User Account

All Pages

What is taxable income

Assignment Help Accounting Basics
Reference no: EM131815050

Question - At the beginning of 2012, Barbara, Inc. has a deferred tax asset of $8,000 and deferred tax liability of $6,500. In 2012, pretax financial income was $600,000 and the tax rate was 35%.

Pretax income included:

Interest income from municipal bonds $25,000

Accrued warranty costs, estimated to be used in 2013 $74,000

Prepaid rent expense, will be used in 2013 $16,000

Installment sales revenue, to be collected in 2013 $45,000

Operating loss carry forward $36,000

What is taxable income for 2012?

$796,000

$650,500

$600,000

$552,000

Reference no: EM131815050

Questions Cloud

Some examples of the different types of loans out there : What are some examples of the different types of loans out there? What is the difference between them?
Information security policy : This week you read about the 12 categories of threats, which of these threats have you or your organization experienced?
Shape using for loops and turtle graphics : Write a program to draw a repetitive pattern or outline of a shape using for loops and Turtle Graphics. Use the following guidelines to write your program.
Net income after tax : If Company A had moved to Ireland, how much greater would we expect to have been their Net Income After Tax?
What is taxable income : Accrued warranty costs, estimated to be used in 2013 $74,000. Operating loss carry forward $36,000. What is taxable income for 2012
Compute the ending balance of retained earnings : Posting closing entries directly to T-accounts The following balances appear on the books of Cedrick Owens Enterprises: Retained Earnings, $20,600
Current event article related to cyber security : Find and read a current event article related to cyber security from the past two weeks.
What is the monthly rate of interest : You have your eyes on a new automobile costing $25,000. What is the monthly rate of “interest” you are really paying for the $20,000 loan?
Identify the building blocks from the business model canvas : Identify one or more of the building blocks from the business model canvas where modification should be recommended.

Reviews

Write a Review

Accounting Basics Questions & Answers

  A company uses a predetermined overhead rate based on

a company uses a predetermined overhead rate based on direct labor hours dlhs to apply manufacturing overhead to jobs.

  If the volume of production is increased over the level

if the volume of production is increased over the level planned the cost per unit would be expected todecrease for

  Determine the equivalent units and costs per equivalent unit

Determine the equivalent units and costs per equivalent unit for materials and conversion costs

  Political lobbying in support of greater public spending

Construction workers frequently sponsor political lobbying in support of greater public spending on highways and public buildings. One reason they do this is to

  Comment on any changes you consider significant

Using the information shown in Problem, complete a common-size vertical balance sheet analysis in proper form for Year 0007 and Year 0008.

  Problem regarding the interest receivable

On June 1, 2014, MicroTel Enterprises lends $60,000 to MaxiDriver Inc. The loan will be repaid in 60 days with interest at 10%.

  What is meant by phrase shopping for accounting principles

Discuss what is meant by the phrase "shopping for accounting principles." What mechanisms have served to prevent this practice by management?

  Determine the correct inventory amount on december

The physical count of the inventory did not include goods costing $87,740, Determine the correct inventory amount on December 31

  Discuss what is total operating expense for june

Administrative office expenses incurred to order purchases are budgeted at 6% of purchases of merchandise only

  If the companys cost per unit of finished goods using

clear company reports the following information for its first year of operationsunits produced this year 100000

  Picado inc is investigating an investment in equipment that

picado inc. is investigating an investment in equipment that would have a useful life of 8 years. the company uses a

  Prepare a CVP income statement for the quarter ended March

Bruno Manufacturing Inc. had sales of $2,200,000 for the first quarter of 2010. Prepare a CVP income statement for the quarter ended March 31, 2010

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