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Andrei [34K]
4 years ago
15

Sandoval Company operates in a country in which distributed profits are taxed at 25 percent and undistributed profits are taxed

at 30 percent. In Year 1, Sandoval generated pretax profit of $100,000 and paid $20,000 in dividends from its Year 1 earnings. In Year 2, Sandoval generated pretax profit of $120,000 and paid dividends of $40,000 from its Year 1 earnings. What amounts should Sandoval recognize as current tax expense in Years 1 and 2, respectively?
Business
1 answer:
Neko [114]4 years ago
4 0

Answer:

The amounts that Sandoval should recognize as current tax expense in Years 1 and 2 are $29,000 and $34,000, respectively.

Explanation:

year 1:

$80,000*30% + $20,000*25%

= $29,000

year 2:

$120,000*30% - $40,000*(30%-25%)

= $34,000

Therefore, The amounts that Sandoval should recognize as current tax expense in Years 1 and 2 are $29,000 and $34,000, respectively.

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3 0
3 years ago
In a judicial foreclosure, how long does the borrower’s redemption period last if a deficiency judgment isn’t being sought?
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