At the beginning of 2012, Annie, Inc. has a deferred tax asset of $7,500 and def

ID: 2367000 • Letter: A

Question

At the beginning of 2012, Annie, Inc. has a deferred tax asset of $7,500 and deferred tax liability of $10,500. In 2012, pretax financial income was $826,000 and the tax rate was 35%. Pretax income included: Interest income from municipal bonds $15,000 Accrued warranty costs, estimated to be used in 2013 $74,000 Prepaid rent expense, will be used in 2013 $31,000 Installment sales revenue, to be collected in 2013 $56,000 Operating loss carryforward $71,000 What is taxable income for 2012? (Points : 5) $727,000 $826,000 $915,000 $1,073,000

Explanation / Answer

$1,073,000

Navigate

At the beginning of 2011, the Healthy Life Food Company purchased equipment for

At the beginning of 2012, Annie, Inc. has a deferred tax asset of $7,500 and def

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.

At the beginning of 2012, Annie, Inc. has a deferred tax asset of $7,500 and def

Question

Explanation / Answer

Related Questions

Navigate