JST Limited has computed the following income (loss) for the year ended December 31, 2022: Loss from business (258000) Income from property including dividends of $21,500 received from taxable Canadian corporations 64,500 Capital gains 92,800 Capital losses (24000) Business investment loss (32000) The corporation has a net capital loss of $54,000 arising from 2016. —REQUIRED: Compute the corporation’s non-capital loss for the current year.
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JST Limited has computed the following income (loss) for the year ended December 31, 2022:
|
Loss from business |
(258000) |
|
Income from property including dividends of $21,500 received from taxable Canadian corporations |
64,500 |
|
|
92,800 |
|
Capital losses |
(24000) |
|
Business investment loss |
(32000) |
The corporation has a net capital loss of $54,000 arising from 2016.
—REQUIRED: Compute the corporation’s non-capital loss for the current year.
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- Swifty Corporation's pre-tax accounting income of $748,000 for the year 2023 included the following items: Amortization of identifiable intangibles $142,000 Depreciation of building 115,000 Loss from discontinued operations 46,000 Unusual, non-recurring gains 157,000 Profit-sharing payments to employees 63,600 Ewing Industries Ltd. would like to purchase Swifty. In trying to measure Swifty's normalized earnings for 2023, Ewing determines that the building's fair value is triple the book value and that its remaining economic life is double the life that Swifty is using. Ewing would continue the profit-sharing payments to employees, with the payments being based on income from continuing operations before amortization and depreciation. Calculate the 2023 normalized earnings amount of Swifty that Ewing would use to calculate goodwill. Normalized earnings $Swifty Corporation has income from continuing operations of $319,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. An unrealized loss of $58,800 on available-for-sale securities. 2. A gain of $25,300 on the discontinuance of a division (comprised of a $8,200 loss from operations and a $33,500 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate.Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income. SWIFTY CORPORATIONPartial Income Statementchoose the accounting period select an income statement item $enter a dollar amount select an income statement item select an income statement item…Bramble Corporation's pre-tax accounting income of $724,000 for the year 2023 included the following items: Amortization of identifiable intangibles $147,000 Depreciation of building 114,000 Loss from discontinued operations 46,000 Unusual, non-recurring gains 157,000 Profit-sharing payments to employees 63,100 Ewing Industries Ltd. would like to purchase Bramble. In trying to measure Bramble's normalized earnings for 2023, Ewing determines that the building's fair value is triple the book value and that its remaining economic life is double the life that Bramble is using. Ewing would continue the profit-sharing payments to employees, with the payments being based on income from continuing operations before amortization and depreciation. Calculate the 2023 normalized earnings amount of Bramble that Ewing would use to calculate goodwill. Normalized earnings +A
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- Sheffield Corp.has income from continuing operations of $220,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. 2 An unrealized loss of $50,300 on available-for-sale securities. A gain of $37.500 on the discontinuance of a division (comprised of a $9.400 loss from operations and a $46,900 gain on disposal). Assume all items are subject to income taxes at a 15% tax rate. D SUPPCompany A, a C Corporation, in 2021 has a loss of $200,000. During 2022, 2023, 2024, and 2025, the company experienced the following: 2022 - income of $120,000 2023 - income of $50,000 2024 - loss of $20,000 2025 - income of $200,000 Determine the taxes paid/refunded in each year, 2021, 2022, 2023, 2024, and 2025. Assume the income tax rate for all years is a 21% flat tax rate on all income levels.BDO Company reported the following on December 31, 2015: Income before tax for accounting purposes P12,000,000; Rent expense for financial accounting purposes is P2,000,000 Rent expense for tax purposes is P1,000,000; Tax depreciation is P3,200,000 Accounting depreciation is P1,700,000; Loss on a case incurred but not yet paid so tax-deductible in the future is P700,000. The tax rate is 30%. Question: What is the amount of taxable temporary difference? What is the current tax expense?
- BDO Company reported the following on December 31, 2015: Income before tax for accounting purposes P12,000,000; Rent expense for financial accounting purposes is P2,000,000 Rent expense for tax purposes is P1,000,000; Tax depreciation is P3,200,000 Accounting depreciation is P1,700,000; Loss on a case incurred but not yet paid so tax-deductible in the future is P700,000. The tax rate is 30%. What is the net income after tax?BDO Company reported the following on December 31, 2015: Income before tax for accounting purposes P12,000,000; Rent expense for financial accounting purposes is P2,000,000 Rent expense for tax purposes is P1,000,000; Tax depreciation is P3,200,000 Accounting depreciation is P1,700,000; Loss on a case incurred but not yet paid so tax-deductible in the future is P700,000. The tax rate is 30%. Question: What is the amount of the deferred tax expense? What is the amount of deferred tax asset?BDO Company reported the following on December 31, 2015: Income before tax for accounting purposes P12,000,000; Rent expense for financial accounting purposes is P2,000,000 Rent expense for tax purposes is P1,000,000; Tax depreciation is P3,200,000 Accounting depreciation is P1,700,000; Loss on a case incurred but not yet paid so tax-deductible in the future is P700,000. The tax rate is 30%. Question: What is the amount of deferred tax asset? What is the net income after tax?