does anyone know how to get this answer??????? Ive been stuck for an hour. please help!!
Solution 3:
Tax schedule showing reconciliation between pre tax financial income, taxable income, deferred tax account (In millions) - Arndt Inc. | |||
Particulars | Current Year - 2018 | Future Taxable Amount | Future Deductible Amount |
FT - DTL | FD - DTA | ||
Pretax accounting income | $206.00 | ||
Permanent Differences: | |||
Life insurance premium | $2.00 | ||
Temporary Differences: | |||
Casualty insurance expense | -$30.00 | $30.00 | |
Subscriptions - 2018 | -$9.00 | ||
Subscriptions - 2019 | $17.00 | $17.00 | |
Unrealized loss | $18.00 | $18.00 | |
Loss contigency | -$4.00 | ||
Taxable Income | $200.00 | ||
$30.00 | $35.00 | ||
Tax rate | 40% | 40% | 40% |
Tax payable currently | $80.00 | ||
Deferred tax liability | $12.00 | ||
Deferred tax assets | $14.00 | ||
Deferred tax liability | Deferred tax Assets | ||
Ending balances (balances currently needed) | $12.00 | $14.00 | |
Less: Beginning balances | $0.00 | $7.00 | |
Changes needed to achieve desired balances | $12.00 | $7.00 |
Deferred tax amounts ($ in millions) | |
Classification | Amount |
Deferred tax liability | $12.00 |
Deferred tax assets | $14.00 |
Net Non current deferred tax assets | $2.00 |
does anyone know how to get this answer??????? Ive been stuck for an hour. please help!!...
Get Homework Heip With Chego Stud Get Homework Help With Cheg s apter 16 Saved Help Save & Exit 14 Checl Arndt, Inc., reported the following for 2018 and 2019 ($ in millions: 2018 2019 $997$1,030 826 211 204 $ 200 230 Revenues t 2 of 2 Expenses 786 Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 40% nts a. Expenses each year include S4o milioromtwarcasualty nsurance policey purchased in 201e for $80 0 million from a...
Arndt, Inc., reported the following for 2018 and 2019 ($ in millions): 2018 2019 Revenues $ 996 $ 1,031 Expenses 784 824 Pretax accounting income (income statement) $ 212 $ 207 Taxable income (tax return) $ 210 $ 230 Tax rate: 40% Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2018 for $60 million. The cost is tax deductible in 2018. Expenses include $3 million insurance premiums each year for life insurance on key...
Required information [The following information applies to the questions displayed below.] Arndt, Inc., reported the following for 2018 and 2019 ($ in millions): 2018 2019 Revenues $ 990 $ 1,042 Expenses 790 830 Pretax accounting income (income statement) $ 200 $ 212 Taxable income (tax return) $ 190 $ 230 Tax rate: 40% Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2018 for $60 million. The cost is tax deductible in 2018. Expenses include...
Required information {The following information applies to the questions displayed below.) Arndt, Inc., reported the following for 2018 and 2019 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 408 2018 $ 896 766 $ 130 $ 125 2019 $ 993 806 $ 187 $ 210 a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2018 for $60 million. The cost is tax deductible in 2018 b....
Required information [The following information applies to the questions displayed below.] Arndt, Inc., reported the following for 2018 and 2019 ($ in millions): 2018 2019 Revenues $ 990 $ 1,042 Expenses 790 830 Pretax accounting income (income statement) $ 200 $ 212 Taxable income (tax return) $ 190 $ 230 Tax rate: 40% Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2018 for $60 million. The cost is tax deductible in 2018. Expenses include...
Required Information Problem 16-8 Multiple differences; taxable income given; two years; balance sheet classification; change in tax rate (L016-4, 16-6, 16-8] [The following Information applies to the questions displayed below.] Arndt, Inc., reported the following for 2018 and 2019 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 40% 2018 2019 $ 913 $988 770810 $ 143 $ 178 $ 135 $ 200 a. Expenses each year Include $30 million from a two-year...
Required information [The following information applies to the questions displayed below.] Arndt, Inc., reported the following for 2018 and 2019 ($ in millions): 2018 2019 $ 983 $ 888 Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) 760 800 $ 128 $ 120 $ 183 $ 200 Tax rate: 40% a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2018 for $60 million. The cost is tax deductible in 2018. b....
Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income tax return) Tax rate: 25% 2021 $ 950 806 $ 144 $ 94 2022 $1,042 862 $ 180 $ 244 a. Expenses each year include $68 million from a two-year casualty insurance policy purchased in 2021 for $94 million. The cost is tax deductible in 2021. b. Expenses include $2 million insurance premiums each year for life insurance on...
Required information [The following information applies to the questions displayed below.) Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 258 2021 $ 930 786 $ 144 $ 114 2022 $1,022 842 $ 180 $ 214 a. Expenses each year include $48 million from a two-year casualty insurance policy purchased in 2021 for $96 million. The cost is tax deductible in 2021. b. Expenses...
Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): 2021 2022 Revenues $ 930 $ 1,022 Expenses 786 842 Pretax accounting income (income statement) $ 144 $ 180 Taxable income (tax return) $ 114 $ 214 Tax rate: 25% Expenses each year include $48 million from a two-year casualty insurance policy purchased in 2021 for $96 million. The cost is tax deductible in 2021. Expenses include $2 million insurance premiums each year for life insurance on key...