Chocolate Pie Company's taxable income and other data for 2020 are presented below:
Taxable Income $500,000
Interest received on municipal bonds 55,000
Estimated bad debt expense (not written off) 30,000
Cash expenditures for warranties 98,000
Product warranty expense for accounting purposes 152,000
Gross profit on installment sales for 2020 170,000
Gross profit recognized for tax purposes
based on 2020 installment sales 150,000
Required:
a. Calculate 2020 pretax financial income.
b. For each item, explain why there is a difference if any exists,
between how it is treated for tax purposes and pretax financial income.
Answers: 3
Business, 22.06.2019 02:00
Greater concern for innovation and quality has shifted the job trend to using more broadly defined jobs. t/f
Answers: 1
Business, 22.06.2019 11:40
Vendors provide restaurants with what? o a. cooked items ob. raw materials oc. furniture od. menu recipes
Answers: 1
Business, 22.06.2019 19:00
By 2020, automobile market analysts expect that the demand for electric autos will increase as buyers become more familiar with the technology. however, the costs of producing electric autos may increase because of higher costs for inputs (e.g., rare earth elements), or they may decrease as the manufacturers learn better assembly methods (i.e., learning by doing). what is the expected impact of these changes on the equilibrium price and quantity for electric autos?
Answers: 1
Business, 22.06.2019 21:00
Ryan terlecki organized a new internet company, capuniverse, inc. the company specializes in baseball-type caps with logos printed on them. ryan, who is never without a cap, believes that his target market is college and high school students. you have been hired to record the transactions occurring in the first two weeks of operations.
Answers: 1
Chocolate Pie Company's taxable income and other data for 2020 are presented below:
Taxable Income...
Business, 14.12.2021 19:10
Mathematics, 14.12.2021 19:10
Mathematics, 14.12.2021 19:10
Mathematics, 14.12.2021 19:10
Health, 14.12.2021 19:10
Social Studies, 14.12.2021 19:10
Mathematics, 14.12.2021 19:10
Mathematics, 14.12.2021 19:10
Mathematics, 14.12.2021 19:10
Engineering, 14.12.2021 19:10
Medicine, 14.12.2021 19:10
Mathematics, 14.12.2021 19:10
Engineering, 14.12.2021 19:10