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vesna_86 [32]
3 years ago
10

Pretax accounting income for the year ended December 31, 2021, was $42 million for Truffles Company. Truffles' taxable income wa

s $51 million. This was a result of differences between straight-line depreciation for financial reporting purposes and accelerated depreciation for tax purposes. The enacted tax rate is 25% for 2021 and 35% thereafter. What amount should Truffles report as the current portion of income tax expense for 2021? (Round your answer to the nearest whole million.)
Business
2 answers:
Zielflug [23.3K]3 years ago
7 0

Answer:

$13million

Explanation:

Furkat [3]3 years ago
6 0

Answer:

The solution is $12.75 million

Explanation: Firstly we need to get the tax for 2021 which is $42 million x25% =$10.5 million

thereafter we know that the income for $42 million was pretax now we are given taxable income for $51 million therefore in this income we have already calculated tax for $42 million therefore the amount that is left to be adjusted for tax is $51 million - $42 million = $9 million then now we will calculate the amount of tax on this amount which will be $9 million x 25% = $2.25 million therefore now we will combine the tax amount above with this tax amount to get the income tax expense for the year=

$10.5 million + $2.25 million = $12.75 million for year 2021.

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Answer:

$0

Explanation:

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In the case of Buddy Slaton, electing for itemized deduction of contributing to church($3,000) will save her no tax since the standard deduction is greater ($,5450).

5 0
3 years ago
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The closing cost of the house mortgage is lower than the envisioned by 0.5%.

<h3>What is the closing cost?</h3>

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So, from the above announcement, it's clear that alternative D, decreasing by 0.5%, is an appropriate answer.

Learn more about closing cost, refer to:

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4 0
2 years ago
During 2020, Sam and Libby, a married couple, decided to sell their residence, which had a basis of $200,000. They had owned and
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Answer:

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Investors select a stock based on the cash they expect to receive from that stock. that cash comes in the form of a and b.

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The question is incomplete. Please read below to find the missing content.

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7 0
1 year ago
Sapphire Aerospace operates 52 weeks per year, and its cost of goods sold last year was $6,500,000. The firm carries eight items
OLEGan [10]

a. The average aggregate inventory value is <em>$336,000.</em>

b. The number of weeks of supply that the firm has is <em>3 weeks</em>, approximately (2.69 ($336,000/$6,500,000 x 52).

c. The inventory turnover of Sapphire Aerospace for last year was<em> 19.3x.</em>

<u>Question Completion</u>:

Category        Part Number        Average           Value        Total      Category

                                              Inventory Units    per Unit      Value        Totals

Raw Materials      RM-1                20,000               $1        $20,000

Materials             RM-2                 5,000                 5          25,000

                            RM-3                 3,000                 6           18,000

                            RM-4                  1,000                 8            8,000      $71,000

Work-in-process WIP-1                 6,000                10         60,000

                            WIP-2               8,000                 12         96,000   $156,000

Finished goods   FG-1                  1,000                65         65,000

                            FG-2                   500                88         44,000   $109,000

Total value of inventory                                               $336,000  $336,000

Inventory turnover = Cost of goods sold/Average inventory

= 19.3x ($6,500,000/$336,000)

Thus, the average inventory value is $336,000, while the inventory turnover was 19.3x.

Learn more about inventory turnover here: brainly.com/question/5701250

3 0
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