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Effect of Permanent Difference on Income Tax Rates: A company has $1,200,000 income before interest expense and interest income on both its income statement (book) and tax forms (tax). The company also has $200,000 of interest expense that is tax deductible and $400,000 of municipal bond interest that is not taxable.
Question 1: The company has a 30% tax rate on all types of income. Calculate the company's effective tax rate and prepare reconciliation between its 30% statutory rate and its effective tax rate. Also calculate the company's interest tax shield and the income tax rate for interest.
Question 2: Assuming the company's EBIT is $1,600,000 ($1,200,000-$400,000), calculate the income tax the company would pay on EBIT.
Financial Statement Analysis and Preparation
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An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
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T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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