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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

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When reviewing Form 13614-C, you see the "Interest" question is marked "Yes" and the taxpayer gives you a Form 1099-INT. You sho
Olenka [21]

Answer:

True

Explanation:

yes it is true that you should ask the taxpayer if they had any other interest income to avoid double taxation elsewhere

7 0
3 years ago
If the marginal propensity to consume is 0.75, and there is no investment accelerator or crowding out, a $115 billion increase i
rodikova [14]

Answer: $460 billion, but the effect would be larger if there were an investment accelerator.

Explanation:

If the MPC = 0.75 and there is no investment accelerator or crowding out, then a $115 billion increase in the government expenditures would result in the shift in the aggregate demand curve right by:

= $115 billion ÷ (1 - 0.75)

= $115 billion ÷ 0.25

= $115 billion × 1/0.25

= $115 billion / 0.25

= $460 billion.

Therefore, there'll be a shift in the aggregate demand curve right by $460 billion, but the effect would be larger if there were an investment accelerator

4 0
2 years ago
Peterson Manufacturing and the local steelworkers' union are having a negotiation breakdown. Peterson's management is keeping em
erica [24]

Answer:

B) lockout

Explanation:

Since in the question it is mentioned the manufacturing Peterson and the local steelworkers contain the negotiation breakdown also is keep out of the work place and runs the operations with non permanenet replacements

So here to overcome this breakdown, the lockout strategy is used

And all other given options are wrong.

7 0
3 years ago
Calculate the dollar rates of return on the following assets: A painting whose price rises from $200,000 to $250,000 in a year.
Gennadij [26K]

Answer

A. 25%

B.8%

C. 1.2%

Explanation:

a)

($250,000 − $200,000)/$200,000 = 0.25 or 25%

b)

($275 − $255)/$255 = 0.08 or 8%

Their was No exchange rate movements involved assets & returns all in U.S. dollars

c.

Step 1: £10,000 * $1.50/£ = $15,000 initial $ investment

Step 2: £10,000 * (1.10) = £11,000 at end of year

Step 3: £11,000 * $1.38/£ = $15,180 at end of year

Step 4: ($15,180 - $15,000)/$15,000 =

0.012, or 1.2%

7 0
3 years ago
TwitterMe, Inc., is a new company and currently has negative earnings. The company’s sales are $2.1 million and there are 130,00
Paladinen [302]

Answer:

a. $69.46

b. 58.15

Explanation:

a. Price = Benchmark PS ratio × Sales per share

<u>Sales per Share</u>

=  Sales / Shares outstanding

= 2,100,000/130,000

= $16.15

Price = 4.3 * 16.15

Price = $69.46

b. PS Ratio is 3.6

Price = Benchmark PS ratio × Sales per share

Price = 3.6 * 16.15

Price = $58.15

7 0
3 years ago
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