User Account

All Pages

Compute the Income Taxes Payable

Assignment Help Accounting Basics
Reference no: EM132462664

Problem - Raninu Company reports pretax financial income of $85,280 for 2017. The following items cause taxable income to be different from pretax financial income.

a. Depreciation on the income statement by $20,620.

b. Unearned rent revenue is $22,390.

c. Fines of $12,900 have been deducted on the income statement.

The Raninu tax rate is 40%.

Required -

A. Compute the Income Taxes Payable.

B. Prepare the journal entry.

C. Prepare the Income Tax Expense section of the Income statement, beginning with "Income Before Income Taxes".

Reference no: EM132462664

Questions Cloud

Summarize the main ideas being put forward by the author : Write a short, objective summary of 250-500 words which summarizes the main ideas being put forward by the author in this selection. Your summary should.
SITXCOM005 Manage conflict Assignment : SITXCOM005 Manage conflict Assignment Help and Solution - What impact might the conflict have on the organisation's reputation and legal liability
Determine and calculate the degree of operating leverage : Calculate the degree of operating leverage given the following information sales of $25,000, variable costs of $13,000, and operating income of $7,000
Describe the concept of leadership strategies : While the idea of leadership practices refers to the daily actions of educational leaders, the concept of leadership strategies refers to the long-term decision
Compute the Income Taxes Payable : Raninu Company reports pretax financial income of $85,280 for 2017. Unearned rent revenue is $22,390. Compute the Income Taxes Payable
Describe three aspects of due process for a school : Is due process required prior to an afterschool detention? Why or why not? You must support your position with examples from case law, the U.S. Constitution.
Explain why the understanding is relevant to the audit : Draft a memo to Mr. Hawkins explaining what should be included in the auditor's understanding of industry, regulatory, and other external factors
Justify the procedures outlined within your handout : In addition, rationalize your choices in a 500-750 word summary. Justify the procedures outlined within your handout and discuss how you would communicate.
Prepare the amortization schedules and journal entries : Assume, additionally, that there is an unguaranteed residual of $12,000, PV-$10,000. Prepare the amortization schedules and journal entries

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