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Ray Of Light [21]
3 years ago
11

The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): Pretax

accounting income: $ 195 Pretax accounting income included: Overweight fines (not deductible for tax purposes) 5 Depreciation expense 70 Depreciation in the tax return 110 The applicable tax rate is 25%. There are no other temporary or permanent differences. Which of the following must Franklin Freightways disclose related to the income tax expense reported in the income statement ($ in millions)? Multiple Choice Only the total tax expense of $50. Both the current portion of the tax expense of $40 and the deferred portion of the tax expense of $10. Only the current portion of tax expense of $40.
Business
1 answer:
Bumek [7]3 years ago
5 0

Answer: Both the current portion of the tax expense of $40 and the deferred portion of the tax expense of $10.

Explanation:

When calculating the net income on the income statement, both the current portion of the tax expense as well as the deferred portion should be included.

In this scenario that would lead to a net income of:

= Pretax accounting income - Current portion - Deferred portion

= 195 - 40 - 10

= $145

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The best way to negotiate for an increase in starting salary is to _____. a. try to ask other employees at the company what they
defon
The best way for you to negotiate an increase in starting salary is to research similar jobs, note what their starting pay is, and provide the list to your boss. Most jobs will match what other people are paying because they need employees. The best way to lose your job right off the bat is to tell your boss that he is a cheapskate. I do not advise this.
5 0
3 years ago
The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2015: Account
Nuetrik [128]

Answer:

Postal Service

The amount that would be reported for Stockholders' Equity at December 31, 2015 is:

= $130,000.

Explanation:

a) Trial Balance

December 31, 2015:  

Cash                                         $15,000

Accounts receivable                   11,000

Supplies                                       4,000  

Prepaid insurance (12-month)    6,000

Equipment                               210,000

Accounts payable                                    $ 18,000

Accumulated depreciation – equipment  28,000

Note payable, due 6/30/16                        70,000

Common stock                                           42,000

Retained earnings (1/1/15)                          60,000

Dividends                                   14,000

Service revenue                                        133,000

Advertising expense                 21,000

Depreciation expense              12,000

Insurance expense                    3,000

Rent expense                           17,000

Salaries and wages expense 32,000

Supplies expense                     6,000

Totals                                   $351,000 $351,000

Income Statement for the year ended December 31, 2015

Service revenue                                      $133,000

Advertising expense                 21,000

Depreciation expense              12,000

Insurance expense                    3,000

Rent expense                           17,000

Salaries and wages expense 32,000

Supplies expense                     6,000     $91,000

Net income                                              $42,000

Statement of Retained Earnings

For the year ended December 31, 2015

Retained earnings (1/1/15)                        $60,000

Net income                                                 42,000

Dividends                                                    (14,000)

Retained earnings (December 31, 2015) $88,000

Equity:

Common stock     $42,000

Retained earnings  88,000

Total equity         $130,000

4 0
3 years ago
a college in a metropolitan area wishes to increase its evening offerings of business-related courses such as marketing, account
SSSSS [86.1K]

Answer:

Target markets are management and business students looking forward for employment and full year courses.

Explanation:

  • The target market can be those who are working full time in the day and may also include the small and medium business owners that intend to provide some sort of online cloud computing set up for the college, and
  • It may be the students that want to continue their higher education and pursuing a full degree. These may also include the off-campus students that are interested in doing professional courses.
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3 years ago
You have been assigned the task of using the corporate, or free cash flow, model to estimate Petry Corporation's intrinsic value
Oxana [17]

Answer:

$40 million

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The computation of stock price is shown below:-

For computing the stock price first we need to compute the firm value which is below:-

Firm value = Free cash flow-1 ÷ (Weighted average cost of capital - Growth rate)

= $70.0 million ÷ (10% - 5%)

= $70.0 million ÷ 5%

= $1,400 million

Stock price = (Firm value - Debt) ÷ Number of shares

= ($1,400 million - $200 million) ÷ 30 million

= $1,200 million ÷ 30 million

= $40 million

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2 years ago
Can you wear weave with a Jheri curl ?
ICE Princess25 [194]

Answer:

yes

Explanation:

yes sure you can weave with jheri curl

6 0
3 years ago
Read 2 more answers
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