User Account

All Pages

Determine mini current income tax expense

Assignment Help Accounting Basics
Reference no: EM132966761

Question - In 2020, Mini reports $1,579,200 of pretax book net income. Mini did not recognize any bad debt expense for book purposes in 2020 but did deduct $167,100 in bad debt expense for tax purposes. Mini reports no other temporary or permanent differences. The applicable U.S. Federal corporate income tax rate is 21%, and Mini earns an after-tax rate of return on capital of 8%. For 2020, determine Mini's current income tax expense.

Reference no: EM132966761

Questions Cloud

How would the budget process for the service company differ : How would the budget process for the service company differ from a manufacturing company
Determine the company most profitable sales mix : Determine the company's most profitable sales mix and the contribution margin that results from that sales mix
What is the number of shares to be used : No bonds were converted into common stock in 20x3. What is the number of shares to be used in computing basic earnings per share and diluted earnings per share
Find the number of umbrellas which were actually sold : The level of sales in units which was actually achieved provided a margin of safety of 6,000 units. Find the number of umbrellas which were actually sold
Determine mini current income tax expense : Mini earns an after-tax rate of return on capital of 8%. For 2020, determine Mini's current income tax expense
What is the Mortgage amount : Ordinary Income Tax Rate: 28%, Capital Improvements: $ 213,000, Real Estate Taxes 187,000 and Insurance 73,000. What is the Mortgage amount
Find the number of rooms that must be let for the hotel : Variable costs are $50 per room occupancy and fixed costs are $3,300,000 per year. Find the number of rooms that must be let for the hotel to breakeven
Calculate the total incremental cost : Calculate the total incremental cost of making 75,000 and buying 75,000 units. Should the company continue to manufacture the part, its or should it buy
Prepare financial statements including trial balance : Problem - Please record transactions for the following transaction and prepare financial statements including trial balance for July 2019

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