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(Solution Download) Randolph Company reported pretax net income from continuing operations of $959,000 and taxable incom


 

 

 

 

 

 

 

Randolph Company reported pretax net income from continuing

 

operations of $959,000 and taxable income of $590,000. The book-tax

 

difference of $369,000 was due to a $205,000 favorable temporary

 

difference relating to depreciation, an unfavorable temporary

 

difference of $88,000 due to an increase in the reserve for bad

 

debts, and a $252,000 favorable permanent difference from the

 

receipt of life insurance proceeds. Randolph CompanyAc??cs applicable

 

tax rate is 34 percent.

 

 

 

 

 

 

 

 

 

a.

 

Compute Randolph CompanyAc??cs current income tax expense.

 

Current tax income

 

expense_______________?

 

 

 

 

 

 

 

 

b.

 

Compute Randolph CompanyAc??cs deferred income tax expense or

 

benefit. Deferred income tax

 

expense___________?

 

 

 

 

 

 

 

 

c.

 

Compute Randolph CompanyAc??cs effective tax rate. Effective tax

 

rate_______%?

 

 

 

 

 

 

 

 

d.

 

Complete the reconciliation of Randolph CompanyAc??cs effective tax

 

rate with its hypothetical tax rate of 34 percent.

 

ETR reconciliation (in $) _______?

 

Income tax expense at 34%______?

 

Tax benefit from permanent difference _______?

 

Income tax provision_____________?

 

ETR reconciliation (in $)_______?

 

Hypothetical income tax rate 34%

 

Tax benefit from permanent difference________%?

 

Effective tax rate____________%?

 

 

 

Thanks for help

 

 

 

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