User Account

All Pages

How much is the net income of gore

Assignment Help Accounting Basics
Reference no: EM132809471

Gore Company, organized on January 2, 2028, had a pretax accounting income of P7,000,000 and taxable income of P10,000,000 for the year ended December 31, 2028. The 2028 tax rate was 40%. The only difference between book and taxable income is estimated warranty costs.

Expected payments and scheduled enacted tax rates are as follows:

2029        P1,000,000          35%
2030            500,000          35%
2031             500,000         35%
2032            1,000,000        30%

Problem a) How much is the net income of Gore in 2028?

Problem b) What is the balance of deferred tax asset presented in the financial statement of 2030, if there was no other related transactions?

Problem c) If in 2031, the taxable income is P 12,000,000, how much is the income tax expense in that year?

Reference no: EM132809471

Questions Cloud

What is the cost per equivalent unit for direct material : What is the cost per equivalent unit for direct material? David Hasselhoff company starts work on 1000 physical units (Kitts) and completes 75 per cent
How much of dollar eight million cost should be allocated : How much of this $8 million cost should be allocated to each smartphone made? Assume that the factory where the phones are made is also used to make tablets
What is the profit under variable costing for ABC Ltd : What is the profit under variable costing? ABC Ltd makes widgets. It has no opening inventory and the closing inventory is 500 units.
Is the tax director correct in assessment of effective tax : The Relevant Facts, Specific Issues, Is the tax director correct in his assessment of the effective tax rate for calculating the deferred tax assets?
How much is the net income of gore : What is the balance of deferred tax asset presented in the financial statement of 2030, if there was no other related transactions?
Compute the equivalent units for conversion costs : Compute the equivalent units for conversion costs using the weighted-average method.Compute the equivalent units for materials
What are the trade-offs between the two approaches : List the costs and benefits of having an internal staffing focus. List the costs and benefits of having an external staffing focus.
Explain practice of leadership in teams : People often agree on leadership principles. Unfortunately, the consistent practice of leadership within teams is often missing, which leads to many challenges,
Create capstone project synopsis on the possibility of AI : Create a capstone project synopsis on the possibility of using AI on APM and how evolving week AI to General AI will help drive the APM business

Reviews

Write a Review

Accounting Basics Questions & Answers

  What will her investment be worth at the end

Question - Sabina plans to invest $175 at the end of every month for the next 8.25 years. What will her investment be worth at the end of the 8.25 year period

  Sissac catering uses two measures of activity jobs and

sissac catering uses two measures of activity jobs and meals in the cost formulas in its budgets and performance

  A retailer purchases merchandise with a catalog list price

a retailer purchases merchandise with a catalog list price of 15000. the retailer receives a 15 trade discount and

  Accounting for net patient service revenue

Ruby Ruth Hospital had the following transactions during the year ended December 31, 2012. Prepare journal entries to record these transactions.

  Allantis machining experienced the following events

Allantis Machining experienced the following events during 2013: 1. Started operations by acquiring $100,000 of cash from the issue of common stock. 2. Paid $12,000 cash in advance for rent during the period from February 1, 2013, to February 1, 2014..

  Why should the function of requisitioning the purchase

Why should the function of requisitioning the purchase of goods be segregated from function of issuing purchase orders? How an automated matching process works

  How much interest income will he report this year

David invests $12,190 in original issue U.S. Treasury bonds with a $10,000 face value, How much interest income will he report this year

  Prepare the income distribution schedules for the year ended

Prepare the Income Distribution Schedules for the year ended 12/31/X2 for Parent Co. and Subsidiary Co.. Prepare the D&D Schedule as of 1/1/X1 for Parent Co

  What is the total interest income

On July 1, 20X6, Dahl's Deli paid $465,000 to purchase $450,000, What is the total interest income that Dahl's Deli will recognize on these bonds

  What key points would you address to your boss and why

Your boss indicated to you not to worry as these are not material. However in your view they are! What key points would you address to your boss and why?

  Record the loan receipt on the books of blue hen

Blue Hen Company has accounts receivable of $400,000 which they use to secure a loan, Record the loan receipt on the books of Blue Hen

  What is the rate of return required to accumulate

What is the rate of return required to accumulate $400,000 if you invest $10,000 per year for 20 years. Assume all payments are made at the end of the period.

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