Determine devin inc taxable income

Assignment Help Accounting Basics
Reference no: EM132058804

Question - Devin, Inc., reported the following results for the current year.

Book income (before tax) $670,000

Book depreciation in excess of tax 25,000

Non-tax-deductible accrued vacation 17,500

Meals & Entertainment (50% deductible) 20,000

Determine Devin Inc.'s taxable income for the current year. Identify any temporary or permanent book-tax differences. Also, what would be the entry to record the current year current and deferred tax expense assuming a tax rate of 35%.

Reference no: EM132058804

Questions Cloud

What is the maximum write-off for these purchases : On December 14, 2014, she purchased $160,000 of used computer equipment. If Anna elects § 179, what is the maximum write-off for these purchases for 2014
Investment advisor with accounting expertise : Assume you are an investment advisor with accounting expertise. Present a business report analysing Wesfarmers as a shareholder investment.
How much is joe tax liability : During 2014, Joe has the following gains and losses: LTCG $20,000. How much is Joe's tax liability if he is in the 15% tax bracket
How nonverbal feedback conveys powerful messages : Describe how nonverbal feedback conveys powerful messages. Provide an example where nonverbal feedback was used and describe the end result.
Determine devin inc taxable income : Determine Devin Inc.'s taxable income for the current year. Identify any temporary or permanent book-tax differences
The company is doing based on your ratio analyses : Develop a trend on how the company is doing based on your ratio analyses. Submit a few sentences of what the three years of ratios mean.
What is the net present value of this investment : The investment costs $43,000 and you need an annual return of 7.4%. What is the net present value of this investment?
Compute the predetermined service cost per kilometer : During the month, the support centre incurred actual variable costs of $105,000, Compute the predetermined service cost per kilometer driven
Calculate the manufacturing cost per towel : Question - Absorption & Variable Costing - Calculate the manufacturing cost per towel under absorption costing

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the payback period for the project

A project costing $400 is to be depreciated straight-line over the 5 year life of the project to zero salvage value. What is the payback period for the project

  Discuss computing diluted earnings per share

The average market price of Stine's common stock was $35 during 2018. The number of shares to be used in computing diluted earnings per share

  Accounting for pollution expenditure counting crows company

Accounting for Pollution Expenditure Counting Crows Company operates several plants at which limestone is processed into quicklime and hydrated lime.

  If you are doing a depreication expense using a straight

if you are doing a depreication expense using a straight line or declining method would you add a surveyor fees in with

  How many shares must the venture capitalist receive

How many shares must the venture capitalist receive to end up with 20% of the company? What is the implied price per share of this funding round

  Prepare a paper on citizen-centric reporting

Prepare a paper on Citizen-Centric Reporting. In your paper, discuss the purpose of Citizen-Centric Reporting, why you believe such reports are necessary.

  What was the degree of operating leverage

Titus Comp. produces lamps and mirrors. How much total contribution margin was earned in 2012 year? What was the degree of operating leverage in 2013?

  Nevada company has three producing departments p1 p2 and p3

nevada company has three producing departments p1 p2 and p3 for which direct department costs are accumulated. in

  Is accounting an art or a science

Is accounting an Art or a Science - Response. After reviewing the question, I figured that accounting to be considered a science, since it deals with equations, numbers, etc. just like mathematics.

  How does discrete presentation differ from blending

Many public universities are quite similar to their private counterparts. How does discrete presentation differ from blending? When is each appropriate

  Calculate ending inventory and cost of goods

Calculate ending inventory and cost of goods sold at March 31, 2015, using the specific identification method. The March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the Marc..

  At what amount would glens inventory acquired

If Watkins pays $ 450,000 in cash for Glen, at what amount would Glen's inventory acquired be represented in a December 31, 2012 consolidated balance sheet?

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