In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy the rental property. The deferred portion of the rent collected in 2021 amounted to $390,000 at December 31, 2021. DFS had no temporary differences at the beginning of the year.
Required: Assuming an income tax rate of 25% and 2021 income tax payable of $940,000, prepare the journal entry to record income taxes for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For income tax reporting,...
In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For Income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy the rental property. The deferred portion of the rent collected In 2021 amounted to $310,000 at December 31, 2021. DFS had no temporary differences at the beginning of the year. Required: Assuming an Income tax rate of...
In 2018, DFS Medical Supply collected rent revenue for 2019 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy the rental property. The deferred portion of the rent collected in 2018 amounted to $470,000 at December 31, 2018. DFS had no temporary differences at the beginning of the year. Required: Assuming an income tax rate of...
In 2018, DFS Medical Supply collected rent revenue for 2019 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy the rental property. The deferred portion of the rent collected in 2018 amounted to $440,000 at December 31, 2018. DFS had no temporary differences at the beginning of the year. Required: Assuming an income tax rate of...
In 2018, DFS Medical Supply collected rent revenue for 2019 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy the rental property. The deferred portion of the rent collected in 2018 amounted to $320,000 at December 31, 2018. DFS had no temporary differences at the beginning of the year. Required: Assuming an income tax rate of...
n 2018, DFS Medical Supply collected rent revenue for 2019 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy the rental property. The deferred portion of the rent collected in 2018 amounted to $340,000 at December 31, 2018. DFS had no temporary differences at the beginning of the year. Required: Assuming an income tax rate of...
In 2018, DFS Medical Supply collected rent revenue for 2019 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy the rental property. The deferred portion of the rent collected in 2018 amounted to $310,000 at December 31, 2018 DFS had no temporary differences at the beginning of the year. Required: Assuming an income tax rate of...
In 2018, DFS Medical Supply collected rent revenue for 2019 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy the rental property. The deferred portion of the rent collected in 2018 amounted to $300.000 at December 31, 2018. DFS had no temporary differences at the beginning of the year. Required: Assuming an income tax rate of...
In 2018, DFS Medical Supply collected rent revenue for 2019 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy the rental property. The deferred portion of the rent collected in 2018 amounted to $420,000 at December 31, 2018. DFS had no temporary differences at the beginning of the year. Required: Assuming an income tax rate of...
In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $106 million. Taxable income is $460 million in 2021. No temporary differences existed at the beginning of the year, and the tax rate is 25%. ...
In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $50 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Suppose the deferred portion of the rent collected...