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?
Get 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 there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
The share of profit paid to equity and preference shareholders is known as a what?
Answers (1)
What is the change due if $5.01 is tendered for a charge of $4.21? A. 1.80 B. 0.80 C. 0.20
Answers (1)
The manager is responsible for training you about food safety in your job duties. These duties include preventing foodborne illness by: a. Timing food preparation to be ready for wait staff to serve b.
Answers (1)
Students are constructing models for how gasoline prices change. Maria's model has very realistic assumptions and is quite complex. Anna's model is less complicated and less realistic.
Answers (1)
An economist left her $100,000-a-year teaching position to work full-time in her own consulting business. In the first year, she had total revenue of $200,000 and business expenses of $100,000. She made a (n) : a. economic profit. b. economic loss.
Answers (1)
New Questions in Business
E. why is it important for the cfo and his/her staff to analyze variances of budget to actual or forecasted to actual amounts, and investigate reasons for significant variances on a timely basis
Answers (1)
Memorial Stadium has worked with the same advertising company for 10 years. According to the company's data the stadium has spent approximately $2.5 million on advertising over that period for 100 events.
Answers (1)
Campbell Candy Corporation desires a 14% return on investment (ROI) on all operations. The following information was available for the company for the current year: Sales $ 14,000 Operating income $ 4,000 Turnover 0.
Answers (1)
N a mixed market economy, which of these would most likely be considered a basic function of government? a. to promote monopolies reactivate b. to regulate who can purchase services reactivate c. to ensure the financial stability of all citizens d.
Answers (1)
Pro forma financial statements are the most comprehensive means of financial forecasting. projections of financial statements for a future period. often required by prospective creditors. All of the options are true
Answers (1)