In 2024 , AutoUSA Inc. received $ 4,600,000 of book income , including $ 20,000 of interest income from tax - exempt bonds . AutoUSA reported $ 3,600,000 of regular business expenses . If it made $ 210,000 of estimated tax payments ( prepayments ) throughout the tax year , what is its tax due or tax refund when it files its return ?

In 2024 , AutoUSA Inc. received $ 4,600,000 of book income , including $ 20,000 of interest income from tax - exempt bonds . AutoUSA reported $ 3,600,000 of regular business expenses . If it made $ 210,000 of estimated tax payments ( prepayments ) throughout the tax year , what is its tax due or tax refund when it files its return ?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 56P

See similar textbooks

Similar questions

Rhodes Corporations financial statements are shown after part f. Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions. a. What is the net operating profit after taxes (NOPAT) for 2020? b. What are the amounts of net operating working capital for both years? c. What are the amounts of total net operating capital for both years? d. What is the free cash flow for 2020? e. What is the ROIC for 2020? f. How much of the FCF did Rhodes use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchases, and net purchases of short-term investments? (Hint: Remember that a net use can be negative.) Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)
Grevilla Corporation is a manufacturing company. The corporation has accumulated earnings of $950,000, and it can establish reasonable needs for $400,000 of that amount. Calculate the amount of the accumulated earnings tax (if any) that Grevilla Corporation is subject to for this year. $_____________
Cullumber, Inc. had pre-tax accounting income of $3900000 and a tax rate of 20% in 2021, its first year of operations. During 2021 the company had the following transactions: Received rent from Jane, Co. for 2022 $108000 Municipal bond income $132000 Depreciation for tax purposes in excess of book depreciation $72000 Installment sales profit to be taxed in 2022 $174000 For 2021, what is the amount of income taxes payable for Cullumber, Inc? $824400 $726000 $752400 $682800
Sunland, Inc. had pre-tax accounting income of $3300000 and a tax rate of 20% in 2021, its first year of operations. During 2021 the company had the following transactions: Received rent from Jane, Co. for 2022 $102000 Municipal bond income $126000 Depreciation for tax purposes in excess of book depreciation $66000 Installment sales profit to be taxed in 2022 $168000 For 2021, what is the amount of income taxes payable for Sunland, Inc?
In 2023, Novak Inc. reported pretax accounting income of $129,100. In 2024, the company had a pretax accounting income of $57,100. In 2025, the company had pretax losses of $205,800. The following year, the company's pretax accounting income was $169,600. Income for tax purposes was the same as for accounting for all years. Novak's tax rate was 25% for 2023 and 2024, 28% for 2025 and 26% for 2026 and subsequent years. The tax rates were all enacted by the beginning of 2023. Prepare the journal entries for the years 2023 to 2026 to record income taxes. Assume that Novak's policy is to carry back any tax losses first, and that at the end of 2025, the loss carryforward benefits are judged more likely than not to be realized in the future. Novak follows IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order…
Sheridan, Inc. had pre-tax accounting income of $3200000 and a tax rate of 20% in 2021, its first year of operations. During 2021 the company had the following transactions: Received rent from Jane, Co. for 2022 $101000 Municipal bond income $125000 Depreciation for tax purposes in excess of book depreciation $65000 Installment sales profit to be taxed in 2022 $167000 At the end of 2021, which of the following deferred tax accounts and balances exist at December 31, 2021?
Verse Company's income statement for the year ended December 31, 2020 shows pretax income of P2,000,000. The following items are treated differently on the tax returns and on the accounting records: Financial Accounting Income Tax Return Rent Expense P200,000 PO Depreciation expense Interest on government bonds 500,000 800,000 50,000 Income tax rate is 30%. How much is the current portion of Verse' income tax expense?
J-Matt, Inc., had pretax accounting income of $331,000 and taxable income of $376,000 in 2021. The only difference between accounting and taxable income is estimated product warranty costs of $45,000 for sales in 2021. Warranty payments are expected to be in equal amounts over the next three years (2022–2024) and will be tax deductible at that time. Recent tax legislation will change the tax rate from the current 25% to 20% in 2023. Determine the amounts necessary to record J-Matt’s income taxes for 2021 and prepare the appropriate journal entry.
Shenron, Inc. had pre-tax accounting income of P1,350,000 and a tax rate of 40% in 2020, its first year of operations. During 2020 the company had the following transactions: Received rent from Master, Co. for 2021 P48,000 Municipal bond income P60,000 Depreciation for tax purposes in excess of book depreciation P30,000 Installment sales revenue to be collected in 2021 P81,000 For 2020 what is the amount of income taxes payable for Shenron, Inc? a. P579,600 b. P452,400 c. P514,800 d. P490,800
Tamarisk Inc. had pretax financial income of $139,400 in 2025. Included in the computation of that amount is insurance expense of $4,400 which is not deductible for tax purposes. In addition, depreciation for tax purposes exceeds accounting depreciation by $10,000. Prepare Tamarisk's journal entry to record 2025 taxes, assuming a tax rate of 30%. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
On December 31, 2023, XYZ Inc. has an account payable of $2,000 for operating expenses incurred during the year. These expenses are only tax deductible when paid. XYZ normally pays for its operating expenses one month after they are incurred. Assuming a 20% tax rate, these expenses will result in: Multiple Choice О A deferred tax liability of $2,000. A deferred tax liability of $400. A deferred tax asset of $400. A deferred tax asset of $2,000.
Oriole, Inc. had pre-tax accounting income of $3000000 and a tax rate of 20% in 2025, its first year of operations. In 2025, the company had the following transactions: Received rent from Sandra, Co. for 2026 $99000 Municipal bond income 123000 Depreciation for tax purposes in excess of book depreciation 63000 Installment sales profit to be taxed in 2026 165000 What is the amount of income taxes payable for Oriole for 2025? O $549600 $640800 $510000 O $574200