1 | |||
Pretax financial income | 276800 | ||
Less: Excess Depreciation | -38000 | ||
Add: Rent deferral | 19800 | ||
Taxable income | 258600 | ||
2 | |||
Debit | Credit | ||
Income Tax expense | 83040 | ||
Deferred Tax asset | 5940 | =19800*30% | |
Income Tax payable | 77580 | =258600*30% | |
Deferred Tax Liability | 11400 | =38000*30% | |
3 | |||
Debit | Credit | ||
Income Tax expense | 107670 | ||
Deferred Tax Liability | 2850 | =11400/4 | |
Income Tax payable | 104580 | =348600*30% | |
Deferred Tax asset | 5940 | =19800*30% |
Exercise 19-2 The following information is available for Whispering Corporation for 2016 (its first year of...
Exercise 19-2 The following information is available for Riverbed Corporation for 2016 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $39,600. This $39,600 difference will reverse equally over the years 2017–2020. 2. Deferral, for book purposes, of $21,900 of rent received in advance. The rent will be recognized in 2017. 3. Pretax financial income, $271,300. 4. Tax rate for all years, 30%. (A) Compute Taxable Income for 2016 Taxable income $__________ Prepare the journal entry...
The following information is available for Crane Corporation
for 2016 (its first year of operations).
1.
Excess of tax depreciation over book depreciation, $43,800.
This $43,800 difference will reverse equally over the years
2017–2020.
2.
Deferral, for book purposes, of $18,600 of rent received in
advance. The rent will be recognized in 2017.
3.
Pretax financial income, $272,800.
4.
Tax rate for all years, 40%.
Compute taxable income for 2016.
Taxable income
$
SHOW LIST OF ACCOUNTS
Prepare the journal...
The following information is available for Swifty Corporation
for 2016 (its first year of operations).
1.
Excess of tax depreciation over book depreciation, $41,200.
This $41,200 difference will reverse equally over the years
2017–2020.
2.
Deferral, for book purposes, of $18,700 of rent received in
advance. The rent will be recognized in 2017.
3.
Pretax financial income, $319,200.
4.
Tax rate for all years, 30%.
Compute taxable income for 2016.
Taxable income
$
SHOW LIST OF ACCOUNTS
Prepare the journal...
Exercise 19-02 The following information is available for Buffalo Corporation for 2019 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $36,800. This $36,800 difference will reverse equally over the years 2020-2023. 2. Deferral, for book purposes, of $20,300 of rent received in advance. The rent will be recognized in 2020. 3. Pretax financial income, $322,400. 4. Tax rate for all years, 20%. Compute taxable income for 2019. Taxable income SHOW LIST OF ACCOUNTS Prepare the...
Please answer all parts, Thank
you!
The following information is available for Blue Corporation for 2016 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $37,000. This $37,000 difference will reverse equally over the years 2017-2020. 2. Deferral, for book purposes, of $18,200 of rent received in advance. The rent will be recognized in 2017. 3. Pretax financial income, $296,200. 4. Tax rate for all years, 40%. Compute taxable income for 2016 Taxable income Prepare the...
The following information is available for Martinez Corporation for 2016 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $39,600. This $39,600 difference will reverse equally over the years 2017-2020. 2. Deferral, for book purposes, of $21,900 of rent received in advance. The rent will be recognized in 2017. 3. Pretax financial income, $271,300. 4. Tax rate for all years, 30%. Compute taxable income for 2016. Taxable incomes SHOW LIST OF ACCOUNTS LINK TO TEXT LINK...
I need a little assistance with the last section
please.
The following information is available for Marin Corporation for 2016 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $36,800. This $36,800 difference will reverse equally over the years 2017-2020. 2. Deferral, for book purposes, of $20,200 of rent received in advance. The rent will be recognized in 2017. 3. Pretax financial income, $310,100. 4. Tax rate for all years, 40%. Compute taxable income for 2016....
The following information is available for Riverbed Corporation for 2019 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $36,800. This $36,800 difference will reverse equally over the years 2020–2023. 2. Deferral, for book purposes, of $18,300 of rent received in advance. The rent will be recognized in 2020. 3. Pretax financial income, $320,500. 4. Tax rate for all years, 20%. (a) Compute taxable income for 2019. (b) Prepare the journal entry to record income tax...
The following information is available for Metlock Corporation for 2019 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years 2020–2023. 2. Deferral, for book purposes, of $19,800 of rent received in advance. The rent will be recognized in 2020. 3. Pretax financial income, $303,400. 4. Tax rate for all years, 20%. Part 1 Compute taxable income for 2019. Taxable income $enter Taxable income in dollars eTextbook...
Exercise 19-11 At the end of 2016, Metlock Company has $182,500 of cumulative temporary differences that will result in reporting the following future taxable amounts. 2017 2018 2019 2020 $59,100 50,200 42,000 31,200 $182,500 Tax rates enacted as of the beginning of 2015 are: 2015 and 2016 2017 and 2018 2019 and later 40 % 30% 25 % Metlock's taxable income for 2016 is $314,700. Taxable income is expected in all future years. (a) Prepare the journal entry for Metlock...