Estimated tax payments were made during 2020

Reference no: EM133360025

Question: Tess Corp. is in its first year of operation. The company has pretax financial income of $200,000. The company has the following items recorded in its records. No estimated tax payments were made during 2020. Premium of life insurance for its key officers 22,500 Book depreciation in excess of tax depreciation 800 Interest on municipal bonds 7,500 Warranty expense 3,500 Actual warranty repairs 5,500 Bad debt expense 4,200 Beginning balance in allowances for uncollectible accounts 500 End balance in allowances for uncollectible accounts 800 Tax rates for 2020 and future years 20%

Reference no: EM133360025

Questions Cloud

Describe the core processes of the company and identify : Describe the core processes of the company and identify how those processes are related to descriptive statistics and data mining.

Software development methodology : Select a development model to undertake the task. Provide the description e.g. what documentations to draft for each phrase.

Explain how to complete blocks 6, 12, 15b and 15c : In your own words, explain how to complete Blocks 6, 12, 15B and 15C on commission-only paid employee's ROE

Describe one method of multifactor authentication : Describe one method of multifactor authentication that you have experienced, and discuss the pros and cons of using multifactor authentication.

Estimated tax payments were made during 2020 : ACCT 4300 William Paterson University Beginning balance in allowances for uncollectible accounts 500 End balance in allowances for uncollectible accounts 800

Compute basic and diluted earnings per share for the year : Compute basic and diluted earnings per share for the year ended December 31, 2021 (round to two decimal places).

What types of virtualization datacenters would most benefit : Do you think it would be possible or a good idea and in what circumstances to not use vCenter Server? What types of Virtualization Datacenters would most

What role does leadership play in strategic planning : What role does leadership play in strategic planning? Why does an effective organization need a strategic plan?

Do you think the department should restrict funding : do you think the department should restrict funding to institutions with low rates of completion? Are there any unintended consequences of this action?

User Account

All Pages