1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Mnenie [13.5K]
3 years ago
13

Sunland Company deducts insurance expense of $213000 for tax purposes in 2018, but the expense is not yet recognized for account

ing purposes. In 2019, 2020, and 2021, no insurance expense will be deducted for tax purposes, but $71000 of insurance expense will be reported for accounting purposes in each of these years. Sunland Company has a tax rate of 30% and income taxes payable of $164000 at the end of 2018. There were no deferred taxes at the beginning of 2018. What is the amount of income tax expense for 2018?
$227900
$164000
$240900
$213000
Business
1 answer:
zloy xaker [14]3 years ago
6 0

Answer:

$227,900

Explanation:

Given that,

Company deducts insurance expense tax purposes in 2018 = $213,000

Tax rate = 30%

Income taxes payable at the end of 2018 = $164,000

There were no deferred taxes at the beginning of 2018.

Income tax expense for 2018:

= (Amount of deduction in insurance expense × Tax rate) + Income taxes payable at the end of 2018

= ($213,000 × 30%) + $164,000

= $63,900 + $164,000

= $227,900

You might be interested in
An investment bank agrees to underwrite an issue of 15 million shares of stock for Looney Landscaping Corp.
Naya [18.7K]

Answer:

A) Looney Landscaping will receive $187,500,000 (= $12.50 x 15,000,000 shares)

The bank's profit will be $11,250,000 (= ($13.25 - $12.50) x 15,000,000 shares)

B) Looney Landscaping will receive $166,260,000 (= ($12.50 - $0.275) x 13,600,000 shares)

The bank's profit will be $3,740,000 (= $0.275 x 13,600,000 shares)

If the stocks are sold at $11.95 per share, then Looney Landscaping will receive  $158,780,000 (= ($11.95 - $0.275) x 13,600,000 shares)

The bank's profit will be the same, $3,740,000

6 0
3 years ago
calculate how much credit created by commercial bank when there is a deposit of 80000, reserve requirement is 8% and withdrawl i
Scrat [10]

Answer:

Amount of credit created by commercial bank = 47,840

Explanation:

Given:

Total deposit in bank = 80,000

Reserve requirement = 8%

Withdrawal = 35%

Find:

Amount of credit created by commercial bank

Computation:

Amount available for withdrawal = Total deposit in bank[1 - Reserve requirement]

Amount available for withdrawal = [80,000][1-8%]

Amount available for withdrawal = 73,600

Amount of withdrawal = Amount available for withdrawal[35%]

Amount of withdrawal = 73,600[35%]

Amount of withdrawal = 25,760

Amount of credit created by commercial bank = 73,600 - 25,760

Amount of credit created by commercial bank = 47,840

6 0
3 years ago
What is the organisation for supermarket.!
AURORKA [14]
The organization for supermarket is that you have to keep the food and fruits nice and fresh clean the floors and the whole store which is a lot of work for the workers to do they have to fix every problem there is and have to keep their business  
6 0
3 years ago
Lenny's Landing has a net Section 1231 gain in the current year of $12,000. In the previous five years, there are $3,000 in unre
Ratling [72]

Answer:

As the $3,000 is unrecaptured losses, it will be carried forward to this year and would be set off against the current year's capital gains.

Explanation:

The previous year unrecaptured loss of $3000 will carried forward and would be set off against the capital gains of $12,000. The gain for the year can be calculated as under:

Capital Gain for the year = Gain Before unrecaptured losses   -  Carried Forward Losses

By putting values, we have:

Capital Gain for the year = $12,000  -  $3,000 = $9,000

The resultant $9,000 would be the capital gain for the year.

7 0
3 years ago
When building a team, which profession is most similar to that of the team leader
Shkiper50 [21]
D is the correct answer
3 0
2 years ago
Read 2 more answers
Other questions:
  • Flash E - Card Manufacturing manufactures software parts for the computer software systems that produce e - cards. The Flash II
    13·1 answer
  • The graph shows a point of equilibrium. A graph has Quantity supplied on the x-axis and price in dollars on the y-axis. A line t
    9·2 answers
  • Which of the following best describes the goal of economic efficiency?
    12·2 answers
  • A year ago, Kim Altman purchased 200 shares of BLK, Inc. for $25.50 on margin. At that time the margin requirement was 40 percen
    8·1 answer
  • Sandpiper Company reported the following year-end amounts: Beginning Inventory $22,950 Net Cost of Purchases 101,250 Ending Inve
    6·1 answer
  • Benoit Company produces three products, A, B, and C. Data concerning the three products follow (per unit): Product A B C Selling
    14·1 answer
  • Develop a worksheet that can be used to simulate the bids made by the two competitors. Strassel is considering a bid of $120000
    5·1 answer
  • Which of these best describes the relationship
    13·1 answer
  • According to a recent study, nearly all business professionals expect an email response within Multiple choice question. 1 week.
    14·1 answer
  • Read the following statements and decide in which one you think it is ?
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!