Question
In: Accounting
Where do I find income tax expense and cash paid for taxes on a profit and...
Where do I find income tax expense and cash paid for taxes on a profit and loss statement that's part of a 10-K? Can an example be provided from an SEC company?
Solutions
Expert Solution
Income tax expense is calculated once the net taxable income of an assessee has been arrived at. It's usually displayed in the second last of the Profit & Loss Statement just before net income after taxes.
Cash paid on taxes is reflected in the Cash Flow Statement as an outflow of funds towards payment of income tax which has been calculated in Profit & Loss Statement.
Form 10-K image of Upland Software Inc. which is a listed company has been provided as illustration
ekkarill92 answered 1 year agoRelated Solutions
How do I find income tax expense
How
do I find income tax expense
Use the following information to calculate cash paid for income taxes: Income Tax Expense $ 65,000...
Use the following information to calculate cash paid for income
taxes:
Income Tax Expense
$
65,000
Income Tax Payable, January 1
24,000
Income Tax Payable, December 31
14,500
Multiple Choice
$65,000.
$89,000.
$79,500.
$55,500.
$74,500.
A manufacturer reports the following costs to produce 24,000
units in its first year of operations: Direct materials, $24 per
unit, Direct labor, $20 per unit, Variable overhead, $216,000, and
Fixed overhead, $288,000. Of the 24,000 units produced, 23,200 were
sold, and 800 remain in...
Is Income tax expense or a profit-sharing?
Is Income tax expense or a profit-sharing?
Assume that Income Tax Expense was $250,000, and that Income Taxes payable decreased by $14,000 and...
Assume that Income Tax Expense was $250,000, and that Income
Taxes payable decreased by $14,000 and Deferred Tax Liability
increased by $29,000. What amount of cash was paid for Income
Taxes?
Because the income tax structure is progressive, the amount of taxes paid is a _____. a....
Because the income tax structure is progressive, the amount of
taxes paid is a _____. a. smaller fraction of income in expansions
than in contractions b. decreasing function of income in both
expansions and contractions c. larger fraction of income in
expansions than in contractions d. constant fraction of income
throughout the business cycle e. constant amount at all levels of
output and income
Because the income tax structure is progressive, the amount of taxes paid is a _____. a....
Because the income tax structure is progressive, the amount of
taxes paid is a _____.
a.
decreasing function of income in both expansions and
contractions
b.
constant fraction of income throughout the business cycle
c.
constant amount at all levels of output and income
d.
smaller fraction of income in expansions than in
contractions
e.
larger fraction of income in expansions than in
contractions
Flint Company has the following two temporary differences between its income tax expense and income taxes...
Flint Company has the following two temporary differences
between its income tax expense and income taxes payable.
2020
2021
2022
Pretax financial income
$842,000
$956,000
$914,000
Excess depreciation expense on tax return
(28,800
)
(39,300
)
(9,900
)
Excess warranty expense in financial income
20,400
9,500
7,600
Taxable income
$833,600
$926,200
$911,700
The income tax rate for all years is 20%
Assuming there were no temporary differences prior to 2020,
prepare the journal entry to record income tax expense, deferred...
Carla Company has the following two temporary differences between its income tax expense and income taxes...
Carla Company has the following two temporary differences
between its income tax expense and income taxes payable.
2020
2021
2022
Pretax financial income
$864,000
$949,000
$920,000
Excess depreciation expense on tax return
(30,800)
(41,000)
(9,600)
Excess warranty expense in financial income
20,900
10,500
8,300
Taxable income
$854,100
$918,500
$918,700
The income tax rate for all years is 20%.
Assuming there were no temporary differences prior to 2020,
prepare the journal entry to record income tax expense, deferred
income taxes, and...
Shamrock Company has the following two temporary differences between its income tax expense and income taxes...
Shamrock Company has the following two temporary differences
between its income tax expense and income taxes payable. 2017 2018
2019 Pretax financial income $844,000 $884,000 $948,000 Excess
depreciation expense on tax return (30,800 ) (40,000 ) (9,500 )
Excess warranty expense in financial income 19,300 9,900 8,400
Taxable income $832,500 $853,900 $946,900 The income tax rate for
all years is 40%. Assuming there were no temporary differences
prior to 2017, prepare the journal entry to record income tax
expense, deferred...
4. Taxes paid for a given income level Charles is getting ready to do his taxes....
4. Taxes paid for a given income level
Charles is getting ready to do his taxes. He is single and lives
in San Diego. Charles earned $300,000 in 2011. He reviews the
following table, which shows the IRS tax rates for a single
taxpayer in 2011.
On Annual Taxable Income...
The Tax Rate Is...
(Percent)
Up to $8,500
10
From $8,500 to $34,500
15
From $34,500 to $83,600
25
From $83,600 to $174,400
28
From $174,400 to $379,150
33
Over...
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