User Account

All Pages

Compute income for tax purposes for Incredible Incubators

Assignment Help Accounting Basics
Reference no: EM132577954

Question - The following information concerning the financial statements of Incredible Incubators Incorporated for its fiscal year ended September 30, 2019 has been presented to you in order to prepare tax returns.

(a) Net income after tax per financial statements $150,000

(b) Provision for income taxes-current 25,000 -future 130 000

(c) Amortization expense 40,000

(d) Reserve for doubtful debts-deducted in 2018 10 000 - deducted in 2019 15 000

(e) Interest on income taxes paid after the due date 2,500

(f) Bond annual discount amortization $7,500

(g) Landscaping costs re factory premises-debited to land account 12,000

Required - Using the foregoing information, compute income for tax purposes for Incredible Incubators their fiscal year ended September 30, 2019. [Ignore capital cost allowance in respect of depreciable capital property.]

Reference no: EM132577954

Questions Cloud

Prepare journal entry to record the software replacement : Prepare journal entry to record the software replacement. (Credit account titles are automatically indented when the amount is entered.)
Calculate the maximum capital cost allowance deduction : Calculate the maximum capital cost allowance deduction for tax purposes in 2019 (CCA rate class 1 @ 4%, Class 8 @ 20% and class 10 @ 30% respectively)
Memory management is difficult in virtual memory : The control of the serialization of memory management is difficult in a "Virtual Memory" and especially when "Virtual Machines" are included.
Calculate the contribution margin and operating income : Calculate the contribution margin and operating income that Internal Medical will contribute to the practice. Actual Number of Visits: 1950
Compute income for tax purposes for Incredible Incubators : Using the foregoing information, compute income for tax purposes for Incredible Incubators their fiscal year ended September 30, 2019
Influences implementation of innovation technologies : This week's journal article focuses on attribution theory and how it influences the implementation of innovation technologies.
How closing entries are made : How Closing entries are made?so that all assets, liabilities, and owner's capital accounts will have zero balances when the next accounting period starts.
Calculate the maximum amount Lora can claim : Lora is employed as an Accountant for a large company, Calculate the maximum amount Lora can claim for the cost she incurred in respect for her home office
Describe the purpose and the financial reporting requirement : Describe the purpose and the financial reporting requirements for the General and Special Revenue Funds. Include the way the modified basis of accounting

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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