Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 11, 2024

Monty Inc. had service revenue of $742000, operating expenses of $396000, and interest expense of $28800 for the year ended December 31, 2024. The

Monty Inc. had service revenue of $742000, operating expenses of $396000, and interest expense of $28800 for the year ended December 31, 2024. The company has a 30% income tax rate. Assuming Monty has already made income tax instalments of $62500. how much should Monty report as profit (after tax) for the year?

Step by Step Solution

★★★★★

3.54 Rating (161 Votes )

There are 3 Steps involved in it

Step: 1

To calculate the profit aftertax for Mority Inc for the year ended Dec... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.

9th Canadian Edition, Volume 2

470964731, 978-0470964736, 978-0470161012

More Books

Students also viewed these Accounting questions

Question

Why is it that the market will pay an investor for taking on non-diversifiable risk but will not pay an investor for taking on diversifiable risk? Will diversifiable risk be zero if non-diversifiable...

Answered: 1 week ago

Question

Sallywood Corporation applies overhead on the basis of machine hours. At the beginning of the year, Sallywood estimated that manufacturing overhead costs would total $1,600,000. The company uses...

Answered: 1 week ago

Question

★★★★★

P6-45. Interpreting Accounts Receivable and Uncollectible Accounts Mattel, Inc. designs, manufactures, and markets a broad variety of toy products worldwide which are sold to its customers and...

Answered: 1 week ago

Question

★★★★★

At this point, the writer would like to provide specific information about Montessoris education. Which alternative does that best? A. NO CHANGE B. Passionately and fervently, editors often argue for...

Answered: 1 week ago

Question

★★★★★

As mentioned previously, Anh really enjoyed the lifestyle in southern California. After living in student housing her first year, she immediately moved off campus into a nearby apartment. Over time,...

Answered: 1 week ago

Question

★★★★★

Refer to the measurement of job satisfaction in Exercise 10.45. Using the data in Exercise 10.12, compare the proportion for firefighters, p1, with the proportion for office supervisors, p2. (a) Find...

Answered: 1 week ago

Question

★★★★★

Assuming that the error term ???? has mean 0 in the regression model ???? = ????0 + ????1????1 + ????2????2 + ????3????3 + ???? (a) what is the mean of ???? when ????1 = 5,????2 = 3, and ????3 = 10?...

Answered: 1 week ago

Question

★★★★★

In early January 2013, Strawberry Corporation applied for a trade name, incurring legal costs of $50,000. In January 2014, Strawberry incurred $20,000 of legal fees in a successful defense of its...

Answered: 1 week ago

Question

★★★★★

Ingram Electric Products is considering a project that has the following cash flow and WACC data. What is the project's MIRR? Note that a project's projected MIRR can be less than the WACC (and even...

Answered: 1 week ago

Question

★★★★★

eBook Print Item Use the following T-accounts: Cash Bal. 23,600 Revenue Earned Bal. 46,000 Commission Expense Bal. 6,500 Supplies Expense Bal. 3,700 Wages Expense Bal. 29,000 Dividends Bal. 4,100...

Answered: 1 week ago

Question

★★★★★

Manager T. C. Downs of Plum Engines, a producer of lawn mowers and leaf blowers, must develop an aggregate plan given the forecast for engine demand shown in the table. The department has a normal...

Answered: 1 week ago

Question

★★★★★

Case study on The Toronto Ultimate Club By reading this recommendation 3. Elaborate on what it's trying to say. Recommendation 3 : TUC will hire an additional employee to assist Jason Robinson,...

Answered: 1 week ago

Question

★★★★★

The goal of this lab is to segment a given network address using VLSM (Variable Length Subnet Mask). After completing this lab, you will be able to: Calculate subnets Materials Required This lab...

Answered: 1 week ago

Question

★★★★★

4. A round A36 steel test specimen has a diameter of do of 22mm and a gauge length of Lo 175mm. Take Oy = 250 MPa. (20 pts) a] If a force of 70 kN elongates the length by 1mm, what is the engineering...

Answered: 1 week ago

Question

★★★★★

which of the following describe items that systems engineers should consider regarding contracting? Select three that apply. They should focus exclusively on contract pricing since past performance...

Answered: 1 week ago

Question

★★★★★

23. Coquitlam Crunch Corporation has 60,000 common shares outstanding. The following transactions related to the company's shares took place during the year: June 15 Declared a 30% share dividend to...

Answered: 1 week ago

Question

★★★★★

It is possible to investigate the thermo chemical properties of hydrocarbons with molecular modeling methods. (a) Use electronic structure software to predict cHo values for the alkanes methane...

Answered: 1 week ago

Question

★★★★★

4. Babys Sleeping Position Does a babys sleeping position affect the development of motor skills? In one study, 343 full-term infants were examined at their 4-month checkup for various developmental...

Answered: 1 week ago

Question

★★★★★

A simple test of a single multinomial experiment can be set up by considering whether the proportions of male and female statistics students are the samethat is, 5.5 1 p and 5.5 2 p . 1. There are...

Answered: 1 week ago

Question

★★★★★

2. Physicians and Medicare Patients To investigate the effect of general hospital experience on the attitudes of physicians toward Medicare patients, a random sample of 50 physicians who had just...

Answered: 1 week ago

Previous Question Next Question