Question: At December 31 2014 Branson Real Estate reported a current
At December 31, 2014, Branson Real Estate reported a current liability for income tax payable of $105,000. During 2015, Branson earned income of $1,040,000 before income tax. The company’s income tax rate during 2015 was 36%. Also during 2015, Branson paid income taxes of $333,200. How much income tax payable did Branson Real Estate report on its balance sheet at December 31, 2015? How much income tax expense did Branson report on its 2015 income statement?
Answer to relevant QuestionsGood Earth Homes, Inc., builds environmentally sensitive structures. The company’s 2014 revenues totaled $2,785 million. At December 31, 2014 and 2013, the company had, respectively, $638 million and $604 million in ...Colorado Sports Ltd. is authorized to issue $5,000,000 of 4%, 10-year bonds payable. On December 31, 2014, when the market interest rate is 4.5%, the company issues $3,200,000 of the bonds. Colorado Sports amortizes bond ...The board of directors of Media Plus authorizes the issue of $6,000,000 of 5%, 15-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on May 31, 2014, at par.Requirements1. ...The following transactions of Concerto Music Company occurred during 2014 and 2015:2014Mar 3 Purchased a piano (inventory) for $72,000, signing a six-month, 4% note payable.May 31 Borrowed $85,000 on a 5% note payable that ...The Fancy Cola Company reported the following comparative information at December 31, 2014, and December 31, 2013 (amounts in millions and adapted):Requirements1. Calculate the following ratios for 2014 and 2013:a. Current ...
Post your question