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asambeis [7]
3 years ago
5

Cantlay, Inc., earns pretax book net income of $800,000 in 2019. Cantlay acquires a depreciable asset that year, and first-year

tax depreciation exceeds book depreciation by $80,000. Cantlay reported no other temporary or permanent book-tax differences. The pertinent U.S. Federal corporate income tax rate is 21% and Cantlay earns an after-tax rate of return on capital of 8%. What is Cantlay’s current income tax expense for the year?
Business
1 answer:
RideAnS [48]3 years ago
6 0

Answer:  $151,200

Explanation:

The Tax depreciation exceeds book depreciation so this excess will have to be removed from the income before tax is calculated as it is tax deductible.

Current Income Tax = (Pretax book income - Excess tax depreciation) * Income tax rate

= (800,000 - 80,000) * 21%

= $151,200

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The correct answer is B

5 0
3 years ago
Which of the following is an example of a cash outflow?
Lyrx [107]

Answer: Option A

Explanation: The amount of cash disbursed by the company in a specified time period, generally a year, is called cash outflow. In simple words, cash outflow is the amount of cash that left the company in the form of investments, operating expenses or other payments etc.

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Thus, option A is correct.

4 0
3 years ago
This is a partial adjusted trial balance of Wildhorse Co.. WILDHORSE CO. Adjusted Trial Balance January 31, 2022 Debit Credit Su
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Answer:

The entries are made as follows;

Explanation:

Service Revenue             Dr.$4,350

Income Summary            Cr.$4,350

(To close revenue account)

Income Summary

Supplies expense         Dr.$910

Insurance Expense       Dr.$540

Salaries and Wages Expense Dr.$1,770

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(To close expenses)

Income Summary (4,350-3,220)   Dr.$1,130

Retained Earnings                         Cr.$1,130

7 0
2 years ago
A restaurant offers hamburgers and cheeseburgers on its menu. Customers order a hamburger, indicate how it is to be cooked and w
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Answer:

D

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Late point differentiation is when the production process starts with a generic product and the end product is differentiated to a specific end product.  Late point differentiation is used in firms where there is a high level of demand uncertainty

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1. it also consumers to receive a differentiated or customised product

2. It reduces the waiting time of consumers and allows consumers access quicker services

3 0
3 years ago
Which of the following indicates the financial position of a practice at a point in time and shows its assets and liabilities? A
adell [148]

Answer:

The correct answer would be C, Balance Sheet.

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A balance sheet is a document, which contains information about the Assets, Liabilities and owner's Equity of a firm, company or an organization. There is a predetermined format to write a Balance Sheet. There are two sides in this statement. One side contains Assets and Liabilities of the Company, whereas the other side contains the Owner's Equity in a particular point of time. This statement summarizes the financial balances of an individual organization. There are other financial statements of the company as well like Income Statement, cash flow statement, etc, but Balance Sheet is considered most appropriate to have a look at the assets, liabilities and equity of the company at a specific point of time.  

8 0
3 years ago
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