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
algol [13]
3 years ago
12

Tuna Corporation reported pretax book income of $1,000,000. During the current year, the net reserve for warranties increased by

$25,000. In addition, book depreciation exceeded tax depreciation by $100,000. Finally, Tuna subtracted a dividends received deduction of $15,000 in computing its current year taxable income. Book equivalent of taxable income is:
Business
1 answer:
MakcuM [25]3 years ago
8 0

Answer:

$985,000

Explanation:

Pretax income = $1,000,000

Increase in net reserve for warranties = $25,000

Exceed in Tax depreciation = $100,000

Subtracted dividends received = $15,000

Therefore,

The Book equivalent taxable income will be calculated as;

= Pretax income - Dividends subtracted

or

The Book equivalent taxable income = $1,000,000 - $15,000

or

The book equivalent taxable income = $985,000

You might be interested in
To indicate grouping in access, select _____ as the entry in the total row for the field to be used for grouping
Vinvika [58]
<span>Select the Group By function. This makes it so that records of the same group are placed onto a single record with a column that is added and holds a nested table of the remaining columns. This function also returns a table with records grouped together based on the values in one or more columns.</span>
3 0
3 years ago
Livingston Co. uses process costing to account for the production of elastic bands. Direct materials are added at the beginning
madam [21]

Answer:

The total cost per unit using the weighted average method would be:

$15,97  

Explanation:

                Materials   Conversion Costs  

Begining  $ 14,000         $ 8,000  

APRIL          $ 72,000        $ 80,000  

TOTAL          $ 86,000 $ 88,000  

Units               8,000   8,000  

                       100% 50%  

WIP                4,000   2,000  

TOTAL              12,000   10,000  

USD/Unit          7,17              8,80   $15,97  

3 0
3 years ago
In the first year of an asset's life, which of the following methods has the smallest depreciation?
Lubov Fominskaja [6]

Answer:

d. Straight-line.

Explanation:

Depreciation: Depreciation is an expense indicating a reduction in the value of fixed assets due to tear and wear, obsolescence, usage, time period, etc. It is shown on the income statement debit line. It is a non-cash item not impacting the cash balance.

In the straight-line method, the depreciation expense would be lowest in this method and it remains the same for the remaining useful life

In the double-declining method, the depreciation rate is doubled and contain the highest value

In the sum of the year digit, we sum the useful life like 5 years so we sum 5+4+3+2+1 = 15 years and divide it to the useful life i.e 5

In the composite or group, the depreciation is taken for the group, not for the individual company

3 0
3 years ago
The _ is a financial aid program based on financial need that provides funds for student employment
scZoUnD [109]

Answer

Hi,

The Federal work study fund

Explanation

This is a federally funded program for students that demonstrate financial need who are offered part-time jobs to help them earn money to pay for college or career school fees. The work offered is community service oriented and payments are paid hourly depending on the number of hours a student works.

Best wishes!

7 0
3 years ago
Which of the following people would tend to favor a communist economy?
valentinak56 [21]
C. Liz wants to live in a country where the government makes almost all the economic decisions.
3 0
3 years ago
Other questions:
  • Which of the following statements is not a difference between business markets and consumer​ markets?A. Buyers face more compl
    11·1 answer
  • Determine the finance charge on a 8,000 loan with a monthly payment of 162,80 for 60 months
    5·1 answer
  • Respect for an able leader's decisions goal attainment and customer satisfaction are examples of
    13·1 answer
  • Because of the open-air configuration of upscale specialty stores, coupled with entertainment and restaurants, ________ are very
    6·1 answer
  • You need a particular piece of equipment for your production process. An​ equipment-leasing company has offered to lease the equ
    10·1 answer
  • Who is the founder of toyota
    14·2 answers
  • 46) According to the capitalistic view, the primary goal of an organization is to<br> ?
    11·1 answer
  • Select the examples of Warehousing and Distribution Center Operations workplaces. Check all that apply.
    14·2 answers
  • Need help please??????????!!!!!!!!!!!!
    5·1 answer
  • Coronado Industries makes and sells umbrellas. The company is in the process of preparing its Selling and Administrative Expense
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!