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Vladimir [108]
3 years ago
12

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

accounting income: $280
Pretax accounting income included: Overweight fines (not deductible for tax purposes) 10 Depreciation expense 69 Depreciation in the tax return using MACRS: 102
The applicable tax rate is 33%. There are no other temporary or permanent differences. Franklin's taxable income ($ in millions) is:________.
a. $102.
b. $33.
c. $247.
d. $257.
Business
1 answer:
densk [106]3 years ago
5 0

Answer:

d. $257

Explanation:

Calculation to determine what Franklin's taxable income ($ in millions) is:

Accounting income$280

Add Permanent difference: Fines $10

Less Temporary difference: Depreciation ($33)

($102-$69)

Taxable income $257

Therefore Franklin's taxable income ($ in millions) is:$257

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3 years ago
During the month of April, direct labor cost totaled $15,000 and direct labor cost was 30% of prime cost. If total manufacturing
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Answer:

The correct answer is B.

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Giving the following information:

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