What amount should brye report as current income tax expense

Assignment Help Accounting Basics
Reference no: EM133169594

Question - For the year ended December 31, Year 4, Brye Co. reported pretax financial statement income of $320,000. Its taxable income was $270,000. The $50,000 difference is due to using the installment sale method for tax reporting. Brye's current enacted tax income tax rate is 25% and its future enacted tax rate is 30%. Brye made estimated tax payments during Year 4 of $25,000. What amount should Brye report as current income tax expense for Year 4?

A. $42,500

B. $67,500

C. $80,000

D. $82,500

Reference no: EM133169594

Questions Cloud

What is the net effect of the errors on the profit : Profits before correction of errors were P492,000, P624,000, and P840,000 in 2022, 2023, and 2024, What is the net effect of the errors on the 2024 profit
Compute flint weighted-average accumulated expenditures : Flint Company is constructing a building. Construction began on February 1 and completed on December 31. Compute Flint weighted-average accumulated expenditures
Prepare martinez entry to record the exchange : The new truck is worth $39,550. Martinez also made a cash payment of $37,290. Prepare Martinez's entry to record the exchange
Explain the best interests requirement : Explain the 'best interests requirement' and why you did not appear to comply with Section 961B(2) of the Corporations Act
What amount should brye report as current income tax expense : Brye made estimated tax payments during Year 4 of $25,000. What amount should Brye report as current income tax expense for Year 4
Determine the carrying value of the loan receivable : The effective interest after considering capitalizable cost is 12%. On December 31, 20x3, determine the carrying value of the loan receivable
Determine the amount of cash received : If the shipping term is FOB destination, freight collect, determine the amount of cash received from the collection amounts
Determine the amount of cash short-over : In addition to receipts for the above items, the petty cash box contained P10 in coins. Determine the amount of cash short/ over
What is the upper control limit : Given a situation where a control chart with 3-sigma limits is being constructed - What is the upper control limit

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determining the theoretical paradigm

Which theoretical paradigm (functionalism, conflict theory, or interactionism) would be most interested in the study of language? Why?

  What are the deductible charitable contribution in each

What are the deductible charitable contribution in each?Charitable contribution of $2,600 and taxable income before charitable contribution of $42,000.

  Control is associated with which audit objective

Documentation of the employees job responsibilities and wages by the appropriate level of authority. This control is associated with which audit objective?

  How being global citizen in the world of advanced technology

How being a global citizen in the world of advanced technology can be beneficial to your success in meeting your personal, academic, and professional goals.

  Predicting each of the given rated categories

In 2011, the top 10 corporate citizens were Johnson Controls, Campbell Soup, International Business Machines, Bristol-Myers Squibb, Mattel, 3M, Accenture.

  What additional information might you want in this situation

"Vincent Vineyard, MD, is a very successful physician in Temecula, California. What additional information might you want in this situation

  Appropriate assumptions about cost behavior

For this information, make appropriate assumptions about cost behavior and assume that direct labor costs vary directly with thenumber of units produced. How many units must the company sell inorder to earn a pretax profit of $500,000?

  Discuss three total quality tools to develop team

To improve efficiency and effectiveness you develop a flow chart for your team to use of the different total quality tools.Select three total quality tools

  What is the total amount of interest that you will pay

The loan terms included annual payments for a 25-year term at an interest rate of 6 percent. What is the total amount of interest that you will pay on the loan

  What was the fixed overhead spending budget variance

What was (a) the fixed overhead spending (budget) variance for the year, and (b) the overhead production-volume variance for the year?

  Calculate the earnings correction that harper must show

Calculate the earnings correction that Harper must show in the 20X7 financial statements. Where will these amounts be disclosed

  What is the relevant cost of the machine to the new contract

A company is considering whether to enter into a new project. What is the relevant cost of the machine to the new contract

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd