User Account

All Pages

What is the amount for current tax expense

Assignment Help Financial Accounting
Reference no: EM132880117

Question - AAA Corp. has a 2020 accounting net income before tax of $90,000. Also, they prepaid a three year lease for $24,000. For tax purposes, they are allowed to deduct the prepayment in 2020. The lease costs will be recognized equally over the next three years beginning in 2021. In 2021 accounting net income was $100,000. The tax rate is 30%. What is the amount for 2021 Current tax expense?

Reference no: EM132880117

Questions Cloud

What tax advice would you offer to calvin in planning : What tax consequences the interest and dividends will have along with the stock sale. What tax advice would you offer to Calvin in planning for this situation?
Leadership styles and organizational culture : Now that the change management plan has been completed, describe AGC's new leadership styles and organizational culture.
Summarize the trend in the dividend growth rates : Have the dividend growth rates increased or decreased? By how much? Has the increase or decrease been steady or varied from year to year?
Explain the different categories of intangible assets : Explain the difference between the allowance method and the direct write off method for accounts receivable. Document the method used for each
What is the amount for current tax expense : AAA Corp. has a 2020 accounting net income before tax of $90,000. What is the amount for 2021 Current tax expense
Leadership styles of shawn and john : What are the differences between the leadership styles of Shawn and John? What are the pros and cons of each style?
Explore the for loop and the while loop : How do you include a ‘loop' structure programming in Python? Explain when to use these different types of loops. Explore the for loop and the while loop.
What is amount transferred to the cost of goods sold account : If Comfy Home uses the FIFO method for recording their inventory, what is the amount transferred to the cost of goods sold account
Religion comparison : An overview of the history of Hinduism. The importance and role of the sacred texts of Hinduism

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the future value of an ordinary annuity with payment

What is the future value of an ordinary annuity with $500 payments every three months (i.e. 4 times a year), completed over a total time of 10 years?

  Determine what total number of units must be sold

Using cost-volume-pro?t analysis, determine what total number of units must be sold in order to earn a company-wide pro?t of $300,000.

  Calculate the current ratio from client financial statements

Calculate the current ratio from your client's financial statements, you find that current assets are only 10% of your client's current liabilities.

  Journalize the selected transactions for october

Journalize the selected transactions for October. Received $15,000 from Sasha Kat, owner. Customer paid $9,500 for work to be completed in November.

  Analyze weaknesses and financial strengths of the company

Analyzing the weaknesses and financial strengths of the company

  Does maple need to record impairment for furniture and why

Does Maple Inc. need to record an impairment for this furniture? If so, show your work to explain why and provide the journal entry for the impairment.

  Journal entries for the initial transaction

Kohl Company lent $54,500 to Hemingway, Inc, accepting Hemingway's 2-year, $67,756, zero-interest bearing note. The implied interest rate is 11.5%. Prepare Kohl's journal entries for the initial transaction, recognition of interest each year, and the..

  How does amazon uphold its responsibility to carry out work

How does Amazon uphold its responsibility to carry out work for the common good and to meet society's needs by making sound financial decisions?

  Which least important capital market investment objective

Which of the following is the LEAST important capital market investment objective when the portfolio primarily consists of long-term debt and stock issues?

  Uses a standard cost system

Luis Corporation uses a standard cost system in which it applies manufacturing overhead to products on basis of machine hours (MH's). The company's standard requires 4 Machine Hours for each unit produced. Luis budgets to produce 1,100 units per mont..

  Describe in detail the goals you have for this unit

Describe in detail the goals you have for this unit and Describe how this unit will help you in your professional development

  Prepare statement of owners equity for the month of april

April 1 Nozomi invested $47,000 cash and computer equipment worth $30,000 in the company. 2 The company rented furnished office space by paying $1,700 cash for the first month's (April) rent. 3 The company purchased $1,600 of office supplies for cash..

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