Misty Company reported the following before-tax items during the current year: Sales revenue $ 600 Selling and administrative expenses 260 Restructuring charges 20 Loss on discontinued operations 40 Misty's effective tax rate is 25%. What is Misty's income from continuing operations? Multiple Choice $240 $320 $450 $255
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- Misty Company reported the following before-tax items during the current year: Sales revenue $ Selling and administrative 1,600 expenses 860 Restructuring charges 20 Loss on discontinued operations 40 Misty's effective tax rate is 25%. What Misty's net income the current year? $540 $580 $510 $50010. Nu Company reported the following pretax data for its first year of operations. Net sales 2,800 Cost of goods available for sale 2,500 Operating expenses 880 Effective tax rate 25 % Ending inventories: If LIFO is elected 820 If FIFO is elected 1,060 What is Nu's net income if it elects FIFO? a. 480 b. 360 c. 1360 d. 180Nu Company reported the following pretax data for its first year of operations. Net sales 2,960 Cost of goods available for sale 2, 480 Operating expenses 830 Effective tax rate 20% Ending inventories: If LIFO is elected 940 If FIFO is elected 1, 150 What is Nu's net income if it elects LIFO? Multiple Choice $800 $ 640 $472 $590
- ACCT Co. had a 20 percent tax rate. Given the following pre-tax amounts, what would be the income tax expense reported on the face of the income statement? A. $54,000 B. $34,000 C. $36,000 D. $16,000 Sales revenue $ 1,000,000 Cost of goods sold 600,000 Selling expense 100,000 Administrative expense 10,000 Interest expense 20,000 Discontinued operations loss 100,000 Answer:View Policies Current Attempt in Progress Crane Company has a tax rate of 30 percent and income before non-operating items of $ 1784700. It also has the following items (gross amounts). Unusual gain $110100 Loss from discontinued 914300 operations Dividend revenue 29200 Income increasing prior period adjustment 375000 What is the amount of income tax expense Crane would report on its income statement? O $577200 O $415410 O $542700 O $ 302910 Save for Later Attempts: 0 of 1 used Submit Answers Co. has a pretax profit of P2,000,000. The income tax rate 20% There were no temporary differences at the start of the vear. The only temporary differences at year-end relate to the following: Carrying amount Таx base Trade receivables 1,000,000 Equipment, net. Accrued expenses 2,000,000 1,200,000 400,000 Requirements: Compute for the following: a. Deferred tax liability and deferred tax asset b. Income tax expense and current tax expense c. Deferred tax expense/benefit d. Provide the journal entry.
- Saunderstown Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected Gross profit ratio $2,950 $2,480 $ 700 % 30% What is Saunderstown's gross profit ratio if it elects LIFO? (Round your answer to the nearest whole percentage.) 990 $ $1,250The following information is given to you relating to the operations of PrincehallCorporation: The income tax rate is 40%. Net sales $11,862 Cost of sales 8,321 Gross margin ? Selling, general, and administrative expenses $ 2,743 Depreciation, amortization, and asset write-offs 278 Total operating expenses: ? Income from operations : ? Interest expense 91 Interest and other income 11 Earnings before income taxes: ? Income taxes ? Net earnings: ? Determine the earnings before taxes:The following information is given to you relating to the operations of PrincehallCorporation: The income tax rate is 40%. Net sales $11,862 Cost of sales 8,321 Gross margin ? Selling, general, and administrative expenses $ 2,743 Depreciation, amortization, and asset write-offs 278 Total operating expenses: ? Income from operations : ? Interest expense 91 Interest and other income 11 Earnings before income taxes: ? Income taxes ? Net earnings: ? What was the income tax expense?
- The following information is given to you relating to the operations of PrincehallCorporation: The income tax rate is 40%. Net sales $11,862 Cost of sales 8,321 Gross margin ? Selling, general, and administrative expenses $ 2,743 Depreciation, amortization, and asset write-offs 278 Total operating expenses: ? Income from operations : ? Interest expense 91 Interest and other income 11 Earnings before income taxes: ? Income taxes ? Net earnings: ? Calculate the income from operations:The following information is given to you relating to the operations of PrincehallCorporation: The income tax rate is 40%. Net sales $11,862 Cost of sales 8,321 Gross margin ? Selling, general, and administrative expenses $ 2,743 Depreciation, amortization, and asset write-offs 278 Total operating expenses: ? Income from operations : ? Interest expense 91 Interest and other income 11 Earnings before income taxes: ? Income taxes ? Net earnings:…The Weymire Corporation provides you with the following information for the year ended 12/3120: Sales revenue 450,000 |Cost of goods sold 120,000 Gross margin 330,000 Depreciation expense Pension expense 72,750 28,500 Other expense 38,250 Interest expense 4,500 Gain on the sale of equipme (3,000) Income tax expense 97,500 238.500 91.500 Net Income 12/31/19 12/31/20 Cash 24,000 54,000 Accounts Receivable 75,000 70,500 Inventory 124,500 126,000 Equipment 127,500 123,000 Accumulated Depreciation (9.000) (10,500) Total 342.000 363.000 Accounts Payable 54,000 69,000 Income Taxes Payable 99,000 72,000 Interest Payable 3,000 1,500 45,000 6,000 Notes Payable, long term Accrued Pension Liability 3,000 Deferred Tax Liability Common Stock, no par 21,000 27,000 105,000 120,000 Retained Earnings 9.000 70,500 Total 342.000 363,000 Additional information: Equipment costing $73,500 was sold. New equipment was purchased, and $15,000 of common stock was issued in partial payment for the new equipment.…