Differences between tax and accounting income

Assignment Help Accounting Basics

Reference no: EM13120438

Woody Corp. had taxable income of $8,000 in the current year. The amount of MACRS depreciation was $3,000 while the amount of depreciation reported in the income statement was $1,000. Assuming no other differences between tax and accounting income, Woody's pretax accounting income was:

A. $ 5,000.

B. $ 6,000.

C. $10,000.

D. $11,000.

Reference no: EM13120438

Questions Cloud

First order linear differential equations : To begin with, I have an example problem that asks to find a complete solution for: y'+ 2xy = x. The text says to multiply both sides by e^int a(x) dx

How many grams of h2o are produced : If 37.3 g of CO2 is produced in the reaction of C2H2 with O2 to form CO2 and H2O, how many grams of H2O are produced in this reaction.

Probability of guessing four correct out twenty : Probability of guessing four correct out 20 multiple choices, If a student randomly guesses at 20 multiple-choice questions, what is the probability that the student gets exactly four correct?

What is the equilibrium composition of the mixture : the equilibrium contant kc=49 at 230^0C, for the reaction PCl3 + Cl2= PCL5. If 0.50mol of each of phosphorus trichloride and chlorine are added to a 5.0L reaction vessel.

Differences between tax and accounting income : Woody Corp. had taxable income of $8,000 in the current year. The amount of MACRS depreciation was $3,000 while the amount of depreciation reported in the income statement was $1,000. Assuming no other differences between tax and accounting income..

Explain audience why r points to conclusion : We conclude that memory of food intake in the distant past is fair to poor." Explain to your audience why r=0.217 points to this conclusion.

Determining factoring polynomials : If the sides of a square are lengthened bt 5cm, the area becomes 169cm2. Find the length of a side of the original square.

Illustrate what is the velocity of the second block : Illustrate what is the velocity of the second block after the bullet imbeds itself? (b) Find the ratio of the total kinetic energy after the collision to that before the collision.

Capitalized lease liability : The rounded present value of an ordinary annuity for nine years at 9% is 6.0. What amount should N report as capitalized lease liability at December 31, 2009?

User Account

All Pages