Cabot company reported a pretax operating loss of $50,000 for financial reporting and tax purposes in 2018. the enacted tax rate is 40% for 2018 and subsequent years. assume that cabot requests a refund of taxes already paid by electing a loss carryback. taxable income, tax rates, and income taxes paid in cabot's first four years of operations were as follows: taxable tax taxes income rates paid 2014 $30,000 30% $9,000 2015 35,000 30% 10,500 2016 42,000 35% 14,700 2017 40,000 40% 16,000 required: (1) prepare the journal entry to record cabot's income taxes for the year 2018. show well-labeled computations. (2) compute cabot's net loss for 2018.
Answers: 2
Business, 22.06.2019 18:50
Suppose the government enacts a stimulus program composed of $600 billion of new government spending and $300 billion of tax cuts for an economy currently producing a gdp of $14 comma 000 billion. if all of the new spending occurs in the current year and the government expenditure multiplier is 1.5, the expenditure portion of the stimulus package will add nothing percentage points of extra growth to the economy. (round your response to two decimal places.)
Answers: 3
Business, 22.06.2019 20:00
Beranek corp has $720,000 of assets, and it uses no debt--it is financed only with common equity. the new cfo wants to employ enough debt to raise the debt/assets ratio to 40%, using the proceeds from borrowing to buy back common stock at its book value. how much must the firm borrow to achieve the target debt ratio? a. $273,600b. $288,000c. $302,400d. $317,520e. $333,396
Answers: 3
Business, 23.06.2019 00:10
Kcompany estimates that overhead costs for the next year will be $4,900,000 for indirect labor and $1,000,000 for factory utilities. the company uses direct labor hours as its overhead allocation base. if 100,000 direct labor hours are planned for this next year, what is the company's plantwide overhead rate?
Answers: 3
Business, 23.06.2019 00:30
Anational survey asked people, "how often do you eat out for dinner, instead of at home? " the frequencies were as follows.
Answers: 2
Cabot company reported a pretax operating loss of $50,000 for financial reporting and tax purposes i...
History, 09.04.2021 17:10
Mathematics, 09.04.2021 17:10
Chemistry, 09.04.2021 17:10
Mathematics, 09.04.2021 17:10
Mathematics, 09.04.2021 17:10
Physics, 09.04.2021 17:10
History, 09.04.2021 17:10
Mathematics, 09.04.2021 17:10