User Account

All Pages

How much is the accounting income subject to tax

Assignment Help Financial Accounting
Reference no: EM132856672

Zoombie Corp reported the following for the year ended December 31, 2021:

Accounting income per book P 6,000,000

Provision for litigation cost(probable) 200,000

Estimated warranty cost 400,000

Accounting depreciation 800,000

Tax depreciation 600,000

Insurance premium(officers) 500,000

Interest from Time Deposit 150,000

Dividends 150,000

Gross income on installment 100,000

Income tax rate 30%

Problem a. How much is the taxable income?

Problem b. How much is the accounting income subject to tax?

Problem c. How much is the deferred tax liability?

Problem d. How much is the deferred tax asset?

Reference no: EM132856672

Questions Cloud

Alliance motivations do you think are most compatible : Which alliance motivations do you think are most compatible with each other? Why?
How much is the income tax expense : How much is the income tax expense? In 2021, Amirante Corporation had pretax financial income of $168,000 and taxable income of $120,000.
What will billy have : Billy Bob has decided to put $2,400 a year (at the end of each year) into an IRA over his 40 year working life and then retire. What will Billy have
What net profit after exercising option would be : If you bought a 100-share contract for $ 129.20 and Du Pont's stock price actually changed to $ 67.06 , your net profit (or loss) after exercising option would
How much is the accounting income subject to tax : How much is the accounting income subject to tax? How much is the deferred tax liability? How much is the deferred tax asset?
What the fvif just calculated means : Explain clearly what this number means. Next, find the FVIF of 3 years, 10 percent using only this PVIF. Finally, explain what the FVIF just calculated means.
Project risk-management plan for review : You are preparing the project risk-management plan for review with the sponsor and your manager.
How much interest will be paid in year two : How much interest will be paid in year 2? You plan to borrow $75,000 at a 7% annual interest rate. The terms require you to amortize the loan with 10 equal
Expected interplay between demanders and suppliers : Describe the expected interplay between demanders and suppliers, interest groups and analyze the public policy environment.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Compute inventory book and tax differences

In its first year of operations, Lima Company manufactured 1,000 widgets, incurring direct materials and labor costs of $227,000. For book purposes, Lima captialized $260,000 of indirect manufacturing costs. Compute Lima's inventory book/tax differen..

  Find which statements concerning the statement of objectives

Find Which statements concerning the statement of objectives are true? it may be derived in part from a capabilities document for a system

  What can be reported on tax return

Single taxpayer with aging of 92,300 has rental income of 55000 and rental expenses of 80000. What can be reported on tax return. Provide the calculation.

  What you would recommend that the museum manager do

Write a memo of 300-400 words explaining what you would recommend that the museum manager do. mplete next year's budgeted figures for each entity within the same Excel worksheet (yellow cells).

  Journalize the adjusting entry required

Journalize the adjusting entry required, assuming the amount of unearned fees at the end of the year is $189,750

  Calculate the projects profitability index

Calculate the project's Profitability index (PI). You must show your manual work to earn credit

  Journalize the entries to record the transactions

On January 1, the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a seven-year, 7% installment note to Soros Bank. The note requires annual payments of $15,772, with the first payment occurring on the last day of the fiscal y..

  Separate taxable entity from its shareholders

As you’ve undoubtedly learned by now, you often have to focus on the details in tax law, and the rules surrounding corporate formation are no exception to this rule. We know that a corporation is generally seen as a separate taxable entity from its s..

  Using straight-line amortization

On January 1, 2014, Victor Corporation sold a $1,460,000, 10 percent bond issue (8 percent market rate). The bonds were dated January 1, 2014, pay interest each June 30 and December 31, and mature in five years. Record the interest payment on June 30..

  What is the available production capacity

B&B produces and sells one single product: BT5. The production capacity of B&B is 48,000 units. What is the available production capacity

  What is the amount that would be recognised as the lease

What is the amount that would be recognised as the lease liability by Lessee Ltd at the commencement of the lease? (round answer)

  Explain about accrual-basis financial statements

Discuss the differences between accrual-basis financial statements and cash-basis financial statements. Determine which provides more useful information and the reasons it is more useful.

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