Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. for its first year of operations, tringali corpora

For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable...

80.2K

Verified Solution

Question

Accounting

For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:

Pretax accounting income $ 360,000
Permanent difference (15,900 )
344,100
Temporary difference-depreciation (20,500 )
Taxable income $ 323,600

Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as income tax payable for its first year of operations?

Multiple Choice

  • $5,125.

  • $80,900.

  • $86,025.

  • $90,000.

On October 1, 2021, Sonoma Company leased equipment from Napa Inc. in lease payable in five equal annual payments of $440,000, beginning Oct 1, 2022. Similar transactions have carried an 12% interest rate. The right-of-use asset would be recorded at: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Multiple Choice

  • $0.

  • $1,586,103.

  • $1,776,434.

  • $2,200,000.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students