Homework Answers
Answer with explanation is given below
Solution: 2
Deferred tax refers to the tax effect of temporary differences between accounting income and taxable income. Thus, while payment of Income Tax deferred tax will be an asset that will be carried forward & It will be the plus figure.
Hence first option is correct.
Solution: 3
They change the calculation of cash paid for taxes in Cash Flows from Operations. This is NOT a way that deferred taxes affect the financial statements.
Hence first option is correct.
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QUESTION 2 3 point When making the journal entry to appropriate account for income tax expense,...
When income tax expense for a period is greater than income tax payable the difference will...
When income tax expense for a period is greater than income tax payable the difference will be reported how and on which financial statement ? A Deferred tax asset and Statement of Cash Flows B Deferred tax asset and Balance Sheet c Deferred tax liability and Statement of Cash Flows Deferred tax liability and Balance Sheet
Please check my answers. 1. Prepare Journal Entry to record income tax expense, deferred taxes, and...
Please check my answers.
1. Prepare Journal Entry to record income tax expense, deferred taxes, and income taxes payable for 2018 2. Draft the income tax expense section of the Income Statement, beginning with Income before income taxes". . Write an analysis directed toward the team at Good Company describing what the numbers mean and how they relate to the business. Information: Good Company began operations in 2018 and has provided the following information: 1. Pretax financial income for 2018...
Requirements: 1. Prepare Journal Entry to record income tax expense, deferred taxes, and income taxes payable...
Requirements: 1. Prepare Journal Entry to record income tax expense, deferred taxes, and income taxes payable for 2018. 2. Draft the income tax expense section of the Income Statement, beginning with "Income before income taxes". 3. Write an analysis directed toward the team at Good Company describing what the numbers mean and how they relate to the business. Information: Good Company began operations in 2018 and has provided the following information: 1. Pretax financial income for 2018 is $200,000 2....
need the income tax expense and income tax payable. Credit Account Names Cash Supplies Deferred Revenue...
need
the income tax expense and income tax payable.
Credit Account Names Cash Supplies Deferred Revenue Debit $31,600 540 $ 3,170 Salaries and Wages payable @ Income Tax Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Further Information As reported on December 31 bank statement. Based on count, only $170 of supplies still exist. Of this amount, $2,700 was received for December lessons and $470 for January lessons. Employees were paid $2,300 for 10 days of...
A ntities and Explanation Income Tax Expense Deferred Tax Income Tax Payable countries and Explanation Income...
A ntities and Explanation Income Tax Expense Deferred Tax Income Tax Payable countries and Explanation Income Tax Expense Deferred Tax Uability Prepare the income tax expense section of incomeant for 2017 begg e metes (Ener Exercise 19-3 Pronghorn Corporation began 2017 with a 395,000 balance in the Deferred Tax Laby count. At the end of 2017, the accounting income for 2017 is 5519.900, the tax rate for all year is 40 and taxable income for 2017 is 5440,000 VISION Compute...
Exercise 19-8 Sunland Company has the following two temporary differences between its income tax expense and...
Exercise 19-8 Sunland Company has the following two temporary differences between its income tax expense and income taxes payable. 2017 2018 2019 Pretax financial income $811,000 $932,000 $992,000 Excess depreciation expense on tax return (31,500 ) (39,100 ) (9,900 ) Excess warranty expense in financial income 19,900 9,800 8,300 Taxable income $799,400 $902,700 $990,400 The income tax rate for all years is 40%. Assuming there were no temporary differences prior to 2017, prepare the journal entry to record income tax...
At the beginning of 2016, Norris Company had a deferred tax liability of $6,400, because of...
At the beginning of 2016, Norris Company had a deferred tax
liability of $6,400, because of the use of MACRS depreciation for
income tax purposes and units-of-production depreciation for
financial reporting. The income tax rate is 30% for 2015 and 2016,
but in 2015 Congress enacted a 37% tax rate for 2017 and future
years.
Norris’s accounting records show the following pretax items of
financial income for 2016: income from continuing operations,
$119,300 (revenues of $351,000 and expenses of $231,700);...
Balance sheet needed Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals OOOOO...
Balance sheet needed
Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals OOOOO $92 $92 Transactions and events during 2018 (summarized in thousands of dollars) follow: a. Borrowed $13 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $7. c. Issued additional shares of common stock on April 3 for $25. d. Purchased software on July 4, $12 cash. e. Purchased supplies on account on October...
REQURED 2: PREPARE JOURNAL ENTRY TO RECORD INCOME TAX IN 2018 REQUIRED 3: WHAT IS NET...
REQURED 2:
PREPARE JOURNAL ENTRY TO RECORD INCOME TAX IN 2018
REQUIRED 3:
WHAT IS NET INCOME?
Southern Atlantic Distributors began operations in January 2018 and purchased a delivery truck for $80,000. Southern Atlantic plans to use straight-line depreciation over a four-year expected useful life for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2018, 30% in 2019, and 20% in 2020. Pretax accounting income for 2018 was $440,000, which includes interest revenue of $45,000...
1. Prepare the book journal entry for income tax expense for 2015 (combine U.S., foreign, and...
1. Prepare the book journal entry for income tax expense for
2015 (combine U.S., foreign, and state income taxes). Clearly
indicate both the account title and whether the account in being
debited or credited.
2. Using information given in the tax reconciliation, estimate
Alphabet's pre-tax book income for 2015.
3. What was Alphabet's 2015 effective tax rate?
4. Using information found in the tax note, determine whether
depreciation and amortization expense was higher for book or tax
purposes in 2015...
When income tax expense for a period is greater than income tax payable the difference will be reported how and on which financial statement ? A Deferred tax asset and Statement of Cash Flows B Deferred tax asset and Balance Sheet c Deferred tax liability and Statement of Cash Flows Deferred tax liability and Balance Sheet
Please check my answers.
1. Prepare Journal Entry to record income tax expense, deferred taxes, and income taxes payable for 2018 2. Draft the income tax expense section of the Income Statement, beginning with Income before income taxes". . Write an analysis directed toward the team at Good Company describing what the numbers mean and how they relate to the business. Information: Good Company began operations in 2018 and has provided the following information: 1. Pretax financial income for 2018...
need
the income tax expense and income tax payable.
Credit Account Names Cash Supplies Deferred Revenue Debit $31,600 540 $ 3,170 Salaries and Wages payable @ Income Tax Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Further Information As reported on December 31 bank statement. Based on count, only $170 of supplies still exist. Of this amount, $2,700 was received for December lessons and $470 for January lessons. Employees were paid $2,300 for 10 days of...
A ntities and Explanation Income Tax Expense Deferred Tax Income Tax Payable countries and Explanation Income Tax Expense Deferred Tax Uability Prepare the income tax expense section of incomeant for 2017 begg e metes (Ener Exercise 19-3 Pronghorn Corporation began 2017 with a 395,000 balance in the Deferred Tax Laby count. At the end of 2017, the accounting income for 2017 is 5519.900, the tax rate for all year is 40 and taxable income for 2017 is 5440,000 VISION Compute...
At the beginning of 2016, Norris Company had a deferred tax
liability of $6,400, because of the use of MACRS depreciation for
income tax purposes and units-of-production depreciation for
financial reporting. The income tax rate is 30% for 2015 and 2016,
but in 2015 Congress enacted a 37% tax rate for 2017 and future
years.
Norris’s accounting records show the following pretax items of
financial income for 2016: income from continuing operations,
$119,300 (revenues of $351,000 and expenses of $231,700);...
Balance sheet needed
Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals OOOOO $92 $92 Transactions and events during 2018 (summarized in thousands of dollars) follow: a. Borrowed $13 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $7. c. Issued additional shares of common stock on April 3 for $25. d. Purchased software on July 4, $12 cash. e. Purchased supplies on account on October...
REQURED 2:
PREPARE JOURNAL ENTRY TO RECORD INCOME TAX IN 2018
REQUIRED 3:
WHAT IS NET INCOME?
Southern Atlantic Distributors began operations in January 2018 and purchased a delivery truck for $80,000. Southern Atlantic plans to use straight-line depreciation over a four-year expected useful life for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2018, 30% in 2019, and 20% in 2020. Pretax accounting income for 2018 was $440,000, which includes interest revenue of $45,000...
1. Prepare the book journal entry for income tax expense for
2015 (combine U.S., foreign, and state income taxes). Clearly
indicate both the account title and whether the account in being
debited or credited.
2. Using information given in the tax reconciliation, estimate
Alphabet's pre-tax book income for 2015.
3. What was Alphabet's 2015 effective tax rate?
4. Using information found in the tax note, determine whether
depreciation and amortization expense was higher for book or tax
purposes in 2015...
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