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
Adam Smith used the “invisible hand” as a metaphor for the forces that balance a free market. What might be a good metaphor for
7nadin3 [17]
In economics, the invisible hand<span> is a </span>metaphor used<span> by </span>Adam Smith<span> to describe ... Smith </span>may<span> have come up with the two meanings of the phrase from Richard Cantillon ... In this </span>work<span>, however, the idea of the </span>market<span> is not discussed, and the word ... In alternative models, </span>forces<span> which were nascent during Smith's life, such as ... and ....</span>
5 0
3 years ago
Advances in technology like the creation of cheap, lightweight laptops has allowed workers to work from almost anywhere. Please
andriy [413]

Answer:

Got this from the same website you used

Explanation:

Advances in technology like the creation of cheap, lightweight laptops have allowed workers to work from almost anywhere. TRUE.

5 0
2 years ago
How does your credit score affect the price you pay for insurance? Discuss at least two methods for improving your credit score.
kodGreya [7K]
Get the app credit carma and got to glivinski n' associates
6 0
3 years ago
The downward slope of a demand curve illustrates the pattern that as ________ decreases, ________ increases.
Lelechka [254]
Potential energy, kinetic energy
8 0
3 years ago
Splish Brothers Inc. sold its accounts receivable of $70,300. What entry should Splish Brothers make, given a service charge of
Bingel [31]
Please help me! This is due tomorrow and I really need some help! Thank you.
8 0
3 years ago
Other questions:
  • A rookie quarterback is negotiating his first NFL contract. His opportunity cost is 10%. He has been offered three possible 4-ye
    9·1 answer
  • Since Al's Auto Parts has had trouble with its windshield wiper manufacturer inthe past, it is requesting a guarantee from the c
    6·1 answer
  • Portia grant is an employee who is paid monthly. for the month of january of the current year, she earned a total of $8,260. the
    9·1 answer
  • Based on the article, As Middle Class Shrinks, P&amp;G Aims High &amp; Low, identify the environmental forces from among the six
    8·1 answer
  • On a timeline, a goal that will be achieved in __________ years will be to the right of one that will be achieved in __________
    10·2 answers
  • In its first year, Raydine Inc. reported sales revenue of $1,300,000, net income of $200,000, and paid dividends of $26,000 on c
    5·1 answer
  • The _____ is the most ambitious global trade agreement ever negotiated; the agreement has reduced tariffs by one-third worldwide
    13·1 answer
  • The elasticity of supply of roses is 1.8. In the market for​ roses, ___________.
    14·1 answer
  • The Phillips family has a joint gross monthly income of $11,300. The $499 lease payment for their car expires in four months. A
    5·1 answer
  • Products that cost a lot of money but that people buy anyway because of the status and exclusivity that they project to others a
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!