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
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

You might be interested in
In a command economy:_______
boyakko [2]

Answer:

Option d                      

Explanation:

Command economies also recognized as a planned economy have as their core tenet that national government administrators own or operate a business within a nation.

A command economy refers to the mechanism in which the government determines what products should be manufactured, how much should be manufactured and the value at which the products are offered for sale, rather than the free market.

Thus, from the above we can conclude that the correct option is D.

5 0
3 years ago
_____________ is when your company makes an effort to actively control and shape your brand image with your target market.
Kazeer [188]

Answer:

D

Explanation:

7 0
3 years ago
Simons Company purchased land to build a new factory. The following expenditures were made in conjunction with the land purchase
Alexandra [31]

Answer: attached

Explanation:

3 0
3 years ago
Crusher Company has provided the following data for maintenance cost:
Firdavs [7]

Answer:

Total Fixed Cost: $13,020

Explanation:

Fixed cost is calculated using high low method.

High low method seeks to find variable cost per hour / unit by dividing the difference of cost (total cost at two levels) with difference of activity level. Than variable cost is reduced from total cost to identify the fixed cost. Below is the calculation:

Current year cost: $ 37,850        Current year machine hours: 19,100

Prior year cost:      $ 33,300        Prior year machine hours:     15,600

Variable cost per machine hour = <u>Current year cost - Prior year cost</u>

                                      Current year machine hour - prior year machine hour

Variable cost per machine hour: <u>37,850 - 33,300</u> = $1.30 per machine hour

                                                       19,100 - 15,600

Variable cost current year: ($1.30 * 19,100) = $24,830

Variable cost prior year: ($1.30 * 15,600) = $20,280

Fixed cost: Total cost - variable cost

Fixed cost current year: 37,850 - 24,830 = $13,020

Fixed cost prior year:     33,300 - 20,280 = $13,020

7 0
3 years ago
Audrey is debating the superiority of a market economy with her friend Bill. Audrey supports her argument in favor of a market e
Gelneren [198K]

Adam Smith's invisible hand theory is the concept that in a market where people are free to buy and sell as they please, buyers will buy goods that sellers offer at prices that work for all parties.

4 0
3 years ago
Other questions:
  • Marks Corporation has two operating departments, Drilling and Grinding, and an office. The three categories of office expenses a
    8·1 answer
  • On December 31, 20X9, Pluto Company acquired 100 percent of Saturn Corporation's common stock for $300,000. Balance sheet inform
    12·1 answer
  • The Stagnant Growth Corporation has paid a constant dividend of $2.50 per year for the past 3 years and is expected to continue
    15·1 answer
  • How many people currently live in the south asian region? select one:
    15·1 answer
  • Oriole Leasing Company leases a new machine to Sharrer Corporation. The machine has a cost of $65,000 and fair value of $87,000.
    10·1 answer
  • a. What is the​ bond's yield to maturity​ (expressed as an APR with semiannual​ compounding)? b. If the​ bond's yield to maturit
    12·1 answer
  • Even though Miller loves bacon, he is worried about his cholesterol. He is also concerned how eating bacon may affect it. Before
    8·1 answer
  • After his company announced that it plans to cut 30% of the workforce within the next 90 days, Deon begins to experience chronic
    7·1 answer
  • Taunton's is an all-equity firm that has 155,500 shares of stock outstanding. The CFO is considering borrowing $287,000 at 7 per
    10·1 answer
  • The cost-benefit principle states that _____ are the incentives that shape decisions.
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!