payable (due in 7 years) Building Cash 27,600 192,000 300,000 41,450 243,610 511,350 11,050 12,000 130,000 Rent expense (store equipment) Retained earnings, 12131/2018 Salaries expense Salaries payable 80,800 54,000 228,710 7,190 948,670 Common stock Cost of goods sold Depreciation expense (building) Depreciation expense (furniture) Furniture Sales revenue

S 16,800 69,900 Income taxes expense Income taxes payable Insurance expense Interest expense Inventory Other assets S 16,650 12,000 36,610 15,500 59,850 92,800 Accounts payable Accounts receivable Accumulated depreciation (building) 104,800 Accumulated depreciation (furniture) Bonds payable (due in 7 years) Building Cash 27,600 192,000 300,000 41,450 243,610 511,350 11,050 12,000 130,000 Rent expense (store equipment) Retained earnings, 12131/2018 Salaries expense Salaries payable 80,800 54,000 228,710 7,190 948,670 Common stock Cost of goods sold Depreciation expense (building) Depreciation expense (furniture) Furniture Sales revenue

Name: Problem 1-63A Income Statement, Retained Earnings Statement. and Balan
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Description: Problem 1-63A Income Statement, Retained Earnings Statement. and Balance SheetThe following information relates to Ashton Appliances for 2019.REFER IMAGE Required:1. Prepare a single-step income statement for 2019, a retained earnings statement for20

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter3: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 55P

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Part 1XYZ Co. at the end of 2018, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows:Pretax financial income € 750,000Estimated expenses deductible for taxes when paid 1,200,000Extra depreciation (1,350,000)Taxable income € 600,000 Estimated warranty expense of €800,000 will be deductible in 2019, €300,000 in 2020, and €100,000 in 2021. The use of the depreciable assets will result in taxable amounts of €450,000 in each of the next three years. Instructions (a) Prepare a table of future taxable and deductible amounts.(b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2018, assuming an income tax rate of 40% for all years.
If the beginning balance in Swan, Inc.’s OAA is $6,700 and the following transactions occur, what is Swan’s ending OAA balance? Depreciation recapture income $ 21,600Payroll tax penalty (4,200) Tax-exempt interest income 4,012Nontaxable life insurance proceeds 100,000 Life insurance premiums paid (nondeductible) (3,007)
revenue $878,412.00 general & administrative expense $352,666.00 depreciation expense $131,455.00 leasing expense $108,195.00 interest expense $78,122.00 if average tax rate is 3.4%, what is its net income after taxes? $878,412.00 minus $352,666.00 $131,455.00 $108,195.00 $78,122.00 $207,974.00 minus 3.4% *207974 $7,071.12 incom after tax $200,902.88 what is the cash flow?
PROBLEM 1 Xavier Company provided the following information for its first year of operations ended December 31, 2021 in connection with the preparation of its income tax return:Taxable income P 4,000,000Non-deductible expenses 200,000Non-taxable revenue 300,000Deferred income on installment saleincluded in financial income but taxable in 2022 450,000Doubtful accounts recorded 100,000Financial depreciation 300,000Tax depreciation 350,000Estimated warranty cost accrued in2021 but not deductible for tax purposes until paid…
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.
Assume that TDW Corporation ( calendar year-end) has 2022 taxable income of 654,000 for purposes of computing the expense. The company acquired the following assets during 2022MACRS and Computer equipownt In September 12 February 10 2 2,270,400 263,650 3,415,000 a What is the maximum amount of 179 expense may deduct for 20227
4. A company establishes a depreciation account for an asset that is classified as Sec.1245property. The account is based on the MACRS with a life of seven years and an initial cost of$100,000. Without considerable of the sale of this asset, the company's taxable income is$400,000. Determine the following if the asset is sold after 5 years: a. The federal tax liability if the asset is sold for$15,000. b. The federal tax liability if the asset is sold for$160,000. c. The federal tax liability if the asset is sold for$90,000.
On January 1, 2020 SANA ALL MAHAL Co. acquired land by issuing a three-year,12%, P4,000,000 note payable. Principal and interest are due on December 31,2022. How much is the interest expense in 2021?a. P1,017,600b. P960,000c. P537,600d. P764,213
8. An entity reported pretax financial income of P8,000,000 for the current year. The taxable income was P7,000,000 for the current year. The difference is due to accelerated depreciation for income tax purpose. The income tax rate is 30% and the entity made estimated tax payment of P500,000 during the current year. What amount should be reported as income tax payable at year-end? 1,600,000 2,100,000 2,400,000 1,900,000
PROBLEM 3 The following information was extracted from the records of Aloha Company on December 31, 2021:Carrying amount Tax baseAccounts receivable P 1,500,000 P 1,750,000Motor vehicle 1,650,000 1,250,000Provision for warranty 120,000 NilDeposits received in advance 150,000 NilThe depreciation rates for accounting and taxation are 15% and 25% respectively. The deposits are taxable when received and warranty costs are deductible when paid. An allowance for doubtful accounts of P250,000 has been raised against accounts receivable for accounting purposes but such accounts are deductible only when written off as uncollectible. Alpha Company showed net income of P8,000,000 in its 2021 income statement. There are no temporary differences at the beginning of the current year. The tax rate is 30%. a. Determine the deferred tax liability on December 31, 2021. b.Determine the deferred tax asset on December 31, 2021. c. Determine the current income tax expense.
identify deferred tax assets/liabilioties in the following figure Total Current Assets - - - - Total Assets 1057734 1014060 979868 976502 Cash & Due from Banks 96610 81786 73246 65619 Other Earning Assets, Total 144765 123145 118007 118805 Net Loans 759118 742473 737033 727002 Property/Plant/Equipment, Total - Net 5468 5602 5205 2383 Property/Plant/Equipment, Total - Gross - - - - Accumulated Depreciation, Total - - - - Goodwill, Net 5269 5284 5997 5974 Intangibles, Net 1674 1660 1732 1991 Long Term Investments 2865 3034 3054 3001 Other Long Term Assets, Total 4139 3830 3098 18226 Other Assets, Total 37826 47246 32496 33501 Total Current Liabilities - - - - Total Liabilities 982736 942052 908766 906908 Accounts Payable 9826 13188 9998 10285 Payable/Accrued - - - - Accrued Expenses - - - - Total Deposits 750843 701551 666300 640311 Other Bearing Liabilities, Total - - - 32 Total Short Term Borrowings 26633 16877 20346 19099…
10. Sheridan Corp. prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2021: Book income before income taxes $ 2630000 Add temporary difference Construction contract revenue which will reverse in 2022 233000 Deduct temporary difference Depreciation expense which will reverse in equal amounts in each of the next four years ( 943200) Taxable income $ 1919800 Sheridan's effective income tax rate is 25% for 2021. What amount should Sheridanreport in its 2021 income statement as the current provision for income taxes? A) $ 479950 B) $ 657500 C) $ 715750 D) $ 58250