Packer Co.’s year 5 income statement reported $130,000 in income before provisions for income taxes. To compute the provision for federal income taxes, the following year 5 data are provided: Rent received in advance $22,000
Income from exempt municipal bonds $17,000
Depreciation deducted for income tax purposes $18,000
Depreciation deducted for financial purposes $10,000

What amount should Packer report as taxable income?

Answers

Answer 1

Answer:

Answer:

The taxable income is $127,000

Explanation:

The computation of the taxable income is shown below:

= Income before provisions for income taxes + Rent received in advance - Income from exempt municipal bonds - Depreciation deducted for income tax purposes + Depreciation deducted for financial purposes

= $130,000 + $22,000 - $17,000 - $18,000 + $10,000

= $127,000

Thus, All items should be considered

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Answers

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Answers

To find the plantwide overhead rate, divide the total budgeted manufacturing overhead costs by the total budgeted machine hours.

\[Plantwide \space Overhead \space Rate = \frac{Total \space Budgeted \space Manufacturing \space Overhead \space Costs}{Total \space Budgeted \space Machine \space Hours}\]

Using the given data:

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Total Budgeted Machine Hours = 2,000 + 2,500 = 4,500 MH

\[Plantwide \space Overhead \space Rate = \frac{720,000}{4,500} = 160\]

Rounded to two decimal places, the plantwide overhead rate is $160.00 per machine hour.

So, the correct option is:

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Answers

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