1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
salantis [7]
3 years ago
7

Pretax accounting income for the year ended December 31, 2021, was $53 million for Truffles Company. Truffles' taxable income wa

s $66 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 27% for 2021 and 37% thereafter. What amount should Truffles report as the current portion of income tax expense for 2021
Business
1 answer:
Anuta_ua [19.1K]3 years ago
4 0

Answer:

$17,820,000

Explanation:

The amount of tax due to government authorities for the current period is referred to as current portion of income tax expense. It is calculated by product of current or enacted tax rate and taxable income for the period

Taxable income for 2021 = $66million

Enacted or current tax rate for 2021 = 27%

Current portion of income tax expense for 2021 = Taxable income x current tax rate = $66 million x 27% = $17,820,000million

Hence Current portion of income tax expense = $18 million

You might be interested in
The following information is from the annual financial statements of Nancy Company.
lakkis [162]

Answer:

5.79 times

Explanation:

The computation of the Accounts receivable turnover ratio  

= Credit sales ÷ average accounts receivable

where,  

Average accounts receivable = (Opening balance of Accounts receivable + ending balance of Accounts receivable) ÷ 2

= ($46,400 + $49,700) ÷ 2

= $48,050

And, the net credit sale is $278,000

Now put these values to the above formula  

So, the answer would be equal to  

= $278,000 ÷ $48,050

= 5.79 times

5 0
3 years ago
The use of index funds as investment vehicles for asset classes:_________
Scilla [17]

Answer:

I & IV

Explanation:

6 0
3 years ago
Oahu Industries' average total assets for the year are $4,000,000, its average total stockholders' equity for the year are $3,00
Mandarinka [93]

Answer:

20%

Explanation:

Return on assets is a profitability ratio that shows how much in net income a company is able to generate from its assets.

It is a financial measure that shows the net profit a company is able to generate per $1 invested in assets.

Mathematically,

Return on asset = net income/average total asset

= $800,000/$4,000,000

= 0.2

= 20%

This means that the company's management is a to generate a net income of 20 cents for every $1 invested in assets.

8 0
3 years ago
Which of the following will require you to pay back any money you recieve
AlexFokin [52]
That's not a question, but the proper answer should be a loan.
6 0
3 years ago
Because of the substitution problem, the cpi tends to overstate the true change in the price of the typical basket of consumer g
butalik [34]

It is true that because of the substitution problem, the CPI tends to overstate the true change in the price of the typical basket of consumer goods.

<h3>What is CPI?</h3>
  • A consumer price index measures a market basket of goods and services that households have purchased at a weighted average price.
  • The measured CPI fluctuates to reflect changes in prices over time.
  • One of the most popular methods for determining inflation and deflation is the CPI.
  • An essential gauge of an economy's health is inflation. The CPI and other indexes are used by governments and central banks when making economic decisions.
  • The decision to raise or cut interest rates is crucial among these.
  • If the CPI increases, it indicates that the average rate of change in price over time has increased. The cost of living and income are eventually changed as a result of this.

Learn more about CPI here:

brainly.com/question/14453270

#SPJ4

7 0
1 year ago
Other questions:
  • An important part of the onboarding process is to explain the history, values, and mission of the company. The ________ step is
    13·2 answers
  • The bowed shape of the production possibilities frontier can be explained by the fact that
    6·1 answer
  • Because time is of the essence, volunteers should be interviewed: A. Every week with as many persons who have volunteered. B. At
    5·1 answer
  • Requesting funds for working capital suggests that the business is not a solid investment
    9·2 answers
  • Select which government was granted each of the powers listed. Coining of money Fire and police protection Schools Army and Navy
    11·1 answer
  • The Medicare Supplement Right of Return Provision (Free Look Period) allows the buyer a period of ________ to return a policy an
    10·1 answer
  • What is an apprenticeship and what does it involve?
    6·1 answer
  • Plz help I will make u brainleist!!four points difference between engineering and architecture​
    9·1 answer
  • You are the financial manager of the Crossrail 1 project in London. The Board overseeing the project, acting on behalf of the UK
    12·1 answer
  • Each of the following situations is independent. Work out your own solution to each situation, and then check it against the sol
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!