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Deferred Tax Calculations (Appendix) Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows:...
Deferred Tax Calculations (Appendix) Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows: 2015 $402,000 2016 460,000 2017 539,000 When calculating income, Wyhowski deducted depreciation on plant equipment. The equipment was purchased January 1, 2015, at a cost of $167,000. The equipment is expected to last three years and have a(n) $14,000 salvage value. Wyhowski uses straight-line depreciation for book purposes. For tax purposes, depreciation on the equipment is $96,000 in 2015, $38,000 in 2016, and $19,000 in 2017. Wyhowski's tax rate is 35%. Required: Enter all amounts as positive numbers. 1. How much did Wyhowski pay in income tax each year? If required, round all calculations to the nearest dollar. Year Taxes Paid 2015 $ 15,750 2016 $ 2017 $ 2. How much income tax expense did Wyhowski record each year? Year Income Tax Expense 2015 $ 2016 $ 2017 $
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ekkarill92 answered 1 year agoRelated Solutions
Deferred Tax Calculations (Appendix) Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows:...
Deferred Tax
Calculations (Appendix)
Wyhowski Inc. reported
income from operations, before taxes, for 2015-2017 as follows:
2015
$394,000
2016
451,000
2017
528,000
When calculating
income, Wyhowski deducted depreciation on plant equipment. The
equipment was purchased January 1, 2015, at a cost of $164,000. The
equipment is expected to last three years and have a(n) $14,000
salvage value. Wyhowski uses straight-line depreciation for book
purposes. For tax purposes, depreciation on the equipment is
$94,000 in 2015, $38,000 in 2016, and $18,000...
Deferred Tax Calculations (Appendix) Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows:...
Deferred Tax Calculations (Appendix)
Wyhowski Inc. reported income from operations, before taxes, for
2015-2017 as follows:
2015
$473,000
2016
541,000
2017
634,000
When calculating income, Wyhowski deducted depreciation on plant
equipment. The equipment was purchased January 1, 2015, at a cost
of $196,000. The equipment is expected to last three years and have
a(n) $16,000 salvage value. Wyhowski uses straight-line
depreciation for book purposes. For tax purposes, depreciation on
the equipment is $113,000 in 2015, $45,000 in 2016, and $22,000...
Deferred Tax Calculations (Appendix) Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows:...
Deferred Tax Calculations (Appendix)
Wyhowski Inc. reported income from operations, before taxes, for
2015-2017 as follows:
2015
$244,000
2016
279,000
2017
327,000
When calculating income, Wyhowski deducted depreciation on plant
equipment. The equipment was purchased January 1, 2015, at a cost
of $101,000. The equipment is expected to last three years and have
a(n) $8,000 salvage value. Wyhowski uses straight-line depreciation
for book purposes. For tax purposes, depreciation on the equipment
is $58,000 in 2015, $23,000 in 2016, and $12,000...
Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows: 2015 $276,000 2016 316,000...
Wyhowski Inc. reported income from operations, before taxes, for
2015-2017 as follows:
2015
$276,000
2016
316,000
2017
370,000
When calculating income, Wyhowski deducted depreciation on plant
equipment. The equipment was purchased January 1, 2015, at a cost
of $114,000. The equipment is expected to last three years and have
a(n) $9,000 salvage value. Wyhowski uses straight-line depreciation
for book purposes. For tax purposes, depreciation on the equipment
is $66,000 in 2015, $26,000 in 2016, and $13,000 in 2017.
Wyhowski's tax...
Windsor Inc. reported income from continuing operations before taxes during 2017 of $797,900. Additional transactions occurring...
Windsor Inc. reported income from continuing operations before
taxes during 2017 of $797,900. Additional transactions occurring in
2017 but not considered in the $797,900 are as follows.
1.
The corporation experienced an uninsured flood loss in the
amount of $93,400 during the year.
2.
At the beginning of 2015, the corporation purchased a machine
for $75,600 (salvage value of $12,600) that had a useful life of 6
years. The bookkeeper used straight-line depreciation for 2015,
2016, and 2017, but failed...
Marin Inc. reported income from continuing operations before taxes during 2017 of $2,175,000. Additional transactions occurring...
Marin Inc. reported income from continuing operations before
taxes during 2017 of $2,175,000. Additional transactions occurring
in 2017 but not considered in the $2,175,000 are as follows.
1.
A gain of $112,000 (pretax) as a result of selling securities
from its investment portfolio.
2.
A $30,000 loss before taxes as a result of operating the
discontinued clothing division during 2017.
3.
A loss of $70,000 before taxes as a result of disposing of its
clothing division. Assume that this transaction...
Vanpop Inc. reported income from continuing operations before taxes during 2017 of $463,000. Additional transactions occurring...
Vanpop Inc. reported income from continuing operations before
taxes during 2017 of $463,000. Additional transactions occurring in
2017 but not considered in the $463,000 are as follows:
1. The corporation experienced an uninsured hurricane loss in
the amount of $130,000 during the year.
2. At the beginning of 2015, the corporation purchased equipment
for $62,000 (salvage value of $6,000) that had a useful life of 10
years. The bookkeeper used straight-line depreciation for 2015,
2016 and 2017 but incorrectly used...
Whispering Inc. reported income from continuing operations before taxes during 2017 of $807,900. Additional transactions occurring...
Whispering Inc. reported income from continuing operations
before taxes during 2017 of $807,900. Additional transactions
occurring in 2017 but not considered in the $807,900 are as
follows. 1. The corporation experienced an uninsured flood loss in
the amount of $92,700 during the year. 2. At the beginning of 2015,
the corporation purchased a machine for $57,600 (salvage value of
$9,600) that had a useful life of 6 years. The bookkeeper used
straight-line depreciation for 2015, 2016, and 2017, but failed...
Carla Inc. reported income from continuing operations before taxes during 2017 of $796,100. Additional transactions occurring...
Carla Inc. reported income from continuing operations before
taxes during 2017 of $796,100. Additional transactions occurring in
2017 but not considered in the $796,100 are as follows.
1.
The corporation experienced an uninsured flood loss in the
amount of $94,500 during the year.
2.
At the beginning of 2015, the corporation purchased a machine
for $70,200 (salvage value of $11,700) that had a useful life of 6
years. The bookkeeper used straight-line depreciation for 2015,
2016, and 2017, but failed...
Brock Inc. reported income from continuing operations before taxes during 2017 of $2,225,000. Additional transactions occurring...
Brock Inc. reported income from continuing operations before
taxes during 2017 of $2,225,000. Additional transactions occurring
in 2017 but not considered in the $2,225,000 are as follows. 1. A
gain of $111,000 (pretax) as a result of selling securities from
its investment portfolio. 2. A $27,000 loss before taxes as a
result of operating the discontinued clothing division during 2017.
3. A loss of $80,000 before taxes as a result of disposing of its
clothing division. Assume that this transaction...
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