Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in 2021, mini reports $1,377,600 of pretax book ne

In 2021, Mini reports $1,377,600 of pretax book net income. Mini did not recognize any...

50.1K

Verified Solution

Question

Accounting

In 2021, Mini reports $1,377,600 of pretax book net income. Mini did not recognize any bad debt expense for book purposes in 2021 but did deduct $119,400 in bad debt expense for tax purposes. Mini reports no other temporary or permanent differences. The applicable U.S. Federal corporate income tax rate is 21%, and Mini earns an after-tax rate of return on capital of 8%.

If required, round your answer to nearest dollar.

For 2021, compute Mini's current income tax expense.

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

Basic Math
1.2K views

The American Bar Association reports that the mean length of time for a hearing in juvenile...

Chemistry
1.2K views

Should the order of spots of molecules on the TLC be different when two different eluent...

Psychology
1.2K views

How have psychologists participated in the advancement of social issue ?

Physics
1.2K views

Two particles A and B of de Broglie wavelength X and AB are in motion...

Physics
1.2K views

A thin metallic spherical shell carries a charge Q on it A point charge q...

Basic Math
1.2K views

Use the power method to approximate the dominant eigenvalue and eigenvector of A to two...

Statistics
1.2K views

Some researchers are doing a two mean pooled t test They have two samples with...

Statistics
1.2K views

A professor had students keep track of their social interactions for a week The number...

Accounting
1.2K views

Can I have a simple, clear , correct answer to Q 14 and 15 plz...

Accounting
1.2K views

The accounting of investments in debts securities is determined by The accounting of investments...

Accounting
1.2K views

Question 12 A bank offers a lending rate of 10% pa.compounded quarterly. What figure would...

Finance
1.2K views

Knight, Inc., has issued a three-year bond that pays a coupon rate of 6.34 percent....