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scoray [572]
3 years ago
5

A reconciliation of pretax financial statement income to taxable income is shown below for Shaw-Anderson Industries for the year

ended December 31, 2018, its first year of operations. The company offers quality-assurance warranties that extend six months after goods are purchased. The income tax rate is 40%.
Pretax accounting income (income statement) $ 640,000
Interest revenue on municipal securities (20,000 )
Warranty expense in excess of deductible amount 45,000
Depreciation in excess of financial statement amount (120,000 )
Taxable income (tax return) $ 545,000

What amount should Shaw-Anderson report as the current portion of income tax expense on its 2018 income statement?

a.$52,000
b.$218,000
c.$248,000
d.$256,000
Business
1 answer:
Luba_88 [7]3 years ago
3 0

Answer:

B

Explanation:

Year end - December 31,2018 (first account year)

Pretax Income - $640,000

Interest expenses ( $20,000)

Excess warranty expense add back $45,000

Excess depreciation deducted ($120,000)

Taxable income = $545,000

Tax rate = 40%

Income tax expense for 2018 = $545,000 * 40%

=$218,000

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Answer:

True.

Explanation:

In today's world it is a mistake to relate environmental and social sustainability to rising costs and altruism. It is a fact that consumers are more informed and have transformed their consumer relationship with companies, currently society demands organizational transparency and seeks to relate to entities that help in social and environmental development.

But more than altruism and improvement of the organizational image, companies that adopt an environmental and social management system achieve several strategic and economic benefits, which helps to reduce costs and waste, besides the possibility of market gain and increased customer satisfaction. stakelhoders, as the most important of the environmental and social management system, continuous process improvement, which in the long term becomes value for the organization.

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3 years ago
You have recently graduated from college with an MBA. Upon graduation, you start working for Roosevelt Power Plant. The boss, Mr
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Explanation:

Honesty in the workplace:

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These these factors will help Mr. Jones to understand that fraud will be prevented and detected.

3 0
3 years ago
The price elasticity of supply for umbrellas is 2. Suppose you're told that following a price increase, quantity supplied increa
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Answer:

15%

Explanation:

The formula and the calculation of the price elasticity of supply are presented below:

Price elasticity of supply = (Percentage change in quantity supplied ÷ percentage change in price)

where,

Price elasticity of supply = 2

And, the percentage change in quantity supplied is 30%

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7 0
4 years ago
What are the two most important cost considerations in queuing​ problems?
Tatiana [17]
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3 0
3 years ago
An American executive is going on a business trip to Japan and England. Before she departs, she purchases $10,000 worth of Japan
Sedbober [7]

Answer:

The correct answer is $907.76.

Explanation:

According to the scenario, computation of the given data are as follow:-

1¥ = 82.54$

1£ = 132.03¥

Convert pounds to us dollars= £ ÷ $ = £132.03 ÷ $82.54

= 1.60$ ÷ £

Mean, 1£ = 1.6$

She has £567.35 .

After converting the pound into the dollar, she will receive = £567.35 × $1.60

= $907.76

Hence, she receive $907.76 if she sells the pounds.

3 0
3 years ago
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