For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:            Pretax accounting income $ 300,000     Permanent difference   (15,000 )       285,000     Temporary difference-depreciation   (20,000 )   Taxable income $ 265,000        Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as its deferred income tax liability as of the end of its first year of operations?

Q: For the year ended 30 June 20X4, Margorie Corp generated taxable operating income of CU 1,200,000 of…

A: Deferred Tax Liability: it records the fact that the company will pay more income tax in future due…

Q: AirParts Corporation reported a net operating loss of $25 million for financial reporting and tax…

A: The net operating loss is considered as negative taxable income. It can be used in other fiscal year…

Q: P3,000,000. Of this total, P500,000 relates to current items. The entity also had deductible…

A: Tax expenses for a particular year is reported as :   CURRENT TAX DEFERRED TAX

Q: Alvis Corporation reports pretax accounting income of $400,000, but due to a single temporary…

A: Calculate the net income of Company Alvis’s:

Q: Gosling, Inc., a calendar year, accrual basis corporation, reported $756,000 net income after tax on…

A: Income tax is the tax which is levied by the tax authority on the net income of the firms. The…

Q: The Foyer Company had an enacted income tax rate of 25%. The company ended Year 1 with a deferred…

A: Given that: Year 1 deferred income tax liability = $30,000 Year 2 deferred income tax liability =…

Q: IT Company reported the following results for the year ended December 31, 2020, its first year of…

A:

Q: Burcham Corporation reported pretax book income of $600,000. The depreciation exceeded book…

A: The tax is the liability for the company that has to be paid on income earned and it acts as revenue…

Q: A company reports 2021 pretax accounting income of $10 million, but because of a single temporary…

A: Deferred tax liability: When Income Tax Expense account is less than the Income Tax Payable account,…

Q: For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income…

A: Deferred tax liability means liability calculated by finding difference between the comapany taxable…

Q: Bee Corp. prepared the following reconciliation between book income and taxable income for the year…

A: Tax is a liability calculated on the income earned and paid to the government.

Q: Bee Corp. prepared the following reconciliation between book income and taxable income for the year…

A: Current portion of provision for income taxes  = Taxable income x income tax rate

Q: Integrity Company computed a pre-tax financial income of P2,200,000 for its first year of operations…

A: According to the given question, we are required to compute the total income tax expense in 2021.…

Q: KL Corporation prepared the following reconciliation for its first year of operations: ·      Pretax…

A: Solution: Taxable income = Pretax financial income - Tax exempt interest - Taxable temporary…

Q: At the end of the year, Huskies Together Company has pretax financial income of $550,000. Included…

A: For computing Income tax payable, Taxable Income will be calculated. Income tax payable = Taxable…

Q: The reported pretax financial income of Mechado Company is P1,800,000 and current income tax rate is…

A: Taxable income =  pretax financial income + Fines paid for late payment of taxes +  Impairment loss…

Q: company's current and deferred income tax expense or benefit.

A:

Q: EFG & Co. started its business at the beginning of the current year. By end of first year…

A: Deferred tax liability = future taxable amount x tax rate = P400,000 x 30% = P120,000

Q: EFG, a calendar year, accrual basis corporation, reported $479,900 net income after tax on its…

A: In order to calculate the taxable income from the book income, all the exempt income and deductible…

Q: At the end of the first year of operations. an entity had taxable temporary differences totaling…

A: Calculation of Deferred tax expense / Deferred tax benefit :- Deferred tax expense =  taxable…

Q: At the end of the year, Falabella Co. has pretax financialincome of $550,000. Included in the…

A: Calculate taxable income

Q: A company reports pretax accounting income of $10 million, but because of a single temporary…

A: Income tax expense:   The expenses which are related to the taxable income of the individuals and…

Q: Tamarisk Corporation began 2020 with a $50,600 balance in the Deferred Tax Liability account. At the…

A: Deferred tax liability arises when the tax due for one accounting period arising out of timing…

Q: f $590,000. The book–tax difference of $369,000 was due to a $205,000 favorable temporary difference…

A: Deferred income tax is a liability to the company which arises due to differences in tax laws and…

Q: Randolph Company reported pre-tax net income from continuing operations of $800,000 and taxable…

A: Calculations of Current Tax expense and Deferred Tax Expense   Current Tax expense = Taxable income…

Q: Grand Corporation reported pretax book income of $720,000. Tax depreciation exceeded book…

A: Deferred Tax Asset: Deferred tax asset  reduces  taxable income in the future and used for  tax…

Q: Liberty Corporation, an S corporation, had the following book-tax differences for the current year:…

A: The AAA is an account used for accounting adjustment to the book income recorded by the company.

Q: For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income…

A: Solution: Taxable income = $265,000 Taxable temporary differences = $20,000 Tax rate = 25%

Q: A company reports pretax accounting income of $10 million, but because of a single temporary…

A:

Q: At December 31, DePaul Corporation had a $16 million balance in its deferred tax asset account and a…

A: Multiple Temporary DifferenceIt is very unlikely to have a single temporary difference in any…

Q: EFG, an accrual basis calendar year corporation, reported $742,000 net income before tax on its…

A: Tax is a liability that is calculated on the income earned and reported in the income statement.

Q: Cola Corp. had a taxable net income of P5,500,000 and total assets of P100 million. It had the…

A: Itemized deductions are the deduction that can be claimed while filling the tax return that reduces…

Q: Maxwell's annual financial statements show operating profit before interest and tax of $415,386…

A: A Tax Shield means deduction of expenses allowed from taxable income which reduced the amount of…

Q: EZ, Inc., reports pretax accounting income of $427,000, but due to a single temporary difference,…

A: Deferred Tax: Deferred tax is an amount i.e. computed on the basis of tax liability on the income as…

Q: The pre-tax income statements for Moonstone Ltd. for two years (summarized) were as follows: 20X8…

A: SOLUTION TAXABLE INCOME IS THE AMOUNT OF INCOME THAT IS USED TO CALCULATE THE TAXES OWNED BY…

Q: For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: Livia Company’s pretax income was $72,000. To compute taxable income, the following information is…

A: Income tax is liability of taxes to be paid to the government on the income earned. Taxable income…

Q: prepare Geo Jack's M-1 based on the following information

A: The income over which the tax is levied by the government as their revenue at the end of each…

Q: Tuna Corporation reported pretax book income of $1,017,000. During the current year, the net reserve…

A: The book equivalent  Taxable  income   considers only  permanent  capital

Q: The reported pretax financial income of Mechado Company is P1,800,000 and current income tax rate is…

A: Taxable income =  pretax financial income + Fines paid for late payment of taxes +  Impairment loss…

Q: Blossom Corporation began 2020 with a $57,040 balance in the Deferred Tax Liability account. At the…

A: Temporary difference / Future taxable amount = $434,000 Deferred tax liability at the end of 2020 =…

Q: Acer, Inc. reported a taxable income of P8,000,000 in its Form 1702 for its first year of…

A: Income tax actual paid and income tax expenses some time differ because of deferred income tax.…

Q: Pecorino Company had pretax financial income of P2,500,000 in the current year. The entity made…

A: Tax expense is calculated by multiplying the taxable income by the tax rate.

Q: Red, Incorporated has book income of $500,000 before federal income tax expense which includes…

A: The deferred tax asset would arise on difference between book income qnd taxable income of $10000…

Q: Required: What is the charge for income tax expense that will appear in the statement of profit or…

A: D. $8,000

Q: A company reports pretax accounting income of $10 million, but because of a single temporary…

A: Income tax expense:  The expenses which are related to the taxable income of the individuals and…

Q: For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income…

A: Income tax payable is the Amount of tax liability on taxable income which is to be paid.

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.