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    Argosy University/ Phoniex University/
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Category > Accounting Posted 24 Sep 2017 My Price 8.00

Pit Corporation

Compare separate and consolidated tax filings

The pretax accounting incomes of Pit Corporation and its 100 percent-owned subsidiary, Sol Company, for 2011 are as follows (in thousands):

 

Pit

Sol

Sales

$1,000

$500

Gain on land

200

—

Total revenue

1,200

500

Cost of sales

500

300

Gross profit

700

200

Operating expenses

400

100

Pretax accounting income

$ 300

$100

The only intercompany transaction during 2011 was a gain on land sold to Sol. Assume a 34 percent flat income tax rate.

REQUIRED

1. What amount should be shown on the consolidated income statement as income tax expense if separateecompany tax returns are filed?

2. Compute the consolidated income tax expense if a consolidated tax return is filed.

3. What will be the income taxes currently payable if separate income tax returns are filed? If a consolidated return is filed?

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 11:09 PM My Price 8.00

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