FREE Trial

For 2010, its first year of operations, Quinn Advertising, Inc. earned pretax accounting income (on the income statement) of $375,000.

Question:

For 2010, its first year of operations, Quinn Advertising, Inc. earned pretax accounting income (on the income statement) of $375,000. Taxable income (on the tax return filed with the Internal Revenue Service) is $300,000. The income tax rate is 30%. Record Quinn’s income tax for the year. Show what Quinn will report on its 2010 income statement and balance sheet for this situation. Start the income statement with income before tax.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 66% (6 reviews)

2010 Income Tax Expense 375 000 30 112 500 Income Tax Payable 30…View the full answer


answer-question
Answered By
tutor-profile-image
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  answer-question
Financial accounting

Financial accounting

ISBN: 978-0136108863

8th Edition

Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas

See More Books
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: December 10, 2012 03:56:52
See More Questions

Students also viewed these Accounting questions

Q:
Which of the following functions are eigenfunctions of the operator - x, sin(ax), and ex where a is any constant.
A:
NOW 6 JY or or for two functions to be mutual ortho......
Q:
During 2019, its first year of operation, John's Scent Shoppe has cash sales of $105,000, as well as account sales of $52,000. Of the cash sales, $12,000 represents payments for goods that will be...
A:
Cash Sales 105000 Credit Sales 52000 Less Advance received ag......
Q:
The Bradley Company has just completed its first year of operations. A condensed income statement follows, showing actual and standard amounts and the variances: Required: The president of Bradley...
A:
2 If Product A sells for 5 50 per unit then 310 units would show total sales of 1 705 leaving Produc......
Q:
Sketch the graph of the function. y = e -x/2
A:
Click to View...
Q:
A 69.0-kg short-track ice skater is racing at a speed of 11.0 m/s when he falls down and slides across the ice into a padded wall that brings him to rest. Assuming that he doesn't lose any speed...
A:
Strategy Use Eqs......
Q:
Show, using indifference curves and budget constraints, that a. All goods can be normal, but b. Not all goods can be inferior.
A:
a As shown in the graph it is possible with an increase in income for the......
Q:
Choose the correct answer. How can Starbucks use big data analytics to effectively grow their business in China? a) Use the data to manage suppliers and meet government standards. b) Use the data to...
A:
d Use the data t......
Q:
Sarah Miracle has her own chain of music stores, Miracle Music. Her stores sell musical instruments, sheet music, and other related items. Music lessons and instrument repair are also offered through...
A:
Req 1 Planning Directing Controlling Sales Increase Sales Setting competitive prices Examine sales reports Monitor sales numbers and prices from different products and locations over time Investigate......
Q:
Elon decided to give out premium subscriptions for free to some of the users. Consider the following database schema for a social media platform: Users User Interest Name Userld FirstName...
A:
You can use the following SQL query to retrieve the FirstName LastName and PhoneN......
Q:
The founder of Frenza asks us to assist her in accounting and analysis of the corporations bonds, which have an annual contract rate of 8%. She wants to know the business and accounting implications...
A:
Click to View...
Q:
Athens Holding Company operates numerous businesses, including motel, auto rental, and real estate companies. Year 2010 was interesting for Athens, which reported the following on its income...
A:
Amounts in millions except per share amounts Earnings per share of comm......
Q:
During 2010, the Alvin Heights Corp. income statement reported income of $330,000 before tax. The companys income tax return filed with the IRS showed taxable income of $280,000. During 2010, Alvin...
A:
Req 1 Income Tax Expense 330 000 30 99......
Q:
The supply function for a product is 2p - q - 10 = 0, while the demand function for the same product is (p + 10)(q + 30) = 7200. Find the market equilibrium point?
A:
2p q 10 0 p 10 q 30 7200......
Q:
In a standard cost system the materials price variance is obtained by multiplying the. (a). Actual price by the difference between actual quantity purchased and standard quantity used. (b). Actual...
A:
The correct answer is b Actual quantity purchased by the difference b......
Q:
Explain three control ratios used for performance evaluation.
A:
Control ratios are financial and performance metrics that organizations use to evaluate and manage their performance These ratios help assess how effe......
Q:
Discuss the important of market prices in transferring pricing system.
A:
Market prices play a crucial role in the context of transfer pricing which refers to the pricing of goods services or intellectual property transferred between different entities of a multinational co......
Q:
State the important features of zero base Budgeting.
A:
Zero based budgeting ZBB is a budgeting technique that differs from traditional budgeting methods In zero based budgeting every budget item starts from scratch and each department or function within a......
Q:
Distinguish between standard costing and budgetary control.
A:
Standard Costing and Budgetary Control are two different but related techniques used in cost management and control within an organization Here are th......
Q:
What are the main purposes of competition law?
A:
The main purposes of competition law are to......
Q:
Refer to the information from Exercise 22-19. Use the information to determine the (1) Weighted average contribution margin , (2) Break-even point in units, and (3) Number of units of each product...
A:
Contribution Percentage of Weighted 1 Margin per unit x sales mix Unit CM Easy 20......
Q:
During 2012, its first year of operations as a delivery service, Underwood Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $100,000 in...
A:
Cash 1 100 000 2 45 000 3 60 000 4 16 000 5 6 5 200 8 28 000 9 11 000 Assets 10 000 Accounts Accou......
Q:
A tabular analysis of the transactions made during August 2012 by Nigel Company during its first month of operations is shown below. Each increase and decrease in stockholders?? equity is explained....
A:
a 1 Stockholders invested 20 000 cash in the business 2 Purchased equipment......
Q:
The tabular analysis of transactions for Nigel Company is presented in E3-4. Instructions Prepare an income statement and a retained earnings statement for August and a classified balance sheet at...
A:
NIGEL COMPANY Income Statement For the Month Ended August 31 2012 Revenues Ser......
Computing Concepts With Java Essentials 3rd Edition - ISBN: 047124371X - Free Book