Reference no: EM132089015
Question: Zurich company reports pre-tax Financial income of $70,000 for 2014. The following items cost taxable income to be different than pre-tax Financial income.
1. depreciation on the tax return is greater than depreciation on the income statement by $16,000.
2. rent collected on the tax return is greater than rent earned on the income statement by $22,000.
3. fines for pollution appear as an expense of $11,000 on the income statement.
Zurich tax rate is 30% for all years, and the company expects to report taxable income and all future years. There are no deferred taxes at the beginning of 2014.
taxable income is $87,000 and income taxes payable or $26,100
a. Prepare the journal entry to record income tax expense deferred income taxes and income taxes payable for 2014 there are four entries
|
Determine the amount of after-tax funds maria would have
: Determine the amount of after-tax funds Maria would have available to pay for the car if she takes a lump sum distribution
|
|
Calculate the net benefit of further processing
: Determine whether Product F should be sold or processed further into Product G. Calculate the net benefit (cost) of further processing
|
|
Write paper on the impact of asset misappropriation
: Write a 1,050- to 1,400-word paper on the impact of asset misappropriation on an organization of your choice
|
|
What is the amount that will be credited to the sales
: Zorn Inc. makes a sale for $320. The company is required to collect sales taxes amounting to 5%. What is the amount that will be credited to the sales.
|
|
Preparing the journal entry to record income tax expense
: Zurich company reports pre-tax Financial income of $70,000 for 2014. The following items cost taxable income to be different than pre-tax Financial income.
|
|
Calculate the dollar amount of direct materials
: ZZ, Inc. has budgeted sales for the next five months as follows: Budgeted Sales in Units January 12,000 units February 15,000 units March 11,000 units April 22.
|
|
What are the total fixed costs for this event
: Tickets will be priced at £15 each. On arrival, every ticket holder will be given a bottle of water, worth £1 per bottle. What are the total fixed costs
|
|
Review problem of zeller and merkel related to shares
: Zeller and Merkel has some shares held in the treasury, and wonder if that might be another viable alternative to raising the needed funds.
|
|
What was the Penny TV variable cost per unit sold
: Penny's TV and Appliance Store is a small company that has the information pertaining to current year operations. What was the Penny's TV variable cost per unit
|