User Account

All Pages

Make a reconciliation of Alpha taxable income

Assignment Help Accounting Basics
Reference no: EM132836748

Question - Reconciling Book Income and Taxable Income

Alpha Corporation reports the following results for the current year:

Net income per books (before federal income taxes) $738,000

Federal income tax expense per books (156,240)

Net income per books (after federal income taxes) $581,760

Tax-exempt interest income 10,000

Interest on loan to purchase tax-exempt bonds 7,000

MACRS depreciation exceeding book depreciation 40,000

Net capital loss 8,000

Insurance premium on life of corporate officer where Alpha is the beneficiary 9,000

Excess charitable contributions carried over to next year 4,000

Required - Make a reconciliation of Alpha's taxable income before special deductions with its book income.

Reference no: EM132836748

Questions Cloud

What is the cost of preference capital for abc limited : What is the cost of preference capital for ABC limited? What would be the cost of preference capital if the price of preference shares is changed
Leadership and organizational thinking emanate : The basic assumptions behind much of leadership and organizational thinking emanate from business schools
Biotechnology discussion : Envision future if you will for few minutes. The field of biotechnology has really expanded over the past few years. What do you see as future of biotechnology.
How much is the combined total liability : How much is the Combined Total Liability? On January 1, 2019, FORESTER Corporation and FORTUNER Company decided to enter into a business combination
Make a reconciliation of Alpha taxable income : Excess charitable contributions carried over to next year 4,000. Make a reconciliation of Alpha's taxable income before special deductions with its book income
Accounting and financial information management systems : What are accounting and financial information management systems and how do they assist business operations?
Determine the amount of income tax : Selling & administrative expenses 1,000,000. Determine the amount of income tax and amount of discontinued operations
What are the key features of cultural literacy : What are the key features of cultural literacy? Explore current or newsworthy (within the last three months) examples to illustrate your comments.
What is the total depreciation for jade company : What is the total depreciation for 2014? The machine has a special component that required replacement before the end of the useful life.

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