Investors use income statements to determine the profitability of a company over time. You can also look for trends in company spending and earnings because the statement breaks down individual revenue and expenses.
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The answer to this would be: Commercial Liberalism.
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Answer: 11.1 times
Explanation:
Times Interest Ratio = Earnings before Interest and Tax/ Interest
Earnings before Interest and tax = Net Income + Interest + Tax
= 73,300 + 10,500 + 32,900
= $116,700
Times Interest ratio = 116,700/10,500
= 11.1 times
Answer:
$10,000 (Credit balance)
Explanation:
Given that,
Income before tax = $400,000
Income tax payments during the year = $150,000
Income tax rate = 40 percent
Therefore,
The balance in income tax payable at the end of the year:
= Tax liability - Income tax paid
= ($400,000 × 40%) - $150,000
= $160,000 - $150,000
= $10,000 (Credit balance)
Answer:
$11,250
Explanation:
Deferred tax asset = Warranty expense in excess of deductible amount * Tax rate
Deferred tax asset = $25,000 * 25%
Deferred tax asset = $6,250
Deferred Tax liability = Depreciation in excess of financial statement amount * Tax rate
Deferred Tax liability = $70,000 * 25%
Deferred Tax liability = $17,500
Non-Current deferred tax liability = $17,500 - $6,250 = $11,250
Hence, Fieval should report $11,250 as the deferred income taxes in its 2021 balance sheet