User Account

All Pages

What would be the income for tax purposes

Assignment Help Accounting Basics
Reference no: EM132540129

Question - The estimated bad debt reserve for the ABC Company Ltd. was $55, 000 in 20X2. Business profits before the reserve were $85, 000. The reserve for doubtful accounts in 20X1 was $35, 000. If full reserve was claimed in both years, what would be the income for tax purposes in 20X2?

Reference no: EM132540129

Questions Cloud

What are the journal entry to record compensation expense : What are the journal entry for 2018, 2019, 2020 and 2021 to record compensation expense, considering expected forfeitures
Calculate the net present value of the project : On your own paper (or in Word or Excel), calculate the net present value (NPV) of the project assuming an interest rate of 8 percent; show your work
Prepare an income statement and balance sheet for the month : The Franklin Company recently started when owners invested $80,000 in the company; Prepare an income statement and balance sheet for the month
What is annual amount of depreciation : Depreciation rate is 20% and it's residual value is expected to be 1000. What is annual amount of depreciation using the straight line method of depreciation
What would be the income for tax purposes : The reserve for doubtful accounts in 20X1 was $35, 000. If full reserve was claimed in both years, what would be the income for tax purposes in 20X2
Calculate cost per unit using variable : Variable manufacturing cost per unit includes 5% variable non-manufacturing costs. Calculate cost per unit using variable and absorption costing
Calculate the goodwill amount for the consolidated statement : On 1 April 20X7 Price acquired 100% of Skate for £6 million cash. Calculate the goodwill amount for the consolidated statement of financial position of Price
How much must vw earn : The company follows the constant payout ratio dividend policy. If the company would like to pay $8 million in dividends next year how much must VW earn
Basic direction for strategic actions : With the help of some Indian companies who have adopted the Grand Strategies in India.

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