Amount of income tax expense will appear on income statement

Assignment Help Financial Accounting

Reference no: EM131221395

Timber Corp. began the year with a balance in its Income Taxes Payable account of $10,000. The year-end balance in the account was $14,000. The company uses the indirect method in the Operating Activities section of the statement of cash flows. Therefore, it presents the amount of income taxes paid at the bottom of the statement as a supplemental disclosure. The amount of taxes paid during the year was $12,000.

What amount of income tax expense will appear on Timber's income statement?

Reference no: EM131221395

Questions Cloud

Explain the role of economic in healthcare : Describe why it is important for healthcare policymaker to be family with basic economic concepts. Explain the role of economic in healthcare.

Compute the matrices mtm and mmt : Find the SVD for the original matrix M from parts (b) and (c). Note that there are only two nonzero eigenvalues, so your matrix Σ should have only two singular values, while U and V have only two columns.

Prepare all the journal entries required to record preceding : Discounting of Notes Payable: On October 30,2016, Sanchez Company acquired a piece of machinery and signed a 12-month note for $24,000. The face value of the note includes the price of the machinery and interest. The note is to be paid in four $6,000..

What would be the standard deviation in these conditions : Imagine that your team has been assigned by a construction company to measure the dimensions of an empty lot in a subdivision. Briefly give examples of the 6 types/sources of errors described above and explain what you would do to minimize them.

Amount of income tax expense will appear on income statement : Timber Corp. began the year with a balance in its Income Taxes Payable account of $10,000. The year-end balance in the account was $14,000. Therefore, it presents the amount of income taxes paid at the bottom of the statement as a supplemental disclo..

Level of capital stock per labor hour : For each labor hour, it has capital stock equal to 900 units. In the current year it produced 20 units of new capital goods, with a depreciation rate of 20% and a production function of Y= K1/2. What will the level of capital stock per labor hour ..

Find the representation of leslie in concept space : Find the representation of Leslie in concept space. What does that representation predict about how well Leslie would like the other movies appearing in our example data?

Suppose equilibrium in a financial market : What is an expression for Y in terms of i (i.e. Y = ....) Suppose the central bank holds the money supply constant. Using part a's answer, derive dy/di. What's the sign? How does it relate to the slope of LM curve derived in class? (hint: if y=1/..

Determine net income for its first year of operations : Stanton Corp. began operations on January 1, 2016. The statement of cash flows for the first year reported dividends paid of $143,000. The balance sheet at the end of the first year reported $55,000 in dividends payable and $475,000 in ending retaine..

User Account

All Pages