User Account

All Pages

What amount should grim report as current provision

Assignment Help Financial Accounting
Reference no: EM132749945

For the year ended December 31, year 4, Grim Co.'s pretax financial statement income was $200,000 and its taxable income was $150,000. The difference is due to the following:

Interest on municipal bonds $70,000
Premium expense on key manager life insurance ($20,000)
Total $50,000

Problem 1: Grim's enacted income tax rate is 30%. In its year 4 income statement, what amount should Grim report as current provision for income tax expense?

A. $45,000

B. $51,000

C. $60,000

D. $66,000

Reference no: EM132749945

Questions Cloud

Data analytics lifecycle : Choose one industry that is of interest to you. Using this industry as an example, describe issues that may arise from a poorly framed problem
How lake should report a deferred income tax liability of : The enacted tax rate for year 1 is 30% and 25% thereafter. In its December 31, year 1, balance sheet, Lake should report a deferred income tax liability of
Do you see any problem with the wait and record approach : Zach Allen is the accountant for a large retail company. Do you see any problem with the "wait and record approach"
Discuss what the drug trafficker told you at the scene : Mike is in charge of a three-man narcotics unit. He is using a non-police informant to make a "confidence purchase" of narcotics in a local motel along.
What amount should grim report as current provision : Grim's enacted income tax rate is 30%. In its year 4 income statement, what amount should Grim report as current provision for income tax expense?
Compute for the dividends per share : Assume that 80% of the retained earnings are available for distribution as cash dividend. Compute for the dividends per share
InfoTech In Global Economy : Use the university library or the web and identify 3 recent scholarly articles on Value Sensitive Design in policymaking or IT.
What is maximum income tax benefit that brass can realize : Brass Co. reported income before income tax expense, What is the maximum income tax benefit that Brass can realize from the loss carry forward?
Organizations are struggling to reduce : Organizations are struggling to reduce and right-size their information foot-print, using data governance techniques like data cleansing and de-duplication.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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