The Parent consolidated group reports the following results for the 2021 tax year. Income or Loss $76,000 (7,600) 30,400 15,200 Entity Parent Sub1 Sub2 Sub3 Do not round any division in your computations. If required, round your answers to nearest whole dollar. If an amount is zero, enter "0". a. What is the group's consolidated taxable income and consolidated tax liability? If the relative taxable income method, the consolidated taxable income is 23,940 ✔ 114,000✔ and the total consolidated tax liability is
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- The Parent consolidated group reports the following results for the 2021 tax year. Entity Income or Loss Parent $13,600 Sub1 (1,360) Sub2 5,440 Sub3 2,720 Do not round any division in your computations. If required, round your answers to nearest whole dollar. If an amount is zero, enter "0". a. What is the group's consolidated taxable income and consolidated tax liability? If the relative taxable income method, the consolidated taxable income is $fill in the blank 1 and the total consolidated tax liability is $fill in the blank 2 . b. If the Parent group has consented to the relative taxable income method, how will the consolidated tax liability be allocated among the Parent and Subsidiaries 1, 2, and 3? Entity Income or Loss Parent $fill in the blank 3 Sub1 $fill in the blank 4 Sub2 $fill in the blank 5 Sub3 $fill in the blank 6The Parent consolidated group reports the following results for the 2021 tax year. Entity Parent Income or Loss $78,600 Sub1 (7,860) Sub2 Sub3 31,440 15,720 Do not round any division in your computations. If required, round your answers to nearest whole dollar. If an amount is zero, enter "0". a. What is the group's consolidated taxable income and consolidated tax liability? If the relative taxable income method, the consolidated taxable income is $ the total consolidated tax liability is $ b. If the Parent group has consented to the relative taxable income method, how will the consolidated tax liability be allocated among the Parent and Subsidiaries 1, 2, and 3? Entity Income or Loss Parent $ Sub1 $ Sub2 $ Sub3 $ HA andThe Parent consolidated group reports the following results for the tax year. Entity Income or Loss Parent $180,000 Sub1 ($19,000) Sub2 ($38,000) Sub3 $62,000 If an amount is zero, enter "0". If required, round any division to two decimal places and use rounded amounts in subsequent computations. Round your final answers to the nearest dollar. a. Assuming a 21% tax rate, what is the group's consolidated taxable income and consolidated tax liability? The consolidated taxable income is $ 185,000 If the Parent group has consented to the relative taxable income method, how will the consolidated tax liability be allocated among the Parent and Subsidiaries 1, 2, and 3? Parent $___________ Sub1 $__________ Sub2 $0 Sub3 $_________ What is the Parent, Sub 1, and Sub 3?
- The Parent consolidated group reports the following results for the tax year. Entity Income or Loss Parent $16,200 Sub1 (1,620) Sub2 6,480 Sub3 3,240 Do not round any division in your computations. If required, round your answers to nearest whole dollar. If an amount is zero, enter "0". a. What is the group's consolidated taxable income and consolidated tax liability? If the relative taxable income method, the consolidated taxable income is $24,300 and the total consolidated tax liability is $5103. b. If the Parent group has consented to the relative taxable income method, how will the consolidated tax liability be allocated among the Parent and Subsidiaries 1, 2, and 3?The Parent consolidated group reports the following results for the tax year. Entity Income or Loss Parent $10,000 Sub1 (1,500) Sub2 4,000 Sub3 2,000 Do not round any division in your computations. If required, round your answers to the nearest whole dollar. If an amount is zero, enter "0". a. What is the group's consolidated taxable income and consolidated tax liability? If the relative taxable income method, the consolidated taxable income is $14,500 and the total consolidated tax liability is $3,045 b. If the Parent group has consented to the relative taxable income method, how will the consolidated tax liability be allocated among the Parent and Subsidiaries 1, 2, and 3? Entity Income or Loss Parent $ Sub1 $ Sub2 $ Sub3 $An entity reported taxable income of P 8,000,000 during 2019. Its first year of operations.The following are the differences that cause financial income to differ from taxable incomeexcess tax depreciation over accounting depreciation, P 500,000, revenue collected fortax in excess of accounting revenue, P 2,000,000 and tax penalties as an expense in theincome statement, P 200,000. The income tax rate is 30%1. What total tax expense should be reported for 2019?a. 1,890,000b. 2,400,000c. 1,950,000d. 2,010,0002. What is the net deferred tax expense or benefit for 2019?a. 450,000 expenseb. 450,000 benefitc. 510,000 expensed. 510,000 benefit
- The Parent consolidated group reports the following results for the tax year. Entity Income or Loss Parent $32,000 Sub1 $15,000 Sub2 ($5,000) Sub3 $20,000 If an amount is zero, enter "0". If required, round any division to two decimal places and use rounded amounts in subsequent computations. Round your final answers to the nearest dollar. a. Assuming a 21% tax rate, what is the group's consolidated taxable income and consolidated tax liability? Consolidated taxable income is $____________. The consolidated tax liability is $________________ b. If the Parent group has consented to the relative taxable income method, how will the consolidated tax liability be allocated among the Parent and Subsidiaries 1, 2, and 3? Parent $ Sub1 $ Sub2 $ Sub3 $Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts: ($ in millions) Temporary Differences Reported First on: The Income Statement The Tax Return Revenue Expense Revenue Expense 1. $40 2. $40 3. $40 4. $40 5. 35 40 6. 40 35 7. 35 40 30 8. 35 40 25 30 Required:For each situation, determine taxable income, assuming pretax accounting income is $300 million.Patriot Corporation reports the following results for the current year: View the current year results. Read the requirements. Requirement a. What are Patriot's taxable income and income tax liability for the current year? Begin by computing Patriot's taxable income. (If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) Gross income Minus: Taxable income Requirements a. What are Patriot's taxable income and income tax liability for the current year? b. How would your answers to Part a change if Patriot's short-term capital loss is $12,000 instead of $2,000? Print Done - X Current Year Results Gross profits on sales Long-term capital gain Long-term capital loss Short-term capital gain Short-term capital loss Operating expenses Print $ 159,000 7,000 8,000 9,000 2,000 70,000 Done X
- Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts: ($ in millions) Temporary Differences Reported First on: The Income Statement Revenue The Tax Return Expense $29 Revenue Вхрense 1. 2. $29 3. $29 4. $29 5. 6. 7. 8. 24 29 29 29 24 24 19 19 24 29 14 Required: For each situation, determine taxable income, assuming pretax accounting income is $190 million. (Enter'your answers in millions (I.e., 10,000,000 should be entered as 10).) Situations Taxable Income 1 4. 5. 6. 8Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts ($ in millions). Temporary Differences Reported First on: The Income Statement The Tax Return Revenue Expense Revenue Expense 1. $20 2. $20 3. $20 4. $20 5. 15 20 6. 20 15 7. 15 20 10 8. 15 20 5 10 Required: For each situation, determine taxable income, assuming pretax accounting income is $100 million.) Information for Kent Corp. for the year 2022: Reconciliation of pretax accounting income and taxable income: Pretax accounting income $ 180,000 Permanent differences (15,000 ) 165,000 Temporary difference-depreciation (12,000 ) Taxable income $ 153,000 The enacted tax rate was 30% for 2022 and thereafter. What would Kent's income tax expense be in the year 2022? A) $42,300. B) $45,900. C) $49,500. D) None of these answer choices are correct.