User Account

All Pages

What should trinity report as its income tax expense

Assignment Help Accounting Basics
Reference no: EM132600460

Question - For its first year of operations Trinity Corporation's reconciliation of pretax accounting income to taxable income is as follows:

Pretax accounting income $300,000 Permanent difference (15,000) 285,000 Temporary difference-depreciation (20,000) Taxable income $265,000 Trinity's tax rate is 40%. What should Trinity report as its income tax expense for its first year of operations?

A. $120,000.

B. $114,000.

C. $106,000.

D. $8,000.

Reference no: EM132600460

Questions Cloud

Prepare the shareholders equity section of the SFP : Prepare the shareholders' equity section of the SFP at the end of the current year. Assume that retained earnings at the end of the current year is $750,000
Response to an increase in government spending : Suppose an increase in income of a dollar elicits an increase in consumption of 50 cents, an increase in savings of 10 cents
Affecting the adoption of e-commerce : What is e-commerce and what are the factors affecting the adoption of e-commerce by farmers in developed and developing countries?
The goal of operational security : Compare access control in relations to risk, threat and vulnerability. Describe access control and its level of importance within operations security
What should trinity report as its income tax expense : Taxable income $265,000 Trinity's tax rate is 40%. What should Trinity report as its income tax expense for its first year of operations
Contrast the accountant and economist cost functions : Cost functions used in accounting are generally linear. Assess how well these functions perform and do they sufficiently reflect economic reality
Asymmetric and symmetric encryption : Analyze asymmetric and symmetric encryption. Evaluate the differences between the two of them and which one that you would determine is the most secure.
Find the Evelyn net income for the year ended December : Evelyn Company purchased equipment that cost $150,000 on January 1, 2011. Find the Evelyn's net income for the year ended December 31, 2009
Find what is consolidated cost of sales : Find What is consolidated cost of sales? During 20X2, Parent sold merchandise to Sub for $100,000, at a gross profit to Parent of $40,000.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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