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Assume that after recording all adjusting entries (except in
430112 Assume that after recording all adjusting entries (except income taxes), Elite's income before income taxes amounts to $7,500. Also assume Elite is a corporation subject to income taxes of 40% of income before income taxes.
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Governmental Accounting - Ledgers
Accounts Debit Credit
Taxes receivable - current 9,820,000
Taxes receivable - non-current 2,000,000
Allowance for uncollectible current taxes 80,000
Revenues - Property taxes 10,140,000
Deferred revenues - Property taxes 1,600,000
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Duchess County property taxes: Journal entries for tax
property taxes 187,910,000
To record 2008 tax levy
(e)
Cash $164,400,000
Property taxes receivable $160,000,000
Property taxes receivable—delinquent 2,500,000
Property taxes collected in advance 1,900,000
To record taxes collected in
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Interest versus dividend expense
Earnings before interest and taxes = EBIT = $ 38,000
Interest = $9,900
Earnings before taxes= $ 38,000-$9,900 = $28,100
Taxes @ 40% = 40% x $28,100 = $11,240
Earnings after taxes= $ 28,100 - $ 11,240= $16,860
Earnings available for common stockholders
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Computation of Cash Flow of Corporate Earnings
Earnings before depreciation and taxes. _____
Depreciation. _____
Earnings before taxes. _____
Taxes @30%.
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Payroll Entries: Oates Company
equal to the rate paid for state unemployment taxes.
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Fair Weather Friend Corporation
Earnings before depreciation and taxes
Depreciation
Earnings before taxes
Taxes @ 30%
Earnings after taxes
Depreciation
Cash flow
b. How much would cash flow be if there were only $10,000 in depreciation?
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compute the requested ratios and figures
Income After Taxes = Income before Taxes - Taxes paid
= $180 - $50
= $130
Effective Tax Rate = Taxes paid/Income before Taxes
= 50/180
= 27.78%
Current Ratio = Current Assets/Current Liabilities
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Fiscal Administration
Consumption taxes = taxes on spending (rather than on income)
The most common types of consumption taxes are sales taxes, excise taxes, and value added taxes.
Excise taxes are levied on specific goods.
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Define cash flow
411999 Define cash flow Cash flow can be said to equal:
a.income before depreciation and taxes minus taxes
b. income before depreciation and taxes plus taxes
c. income before depreciation and taxes plus depreciation
d. income after taxes minus