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Lisa [10]
3 years ago
11

Packer Corporation’s year 8 income statement reported $130,000 in income before provisions for income taxes. To compute the prov

ision for federal income taxes, the following year 8 data are provided: Rent received in advance $ 22,000 Income from exempt municipal bonds $ 17,000 Depreciation deducted for income tax purposes $ 18,000 Depreciation deducted for financial reporting $ 10,000 What amount should Packer report as taxable income?
Business
1 answer:
romanna [79]3 years ago
5 0

Answer:

$127,000

Explanation:

Calculation for the amount to be reported as taxable income

Using formula

Taxable income=[Year 8 Income Statement + Rent received in advance -Income from exempt municipal bonds -(Depreciation deducted for income tax purposes-Depreciation deducted for financial reporting)]

Let plug in the formula

Taxable income=[$130,000+$ 22,000 -$ 17,000 -( $ 18,000 -$ 10,000 )]

Taxable income=$130,000+$ 22,000 -$ 17,000 -$8,000

Taxable income=$127,000

Therefore the amount that Packer should report as taxable income will be $127,000

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True or false: A management contract is an arrangement in which one firm contracts with another to produce products to its speci
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The statement which states that a management contract is an arrangement in which one firm contracts with another to <em>produce products</em> to its specifications is false

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As a result of this, we can see that a management contract is one where one firm gives its management skills <em>in part or in full</em> to another firm.

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Therefore, the correct answer is false.

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3 0
3 years ago
Fleming Company has the following cumulative taxable temporary differences: 12/31/18 12/31/17 $1,600,000 $2,250,000 The tax rate
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Answer:

Pretax financial income is $3,350,000.00

Explanation:

Fleming's pretax financial income is the taxable income for 2018 plus the increase in cumulative taxable temporary difference in 2018.

Taxable income is $4,000,000

Difference in cumulative  taxable difference=$1,600,000-$2,250,000

                                                                        =-$650,000

pretax  financial income=$4,000,000+(-$650,000)

                                                    =$4,000,000-$650,000

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The pretax financial income for year 2018 is  $3,350,000.00  

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3 years ago
The two major types of transactions that affect the international flow of money are:
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The process of planning the break schedules and the freight delivery schedules is known as an operational planning.

<h3>What is an operational planning?</h3>

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