Business, 08.04.2020 01:33 jungkookie001

Accrual of tax liability for an interim reporting period Assume that our company reports pretax income for the quarter of $500,000. This is typically a low profit quarter for us, and we estimate that taxable income will be $4,000,000 for the year. We also expect to be eligible for tax credits of $180,000 that will reduce our required tax payment by that amount. a. Compute the estimated effective tax rate for the year assuming a statutory federal and state combined rate of 37.5%. Round to nearest whole percent. b. Prepare the required journal entry to accrue tax liability for the interim period.

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 21:30

Which of these things did galileo not do? a. stop publishing his scientific work after being convicted of heresy b. invent the concept of acceleration c. experiment with rolling balls down ramps of increasing steepness to test how objects would fall d. argue that earth moves around the sun e. make up a thought experiment that indicated that objects would fall at the same rate

Answers: 3

Answer

Business, 22.06.2019 13:50

Diamond motor car company produces some of the most luxurious and expensive cars in the world. typically, only a single dealership is authorized to sell its cars in certain major cities. in less populous areas, diamond authorizes a single dealer for an entire state or region. the manufacturer of diamond automobiles is using a(n) distribution strategy for its product.

Answers: 2

Answer

Business, 22.06.2019 14:20

Frugala is when sylvestor puts $2,000 into 10-year state bonds and $3,000 into 5-year aaa-rated bonds in steady hand hardware, inc. he buys the four state bonds at a 5 percent interest rate and the three steady hand bonds at a 6.5 percent rate. sylvestor also buys $1,500 worth of blue chip stocks, and $800 worth of stock in a promising new sportswear company that reinvests its earnings in new growth. 1. (a) what is the maturity for each of the bond groups sylvestor buys? (b) the coupon rate? (c) the par value?

Answers: 3

Answer

Business, 22.06.2019 16:30

Suppose that electricity producers create a negative externality equal to $5 per unit. further suppose that the government imposes a $5 per-unit tax on the producers. what is the relationship between the after-tax equilibrium quantity and the socially optimal quantity of electricity to be produced?

Answers: 2

Answer

You know the right answer?

Accrual of tax liability for an interim reporting period Assume that our company reports pretax inco...

Questions