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Lostsunrise [7]
2 years ago
13

Reconciliation of pretax accounting income and taxable income: Pretax accounting income $ 179,000 Permanent differences (16,100

) 162,900 Temporary difference-depreciation (11,100 ) Taxable income $ 151,800 Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2020 $ 14,000 As of December 31, 2021 $ 25,100 The enacted tax rate was 27% for 2020 and thereafter. What should Kent report as the current portion of its income tax expense in the year 2021
Business
1 answer:
Bumek [7]2 years ago
7 0

Answer:

the current portion of the income tax expense is $40,986

Explanation:

The computation of the current portion of the income tax expense is shown below:

= Taxable income × enacted tax rate

= $151,800 × 27%

= $40,986

hence the current portion of the income tax expense is $40,986

We simply applied the above formula

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Which of the following is true of taxes and subsidies? Group of answer choices Politicians like to levy taxes, but they are relu
Vadim26 [7]

Answer: If you tax something, you will get less of it; if you subsidize an activity, you will get more of it

Explanation:

Taxes are the levy that governments impose on people or firms. Subsidies are financial aid to companies in order to boost production and reduce price.

It should be noted that if you tax something, you will get less of it; if you subsidize an activity, you will get more of it. For example of an income is taxed, the owner of the income will geta lesser amount as tax will be removed.

6 0
3 years ago
Bob and Susie wash cars for extra money over the summer. Bob's income is determined by f(x) = 6x + 13, where x is the number of
KatRina [158]
We are given with two functions: f(x) = 6x + 13 and g(x) = 4x + 18. We are given with h(x) which is associated with f(x) + g(x). The sum of  6x + 13 + 4x + 18 equal to 10x + 31 indicating  Bob will make more money working alone or by teaming with Susie.  The answer hence to this problem is C. h(x) = 10x + 31, team with Susie 
6 0
3 years ago
Read 2 more answers
Intercontinental Inc., uses a periodic inventory system. At the end of Year 2, the account records provided the following inform
densk [106]

Answer:

Intercontinental Inc.

The amount of ending inventory is = $16,380

The cost of goods sold is = $37,810

Explanation:

a) Data and Calculations:

                                                                    Units      Unit Cost    Total Cost

Inventory, December 31, Year 1                  1,830          $ 6         $10,980

For Year 2: Purchase, March 21, Year 2   6,200          $ 5          31,000

Purchase, August 1, Year 2                        4,070          $ 3           12,210

Total cost of inventory                              12,100                        $54,190

Inventory, December 31, Year 2                2,910                          16,380

Cost of units sold                                       9,190                        $37,810

Cost of ending inventory, 2,910

= 1,830 at $6 = $10,980

 1,080 at $5 =     5,400

2,910           =  $16,380

Cost of goods sold = Cost of inventory available minus the cost of ending inventory

= $54,190 - $16,380

= $37,810

6 0
2 years ago
Trevor is a marketing professional in a small firm. He wants to promote his firm’s online shopping website. He targets only thos
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3 0
3 years ago
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Robin inherits 1,000 shares of Wal-Mart stock from her aunt in 2019. Accord-ing to the information received from the executor of
lana66690 [7]

Answer:

Explanation:

Adjusted Basis

Adjusted basis is balanced estimation of the first premise of a property, balanced for any capital increments or capital recuperation's.

Capital options can be in type of any expense acquired on capital upgrades or any improvement added to the property by citizen. Capital recuperation's have conspicuous sorts like deterioration and cost recuperation's and furthermore any losses and burglaries.

Ms R. acquired 1,000 loads of organization W from her auntie at a balanced premise of $55,000. Then again Mr. A life partner of Ms. R got an endowment of 1,000 supplies of organization W from his uncle having balanced premise of $7,000.

Inheritance Basis

At whatever point an individual being a citizen acquire any property, the premise of valuation of the property is honest assessment on the demise's passing. On the other hand, if the agent or manager of the bequest chooses balanced premise can be the honest assessment a half year after the date of death.

On account of Ms. R her auntie's agent accommodates a balanced premise of $55,000 which will be the honest evaluation of stocks and the equivalent will be the balanced reason for Ms. R

Gift Basis

In the event that an individual gets a blessing being property, the citizen will have a cost premise of zero which will blow up the increases when the property is sold by him. To abstain from clashing statutory standard that blessings are outside the domain of personal assessment, premise is given to beneficiary. This depends on date of blessing, premise of benefactor, blessing charge paid and honest assessment.

Endowments premise is figured in two structures, one if the removal of property brings about increase and other if removal brings about misfortune.

1. Gain: If deal brings about addition at that point balanced reason for donee will be lower of the balanced premise of the giver.

2. Loss: in the event that deal brings about misfortune, at that point balanced reason for donee will be lower of the balanced premise of the benefactor or honest evaluation on date of blessing

On account of Mr. A his uncle has a balanced premise of $7,000 which thusly will be the balanced reason for Mr. A too

Therefore, it very well may be presumed that the significant motivation behind why there is a considerable distinction between balanced premise of Ms. R and Mr. An is that, for Ms. R honest assessment is the balanced premise. Then again for Mr. A balanced premise of his uncle in his own balanced premise.

3 0
3 years ago
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