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asambeis [7]
3 years ago
15

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

enacted for 2018 is 40%, while the tax rate enacted for future years is 30%. Taxable income for 2018 is $4,000,000 and there are no permanent differences. Fleming's pretax financial income for 2018 is:
Business
1 answer:
jeyben [28]3 years ago
7 0

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

                                                    =$ 3,350,000.00  

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

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5 0
3 years ago
Bad Debt Expense info:Allowance for Doubtful Accounts has a credit balance of $1,000. Credit sales are $500,000. Cash sales are
kow [346]

Answer:

Bad Debt Expense $24,000 Dr

Allowance for Doubtful Accounts $24,000 Cr

Explanation:

Data:

BB = Beginning Balance = $1,000

CS = Credit Sales = $500,000

CH = Cash Sales = $500,000

SM = Percentage Sales Method = 5% = 0.05

U = Uncollectible = $25,000

AR = Accounts Receivable = $200,000

ADA = Allowance for Doubtful Accounts = ?

Calculations:

ADA = U - BB = $25,000 - $1,000 = $24,000

Net Realizable Cash Value = AR - ADA = $200,000 - $24,000 = $176,000

Balance in the Allowance Account after the adjusting entry = BB + ADA = $1,000 + $24,000 = $25,000

Journal entry:

Bad Debt Expense $24,000 Dr

Allowance for Doubtful Accounts $24,000 Cr

Hope this helps!

8 0
3 years ago
On January 1, 20X4, Polar Corp. paid $104,000 for $100,000 par value, 9% bonds of Seal Corp. Seal had issued $300,000 of the 10-
Eddi Din [679]

Answer:

$14,000

Explanation:

Amount of interest expense = [(Bond issued by 'S' company x 9%) - Amount of    

                                                   premium x (unsold bonds / Bonds issued)]

                                           =  (300,000 x 0.09) - 60000/10 x 200,000/300,000

                                          =  (27,000 - 6000) x 0.66667

                                          =  21,000 x 0.66667

                                          = $14,000

                                         

 

7 0
3 years ago
Old Tired Professor Mullen, Inc. has $20,000 of ending (EI) finished goods inventory. If beginning (BI) finished goods inventory
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Difference between beginning and ending CoG: 20,000-10,000 = 10,000

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10,000 + 40,000 = 50,000

Answer: $50,000

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