User Account

All Pages

Make the necessary adjustments to the before taxable income

Assignment Help Accounting Basics
Reference no: EM132672404

Problem - Ven Company is a retailer. In 2019, its before-tax net income for financial reporting purposes was $600,000. This included a $150,000 gain from the sale of land held for several years as a possible plant site. The cost of the land was $100,000, the contract price for the sale was $250,000, and the company collected $120,000 in the year of sale. The income per books also included $90,000 from a 24-month service contract entered into in July 2018 (the customer paid $180,000 in advance for this contract). The addition to the allowance for uncollectible accounts for the year was $70,000, and the actual accounts written off totaled $40,000.

Required - Make the necessary adjustments to the before taxable income per books to compute Ven's taxable income for the year.

Reference no: EM132672404

Questions Cloud

Write a letter to Bob advising him of the tax consequences : Write a letter to Bob advising him of the tax consequences of choosing the lower down payment and larger note option
Analyse risk and return associated with investments : Analyse risk and return associated with investments and Analyse financial information and evaluate financial performance of a business
How portland should report retained earnings at january : How Portland should report retained earnings at January 1, 2020, as adjusted at? Which items will NOT appear in the retained earnings statement?
Defining feature of your political socialization : Defining feature of your political socialization, how much, if any, has your political perception changed since branching out on your own?
Make the necessary adjustments to the before taxable income : Make the necessary adjustments to the before taxable income per books to compute Ven's taxable income for the year
What rudolph should report earnings per share of : What Rudolph should report earnings per share of? Which IFRS requires that expenses be presented in the income statement.?
Presidential Elections and Peaceful Transitions : Describe key campaign strategies that a U.S. presidential candidate can use in order to ascend to presidency in today's political environment.
Critically analyse goals of financial management : Critically analyse goals of financial management within an organisation and explain how a good corporate governance underpins pursuance of such goals
What amount should be reported on bellair income statement : What amount should be reported on Bellair's income statement for the year ended December 31, 2020, under the caption "discontinued operations"?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd