Business, 06.05.2020 03:15 portedon8644

Oriole Inc. began business on January 1, 2021. Its pretax financial income for the first 2 years was as follows: 2021 $290,000 2022 610,000 The following items caused the only differences between pretax financial income and taxable income.

1. In 2021, the company collected $375,000 of rent; of this amount, $125,000 was earned in 2021; the other $250,000 will be earned equally over the 2022–2023 period. The full $375,000 was included in taxable income in 2021.
2. The company pays $10,500 a year for life insurance on officers.
3. In 2022, the company terminated a top executive and agreed to $105,000 of severance pay. The amount will be paid $35,000 per year for 2022-2024. The 2022 payment was made. The $105,000 was expensed in 2022. For tax purposes, the severance pay is deductible as it is paid.

The enacted tax rates existing at December 31, 2021 are: 2021 20% 2023 30% 2022 25% 2024 30%

Determine taxable income for 2021 and 2022.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 11:40

Select the correct answer brian wants to add a chart to his dtp project. what is the best way he can do this? a draw the chart using the dtp program draw option b create the chart in a spreadsheet then import it c. use the dtp chart wizard to create the chart within the dtp d. create an image of the chart in an image editor then import the image e use html code to create a chart within the dtp program

Answers: 3

Answer

Business, 22.06.2019 12:20

Consider 8.5 percent swiss franc/u.s. dollar dual-currency bonds that pay $666.67 at maturity per sf1,000 of par value. it sells at par. what is the implicit sf/$ exchange rate at maturity? will the investor be better or worse off at maturity if the actual sf/$ exchange rate is sf1.35/$1.00

Answers: 2

Answer

Business, 22.06.2019 22:20

Which of the following events could increase the demand for labor? a. an increase in the marginal productivity of workers b. a decrease in the amount of capital available for workers to use c. a decrease in the wage paid to workers d. a decrease in output price

Answers: 1

Answer

Business, 23.06.2019 09:30

You are a professor of economics at a university.? you've been offered the position of serving as department? head, which comes with an annual salary that is ? $5 comma 500 higher than your current salary.? however, the position will require you to work 200 additional hours per year. suppose the next best use of your time is spending it with your? family, which has value of ? $10 per hour.

Answers: 2

Answer

You know the right answer?

Oriole Inc. began business on January 1, 2021. Its pretax financial income for the first 2 years was...

Questions