Answer) $4875
Explanation:
Deferred tax liability or asset is created only for taxes on temporary differences, not permanent differences.
So, deferred tax liability on depreciation is $19500 x 25% = 4875
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income...
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $310,000 (14,900) 295,100 (20,500) $274,600 Temporary difference-depreciation Taxable income Tringali's tax rate is 39%. Assume that no estimated taxes have been paid. What should Tringali report as its deferred income tax liability as of the end of its first year of operations? Mult le Choice o $35,400. o $7995. o $13,806. o $20,500.
For its first year of operations. Thingal Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $380,000 (14,300) 365, 700 (19,500) $346,200 Temporary difference-depreciation Taxable income Thing's tax rate is 39 Assume that no estimated taxes have been paid What should thing report as its deferred income tax liability as of the end of ts first year of operations Mum Choice O $38.800 O $0.982 O $8.500 O $2505 For its first...
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $340,000 Permanent difference (14,500) 325,500 Temporary difference-depreciation (19,900) Taxable income $305,600 Tringali's tax rate is 36%. What should Tringali report as its income tax expense for its first year of operations? a. $110,016. b. $122,400. c. $117,180 d.$120,681
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $370,000 (14,100) 355, 900 (20,500) $335,400 Temporary difference-depreciation Taxable income Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringall report as income tax payable for its first year of operations? Multiple Choice O $92,500. o $88,975. o $83,850. o o $5,125
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:Pretax accounting income$ 230,000Permanent difference(15,200) 214,800Temporary difference-depreciation(19,000)Taxable income$ 195,800Tringali's tax rate is 25%. Assume that no estimated taxes have been paid.What should Tringali report as its income tax expense for its first year of operations?
please show work For its first year of operations. Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $360,000 (15,000) 345,000 (20,900) $324,100 Temporary difference-depreciation Taxable income Tringali's tax rate is 37%. Assume that no estimatel axes have been paid. What should Tringali report as income tax payable for its first year of operations? Multiple Choice O $133,200 O $119,917 O $7733 O $127.650 O
Information for Kent Corp. for the year 2016: Reconciliation of pretax accounting income and taxable income: Pretax accounting income $180,900 Permanent differences (15,500) 165,400 Temporary difference-depreciation (12,900) Taxable income $152,500 Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2015 $13,400 As of December 31, 2016 $26,300 The enacted tax rate was 30% for 2015 and thereafter. What should be the balance in Kent's deferred tax liability account as of December 31, 2016? $5,360. $7,890. $26,300....
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Isaac Inc. began operations in January 2016. For certain of its property sales, Isaac recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment payments. In 2016, Isaac had $600 million in sales of this type. Scheduled collections for these sales are as follows: 2016 $60 million 2017 120 million 2018 120 million 2019 150 million 2020 150 million $600 million Assume that...
1)Information for Kent Corp. for the year 2016: Reconciliation of pretax accounting income and taxable income: Pretax accounting income $181,000 Permanent differences (15,400) 165,600 Temporary difference-depreciation (12,800) Taxable income $152,800 Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2015 $12,600 As of December 31, 2016 $25,400 The enacted tax rate was 20% for 2015 and thereafter. What should Kent report as the current portion of its income tax expense in the year 2016? 2)Information...