Tacks Limited Corp. has pretax income for the current year of $1,500,000. The company recorded straight-line...

Tacks Limited Corp. has pretax income for the current year of $1,500,000. The company recorded straight-line depreciation expense of $150,000. The tax allowance is $300,000. Tax-exempt revenue is $225,000 included in net income.The company also had an impaired asset write-down of $50,000 which is not deductible for tax purposes. Based on this information and a 34% statutory tax rate, the firm's taxable income and net deferred tax implications are

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Marigold Corp. purchased machinery for $905000 on January 1, 2017. Straight-line depreciation has been recorded based...

Marigold Corp. purchased machinery for $905000 on January 1, 2017. Straight-line depreciation has been recorded based on a $52000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2021 at a gain of $13000. How much cash did Marigold receive from the sale of the machinery?

Sheffield Corp. purchased machinery for $1410000 on January 1, 2014. Straight-line depreciation has been recorded based...

Sheffield Corp. purchased machinery for $1410000 on January 1, 2014. Straight-line depreciation has been recorded based on a $72000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2018 at a gain of $18500. How much cash did Sheffield receive from the sale of the machinery?

When DFC is used on their valuation, company ABC for the current year pretax operating income...

When DFC is used on their valuation, company ABC for the current year pretax operating income of $750,000. Income has grown 2% annually during the last five years, and is expected to continue growing at that rate for the next two years. Net operating working capital increased by $60,000 during the current year and current year capital spending on long-lived assets exceeded depreciation by $75,000. Both working capital and the excess of capital spending over depreciation are projected to grow...

The net income reported on the income statement for the current year was $121,900. Depreciation recorded...

The net income reported on the income statement for the current year was $121,900. Depreciation recorded on store equipment for the year amounted to $20,100. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $47,050 $42,820 Accounts receivable (net) 33,730 31,640 Inventories 46,060 48,170 Prepaid expenses 5,180 4,070 Accounts payable (merchandise creditors) 44,090 40,510 Wages payable 24,090 26,460 a. Prepare the “Cash...

The net income reported on the income statement for the current year was $121,600. Depreciation recorded...

The net income reported on the income statement for the current year was $121,600. Depreciation recorded on store equipment for the year amounted to $20,100. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $49,490 $45,530 Accounts receivable (net) 35,480 33,650 Inventories 48,450 51,220 Prepaid expenses 5,440 4,330 Accounts payable (merchandise creditors) 46,370 43,070 Wages payable 25,340 28,140 a. Prepare the Cash...

The net income reported on the income statement for the current year was $361,300. Depreciation recorded...

The net income reported on the income statement for the current year was $361,300. Depreciation recorded on store equipment for the year amounted to $15,520. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $40,180 $40,070 Accounts receivable (net) 30,070 28,060 Merchandise inventory 40,390 45,420 Prepaid expenses 3,470 4,840 Accounts payable (merchandise creditors) 38,610 37,710 Wages payable 20,330 24,800 Required: A. Prepare...

The net income reported on the income statement for the current year was $313,900. Depreciation recorded...

The net income reported on the income statement for the current year was $313,900. Depreciation recorded on equipment and a building amounted to $93,900 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $80,360 $84,380 Accounts receivable (net) 101,900 104,120 Inventories 200,900 179,390 Prepaid expenses 11,170 11,900 Accounts payable (merchandise creditors) 89,760 94,170 Salaries payable 12,940 11,730 a. Prepare...

The net income reported on the income statement for the current year was $318,700. Depreciation recorded...

The net income reported on the income statement for the current year was $318,700. Depreciation recorded on equipment and a building amounted to $93,980 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $90,370 $95,280 Accounts receivable (net) 111,660 118,570 Inventories 232,780 203,250 Prepaid expenses 12,000 15,310 Accounts payable (merchandise creditors) 96,420 104,940 Salaries payable 15,310 13,420 Required: A....

The net income reported on the income statement for the current year was $153,400. Depreciation recorded...

The net income reported on the income statement for the current year was $153,400. Depreciation recorded on store equipment for the year amounted to $25,300. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $61,820 $56,260 Accounts receivable (net) 44,320 41,580 Inventories 60,520 63,290 Prepaid expenses 6,800 5,340 Accounts payable (merchandise creditors) 57,930 53,220 Wages payable 31,650 34,770 a. Prepare the “Cash...

The net income reported on the income statement for the current year was $330,400. Depreciation recorded...

The net income reported on the income statement for the current year was $330,400. Depreciation recorded on equipment and a building amounted to $105,140 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $89,900 $95,010 Accounts receivable (net) 111,940 117,700 Inventories 217,550 209,050 Prepaid expenses 13,290 14,160 Accounts payable (merchandise creditors) 95,060 103,580 Salaries payable 15,590 13,710 Required: A....

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