Oriole Company reports pretax financial income of $76,500 for 2020. The following items cause taxable income to be different than pretax financial income.
1. Depreciation on the tax return is greater than depreciation on the income statement by $15,700.
2. Rent collected on the tax return is greater than rent recognized on the income statement by $23,400.
3. Fines for pollution appear as an expense of $10,500 on the income statement. Oriole's tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020.
Compute taxable income and income taxes payable for 2020.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Oriole Company reports pretax financial income of $76,500 for 2020. The following items cause taxable income to be different than pretax ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Many frequent flyers have missed their flights due to long, slow security checks before being allowed to enter the airline's terminal. This policy designed to ensure safe flights has resulted in problems associated with perceived: A.
Answers (2)
Jasper has $1,000 invested at 8% interest. How long will it take him to double his money?
Answers (1)
You have a budget of $5,000. You want to buy email addresses, and each address costs $0.41. How many addresses can you purchase? a) 12,195 b) 13,251 c) 14,200 d) 15,220
Answers (1)
Danita rescues dogs from her local animal shelter. When danita's income rises by 7 percent, her quantity demanded of dog biscuits increases by 12 percent. For danita, the income elasticity of demand for dog biscuits is a.
Answers (1)
Don Krump wants to triple his investment in 6 years. An investment firm offers him an attractive interest rate. If the interest is compounded monthly, determine the nominal interest for this investment.
Answers (1)
New Questions in Business
What is a progressive income tax? a. Tax rate remains the same regardless of income. c. the average tax rate goes up when income goes up. b. The average tax rate goes down when income goes up. d. A tax that is measured at the margin.
Answers (2)
In the market for used cars, the demand and supply equations are given by qd = 12,000 - 0.4p and qs = 0.1p + 5,000, where p is the price per car and q measures the quantity of cars. what happens at a price floor of $20,000?
Answers (1)
2. Winners and losers from free trade Consider the market for meekers in the imaginary economy of Meekertown. In the absence of international trade, the domestic price of meekers is $40. Suppose that the world price of meekers is $39.
Answers (1)
An economic system: A. requires a grouping of private markets linked to one another. B. is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem. C.
Answers (1)
Grading at a site refers to A) evaluating the existing subsurface conditions of a site. B) evaluating the groundwater conditions at a site. C) compacting the soil to required density. D) None of these.
Answers (1)