In 2015, Amirante Corporation had pretax financial income of $168,000 and taxable income of $120,000. The difference
Question:
In 2015, Amirante Corporation had pretax financial income of $168,000 and taxable income of $120,000.
The difference is due to the use of different depreciation methods for tax and accounting purposes. The effective tax rate is 40%. Compute the amount to be reported as income taxes payable at December 31, 2015.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting IFRS Edition
ISBN: 9781118443965
2nd Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Question Posted:
Students also viewed these Business questions
-
In 2022, Amirante Corporation had pretax financial income of $168,000 and taxable income of $120,000. The difference is due to the use of different depreciation methods for tax and accounting...
-
In 2012, Amirante Corporation had pretax financial income of $168,000 and taxable income of $120,000. The difference is due to the use of different depreciation methods for tax and accounting...
-
In 2019, Amirante Corporation had pretax financial income of $168,000 and taxable income of $120,000. The difference is due to the use of different depreciation methods for tax and accounting...
-
Two basic assumptions of technical analysis are that security prices adjust: A. rapidly to new information and market prices are determined by the interaction of supply and demand. B. rapidly to new...
-
The U.S. Census Bureau tracks sales per month for various products and services through its Monthly Retail Trade Survey. Figure shows monthly bookstore sales in millions of dollars for 2014. a. Are...
-
A radio link uses a pair of 2m dish antennas with an efficiency of 60 percent each, as transmitting and receiving antennas. Other specifications of the link are: Transmitted power = 1dBw Carrier...
-
A project has been selected for implementation. The net cash flow (NCF) profile associated with the project is shown below. MARR is 10 percent/year. a. What is the annual worth of this investment? b....
-
Bill Fennema, president of Fennema Hospitality, has developed the tasks, durations, and predecessor relationships in the following table for building new motels. Draw the AON net-work and answer the...
-
The GRE (Graduate Record Exam) scores for both verbal and quantitative reasoning are approximately normally distributed and scaled to have mean 150 with standard deviation of 8.75. 1) Below what...
-
Oxford Corporation began operations in 2015 and reported pretax financial income of 225,000 for the year. Oxfords tax depreciation exceeded its book depreciation by 40,000. Oxfords tax rate for 2015...
-
State whether each of the following events will result in a movement along General Motors (GMs) demand curve for labor in their U.S. automobile factories or whether it will cause its demand curve for...
-
Your task is to write a program that computes paychecks. Employees are paid an hourly rate for each hour worked; how ever, if they worked more than 40 hours per week, they are paid at 150 percent of...
-
(a) A project undertaking by BP Sdn. Bhd. has base-case earnings before interest and taxes of RM29,500, fixed costs of RM35,600, a selling price of RM26 a unit, and a sales quantity of 19,500 units....
-
In 1981, the Australian humpback whale population was 350 and has increases at a rate of about 14% each year since then. Write a function to model population growth. What was the population in 2001?
-
1. why is conflict resolution important in Human resources and human relations ? 2. Why are both assertiveness skills and negotation skills important to conflict situations that might arise in the...
-
Use linearization to approximate 26 as a as a fully reduced fraction.
-
The President's proposals would reduce federal budget deficits, mainly by raising tax revenues. That deficit reduction would reduce output in the short term, but boost it in the long term. The...
-
A particle of mass m1 experienced a perfectly elastic collision with a stationary particle of mass m2. What fraction of the kinetic energy does the striking particle lose, if? (a) It recoils at right...
-
The rate at which the temperature of an object changes is proportional to the difference between its own temperature and the temperature of the surrounding medium. Express this rate as a function of...
-
The following defined benefit pension data of Datek Corp. apply to the year 2013: Accrued benefit obligation, funding basis, 1/1/13 (before amendment)..$280,000 Plan assets,...
-
RWL Limited provides a long-term disability program for its employees through an insurance company. For an annual premium of $18,000, the insurance company is responsible for providing salary...
-
Ekedahl Inc. has sponsored a non-contributory defined benefit pension plan for its employees since 1992. Prior to 2013, the funding of this plan exactly equalled cumulative net pension expense. Other...
-
Oxygen (molar mass 32 kg/kmol) expands reversibly in a cylinder behind a piston at a constant pressure of 3 bar. The volume initially is 0.01 m and finally is 0.03 m; the initial temperature is 17C....
-
Air flows through the venturi meter described in the previous example. Assume that the upstream pressure is 413 kPa, and that the temperature is everywhere constant at 20 C. Determine the maximum...
-
Consider the vector function given below. r(t) = (5t, 4 cos(t), 4 sin(t)) (a) Find the unit tangent and unit normal vectors T(t) and N(t). T(t) = 5 " 4 4 ( sin(t), cos(t)) 9 9 N(t) = (b) Use this...
Study smarter with the SolutionInn App