Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please find 1. What is taxable income 2. What is amount of income taxes payable Hendrie Inc. reported earnings before income taxes of $3,600,000 in
Please find 1. What is taxable income 2. What is amount of income taxes payable
Hendrie Inc. reported earnings before income taxes of $3,600,000 in 20X9. The tax rate for this year is 40%. Item a. Golf club dues, $56,000 b. Depreciation expense, $69,000 c. Development costs incurred during year, capitalized for accounting purposes, $280,000 d. Warranty costs accrued during year, $48,000 e. Interest and penalty for late payment payroll taxes, $70,000 f. CCA $540,000 g. Amortization of capitalized development costs, $28,000 h. Costs incurred during year for warranty work completed, $36,000 S Required: 1. After adjusting for all of the items listed above, what is the taxable income? Taxable income $ 515,415Step by Step Solution
There are 3 Steps involved in it
Step: 1
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