Business, 22.04.2021 20:40 alsafy383

Schedules M reconciliation Part I: M-1 Information for Tango Inc., an accrual basis corporation
Net income per books (after-tax) $174,100
Federal income tax expense per books $86,600
Tax-exempt interest income $4,500
MACRS depreciation $7,200
Excess of capital loss over capital gains $9,400
Nondeductible meals and entertainment $5,500
Interest on loan to purchase tax-
exempt bonds $1,100
This is depreciation in excess of straight-line depreciation used for financial statement purposes
Part II: M-2 Information for Bravo Inc., an accrual basis corporation Net income per books (after-tax) $386,250
Taxable income $120,000
Federal income tax per books $30,050
Cash dividend distributions $150,000
Unappropriated retained earnings,
as of January 1, 2018 $796,010
Requiremens:
1. Reconcile book income to taxable income for Tango Inc. and Bravo Inc. Be sure to start with book income, explain and identify all the adjustments necessary to arrive at taxable income.
2. Identify each book-tax difference as either temporary or permanent and explain your determination.
3. Complete Schedule M-1 using ProConnect or fillable forms. Submit it as a PDF or convert it to a Word document.
4. Complete Schedule M-2 for Bravo Inc. and submit it as a PDF or convert it into a Word document.

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 21:00

John novosel was employed by nationwide insurance company for fifteen years. novosel had been a model employee and, at the time of discharge, was a district claims manager and a candidate for the position of division claims manager. during novosel's fifteenth year of employment, nationwide circulated a memorandum requesting the participation of all employees in an effort to lobby the pennsylvania state legislature for the passage of a certain bill before the body. novosel, who had privately indicated his disagreement with nationwide's political views, refused to lend his support to the lobby, and his employment with nationwide was terminated. novosel brought two separate claims against nationwide, arguing, first, that his discharge for refusing to lobby the state legislature on behalf of nationwide constituted the tort of wrongful discharge in that it was arbitrary, malicious, and contrary to public policy. novosel also contended that nationwide breached an implied contract guaranteeing continued employment so long as his job performance was satisfactory. what decision as to each claim?

Answers: 3

Answer

Business, 22.06.2019 15:30

The school cafeteria can make pizza for approximately $0.30 a slice. the cost of kitchen use and cafeteria staff runs about $200 per day. the pizza den nearby will deliver whole pizzas for $9.00 each. the cafeteria staff cuts the pizza into eight slices and serves them in the usual cafeteria line. with no cooking duties, the staff can be reduced by half, for a fixed cost of $75 per day. should the school cafeteria make or buy its pizzas?

Answers: 3

Answer

Business, 23.06.2019 07:40

If airlines do not change their prices how else might they try to compete with each other?

Answers: 3

Answer

Business, 23.06.2019 16:00

Which of the following statements is correct? a. the managers of established, stable companies sometimes attempt to get their state legislatures to remove rules that make it more difficult for raiders to succeed with hostile takeovers. b. hostile takeovers are most likely to occur when a firm's stock is selling below its intrinsic value as a result of poor management. c. stockholders in general would be better off if managers never disclosed favorable events and therefore caused the price of the firm's stock to sell at a price below its intrinsic value. d. the efficiency of the u.s. economy would probably be increased if hostile takeovers were absolutely forbidden. e. in general, it is more in bondholders' interests than stockholders' interests for a firm to shift its investment focus away from safe, stable investments and into risky investments, especially those that primarily involve research and development. icon key question 6 of 10 b multiple choice 01-060

Answers: 3

Answer

You know the right answer?

Schedules M reconciliation Part I: M-1 Information for Tango Inc., an accrual basis corporation

Questions