i need the amount 2026 for income tax expense AND INCOME TAX PAYABLE. need the numbers in
Fantastic news! We've Found the answer you've been seeking!
Question:
i need the amount 2026 for income tax expense AND INCOME TAX PAYABLE. need the numbers in the RED BOXES! thank you
Transcribed Image Text:
The following information is available for Blossom Corporation for 2025. 1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $124,000. This difference will reverse in equal amounts of $31,000 over the years 2026-2029. 2 Interest received on municipal bonds was $9,600. 3. Rent collected in advance on January 1, 2025, totaled $59,700 for a 3-year period. Of this amount. $39,800 was reported as unearned at December 31, 2025, for book purposes. 4 The tax rates are 20% for 2025 and 17% for 2026 and subsequent years. 5. Income taxes of $167,000 are due per the tax return for 2025. 6. No deferred taxes existed at the beginning of 2025. (a) Your answer is correct. Compute taxable income for 2025. Taxable income for 2025 S 835000 The following information is available for Blossom Corporation for 2025. 1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $124,000. This difference will reverse in equal amounts of $31,000 over the years 2026-2029. 2 Interest received on municipal bonds was $9,600. 3. Rent collected in advance on January 1, 2025, totaled $59,700 for a 3-year period. Of this amount. $39,800 was reported as unearned at December 31, 2025, for book purposes. 4 The tax rates are 20% for 2025 and 17% for 2026 and subsequent years. 5. Income taxes of $167,000 are due per the tax return for 2025. 6. No deferred taxes existed at the beginning of 2025. (a) Your answer is correct. Compute taxable income for 2025. Taxable income for 2025 S 835000
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
What are four advantages of integrating AI technologies into decision support systems?
-
Florida Beach Company manufactures suntan lotion, called Surtan, in 11-ounce plastic bottles. Surtan is sold in a competitive market. As a result, management is very cost-conscious. Surtan is...
-
Write electron configurations for the following ions, and determine which have noble-gas configurations: (a). Cr3+ (b). N3- (c). Sc3+ (d). Cu2+ (e). Tl+ (f). Au+
-
A materials purchases journal, a cash payments journal, and a general journal for Vanyo, Inc., a manufacturer of cardboard boxes, are provided in the Working Papers. Work independently to complete...
-
Review the results from E23-18 and E23-21. Requirement 1. Record the journal entries to record materials, labor, variable overhead, and fixed overhead. Record the journal entries to record the...
-
Bill is a landlord who owns a property that he has advertised for rent. Mandy, who is disabled, wishes to rent the property and make some modifications to it so that she will be able to live more...
-
How many report templates are available with the custome report builder in quickbooks Online Advanced?
-
Fill in the Blank. Van der Pol's equation exhibits _________ cycles.
-
Fill in the Blank. Mechanical chatter is a(n) ___________ vibration.
-
Fill in the Blank. The Ritz-Galerkin method involves the solution of _____________ equations.
-
Fill in the Blank. The forced-vibration solution of Duffing's equation has _____________ for any given amplitude \(|A|\).
-
Fill in the Blank. The phenomenon of realizing two amplitudes for the same frequency is known as ____________ phenomenon.
-
During a normal month, hanks receive a total of nine checks with a total value of $148,500 on average, it takes 1 day from the date of deposit for the funds from these checks to be available to the...
-
At the beginning of the year, Lam Ltd. had total assets of $800,000 and total liabilities of $500,000. Use this information to answer each of the following independent questions. (a) If Lam's total...
-
The large-scale column in Example 16-4 is fed a saturated liquid with mole fraction \(\mathrm{z}=0.5\), and separation is essentially complete ( \(\mathrm{x}_{\text {dist }} \sim 1.0\) and...
-
Although the largest errors in calculating the height of a packed column are errors in (1) mass transfer coefficients and (2) VLE data, calculation errors can also be significant because calculation...
-
Errors in mass transfer coefficients obviously affect the value of \(\mathrm{H}_{\mathrm{G}}\) and hence the height of the packed section. These errors also affect calculation of...
Study smarter with the SolutionInn App