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Aleksandr-060686 [28]
3 years ago
8

A company reported the following financial information: Taxable income for current year $120,000 Deferred income tax liability,

beginning of year 50,000 Deferred income tax liability, end of year 55,000 Deferred income tax asset, beginning of year 10,000 Deferred income tax asset, end of year 16,000 Current and future years' tax rate 35% The current-year's income tax expense is what amount?
Business
1 answer:
Inessa05 [86]3 years ago
3 0

Answer:

$41,000

Explanation:

Calculation to determine The current-year's income tax expense amount

First step is to calculate the current tax expense

Current tax expense=$120,000 taxable income × 35% tax rate

Current tax expense=$42,000

Second step is to calculate the deferred income tax liability increased

Deferred income tax liability=$55,000-$50,000

Deferred income tax liability=$5,000

Third step is to calculate the deferred income tax asset increased

Deferred income tax asset=$16,000-$10,000

Deferred income tax asset=$6,000

Now let calculate the current year's income tax expense

Current year's income tax expense = $42,000 + $5,000 - $6,000

Current year's income tax expense=$41,000

Therefore Current year's income tax expense is $41,000

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What are examples of business, management, and administration careers?
Genrish500 [490]
<h2>Answer</h2>
  • Sales Manager
  • General Manager
  • Head of Administration
<h3>Explanation</h3>

Mentioned are some of the careers that fall in the stated categories. Business would include any career related with the field of finance, marketing, supply chain, distribution and so on. Management is more connected with positions where resources has to be managed and administration is one of the types of management.

3 0
3 years ago
Read 2 more answers
2. Ernesto purchased a used car for $6800. He paid 64% sales tax. How much tax did he pay?​
Oxana [17]
6800*.64= 4352

Ernesto payed $ 4352 in tax
4 0
2 years ago
Dividends in arrears are dividends on A. cumulative preferred stock that have been declared but have not been paid. B. non-cumul
Romashka [77]

Answer:

The correct answer is letter "A": cumulative preferred stock that have been declared but have not been paid.

Explanation:

Dividends in arrears are dividends that have not been paid in a period on cumulative preferred stock. A company does not necessarily have to pay dividends to its shareholders but the payment becomes cumulative. Under this situation, it is said that the organization has failed to generate enough cash during the year. Besides, there must be a dividend declaration for the dividends in arrears to be liable recognized.

7 0
3 years ago
Doyle Company issued $226,000 of 10-year, 5 percent bonds on January 1, Year 1. The bonds were issued at face value. Interest is
Thepotemich [5.8K]

Answer:

Dr cash                $226,000

Cr Bonds payable                    $226,000

31st December year 1

Dr cash                       $74,000

Cr Lease revenue                     $74,000

Dr interest expense               $11,300

Cr Cash                                                $11,300

31st December year 2

Dr cash                       $74,000

Cr Lease revenue                     $74,000

Dr interest expense               $11,300

Cr Cash                                                $11,300

Explanation:

Upon the receipt of $226,000 from bond issue,cash acount would be debited with $226,000 and bonds payable account would be credited with the same amount.

When land purchased,the land account is debited with $226,000 and cash is credited with $226,000.

The receipt of $74,000 from lease rental means that cash is debited and the lease revenue is credited.

The coupon interest on the bonds=$226,000*5%=$11,300

The coupon interest is debited to interest expense and credited to cash in each of the two years.

find attached t accounts.

Download xlsx
7 0
3 years ago
A hospital reports the following cost and revenue data: Variable cost per inpatient day of $250 Revenue per inpatient day of $10
REY [17]

Answer:

Expected profit at a volume of 25,000 inpatient days = $3,750,000.00

Explanation:

The expected profit is calculated as follows:

<em>Step 1</em>

<em>Total contribution per inpatient from 25,000 inpatients</em>

contribution = (revenue - variable cost) per patient

= $(1000-250)

= $750 per inpatient day

<em>Total contribution for 25,000 inpatient days</em>

$750 × 25000 =  $18,750,000.00

<em>Step 2</em>

<em>Calculate Profit </em>

Profit = Total contribution - Fixed cost

         =$18,750,000.00 -$15,000,000

        =  $3,750,000.00

Expected profit at a volume of 25,000 inpatient days = $3,750,000.00

4 0
3 years ago
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