Business, 25.03.2021 19:50, destinycasillas
Gallo Light began operations in 2018. The company sometimes sells used warehouses on an installment basis. In those cases, Gallo Light reports income in its income statement in the year of the sale. In its income tax return, though, Gallo Light reports installment income by the installment method. Installment income in 2018 was $90,000, which Gallo Light expects to collect equally over the next three years. The tax rate is 30%, but based on an enacted law, is scheduled to become 35% in 2020. Gallo Light's pretax accounting income from the 2018 income statement was $824,000, which includes $34,000 of interest revenue from an investment in municipal bonds. There were no differences between accounting income and taxable income other than those described above.
Required:
a. Prepare the appropriate journal entry to record Gallo Light's 2018 income taxes.
b. What is Gallo Light's 2018 net income?
Answers: 2
Business, 21.06.2019 22:00, savannahvargas512
Sharon had some insider information about a corporate takeover. she unintentionally informed a friend, who immediately bought the stock in the target corporation. the takeover occurred and the friend made a substantial profit from buying and selling the stock. the friend told sharon about his stock dealings, and gave her a pearl necklace because she "made it all possible." the necklace was worth $10,000, but she already owned more jewelry than she desired.
Answers: 2
Business, 22.06.2019 05:00, grangian06
Personal financial planning is the process of creating and achieving financial goals? true or false
Answers: 1
Business, 22.06.2019 18:00, dpazmembreno
Carlton industries is considering a new project that they plan to price at $74.00 per unit. the variable costs are estimated at $39.22 per unit and total fixed costs are estimated at $12,085. the initial investment required is $8,000 and the project has an estimated life of 4 years. the firm requires a return of 8 percent. ignore the effect of taxes. what is the degree of operating leverage at the financial break-even level of output?
Answers: 3
Gallo Light began operations in 2018. The company sometimes sells used warehouses on an installment...
Advanced Placement (AP), 09.07.2019 22:50
Health, 09.07.2019 22:50
Mathematics, 09.07.2019 22:50
Mathematics, 09.07.2019 22:50
Mathematics, 09.07.2019 22:50
English, 09.07.2019 22:50
Mathematics, 09.07.2019 22:50