Calculate the amount of taxable income

Assignment Help Financial Accounting
Reference no: EM132566191

The following information relates to Pharoah Corp.:

                                                                                                                          At July 31,2019                            At june 30,2020

Temporary difference, giving rise to future taxable amount                            $31,900                            $76,700

Temporary difference, giving rise to future deductible amount                          $ 19,900                             $ 51,900

Accounting income for the year ended June 30, 2020 was $73,600. No permanent differences existed during the fiscal year. The company was expected to operate profitably in the future. The tax rate was 20% for the current and future years. Pharoah Corp. follows ASPE.

Question (a) Calculate the amount of taxable income for 2020.

Reference no: EM132566191

Questions Cloud

Accounting income is rarely equal to firm cash flow : During 2001, your firm reported net income of $600 and paid a $120 cash dividend. The December 31, 2000 balance sheet reported the following items:
How much did your father originally invest : Today, he gave you the proceeds of that investment which totaled $51,480.79. How much did your father originally invest?
Explain the key elements of the physician contract : Explain the key elements of the physician's contract. Examine the common clauses and provisions of the physician's contract.
Competitive pooling rate on the motorcycle loans : Consider the credit market in the previous question again, with type X and R, but now assume Street Bank cannot observe type prior to issuing the loan
Calculate the amount of taxable income : Calculate the amount of taxable income for 2020. The company was expected to operate profitably in the future. The tax rate was 20% for the current
What is the average annual rate of return : Today, that investment is worth $430,065.11. What is the average annual rate of return she earned on this investment?
State the total monthly budgeted cost formula : The monthly budget amounts in the report were based on an expected production of 65,000 units per month. State the total monthly budgeted cost formula
Analyze the pricing strategy matrix : Analyze the pricing strategy matrix described in this lesson and modify it appropriately for your business showing the key variables
Evaluate what will be resulting percentage change in ebit : Determine What will be the resulting percentage change in EBIT if they expect units sold to changes by 10.0 percent? Round the answer to two decimal places.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Successful company in commercial and residential painting

Progressive Painting Company (PPC) is a successful company in commercial and residential painting. PPC has a variety of jobs: new construction, repair and repainting existing structures and restoration of very old buildings and homes. The company is ..

  What income statement outcome

What income statement outcome, if any, would the change in categorization have for Qtip?

  How much cash should be distributed to each partner

How much cash should be distributed to each partner?Installment Liquidation: Schedule of Safe Payments. Partners Max, Ace and Cole share profits and losses

  Identify which shareholders equity accounts

Identify whether each transaction will increase, decrease, or have no effect on total shareholders' equity. Identify which shareholders' equity accounts

  The cost of goods manufactured schedule

The cost of goods manufactured schedule is used to calcualte the cost of producing products for a period of time. The cost of goods manufactured amount is transferred to the finished goods inventory account during the period and is used in calculatin..

  Explain what the separate entity assumption means

Explain what the separate entity assumption means when it says a business is treated as separate from its owners for accounting purposes.

  Ending inventory and cost of good sold

Consider the following information for Maynor Company, which uses a perpetual inventory system.LIFO. ENDING INVENTORY AND COST OF GOOD SOLD.Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing ..

  Prepare the shareholders equity section of vos sfp

Prepare the shareholders' equity section of Vos's SFP at December 31, 2020. Some of the account balances of Vos Limited at December 31, 2019

  Journalize all september entries using allowance method

What amount of uncollectible account expense would Daisy report on its September income statement under each of the two methods? Which amount better matches expense with revenue? Give your reason.

  Rubble company must decide

Rubble Company must decide whether to make or buy some of its components.

  What was the total supplies expense for the year

The firm had $1,900 of supplies on hand on January 1, 2012 and had purchased $6,000 of supplies during the year. What was the total supplies expense for year

  Illustrate what unique ways of concealing cheating exist

The difference may be in the ability to conceal it. So, illustrate what unique ways of concealing cheating exist in the online classroom which may not exist in a traditional classroom?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd