Homework Answers
Deffered Tax asset = 59600 - 38700 = $20900
Deferred tax liability = 96400 - 26500 = $69900
These are shown on balance sheet as:
| Currennt assets: | |
| Deferred tax asset | $20,900 |
| Current liabilities: | |
| Deferred tax liability | $69,900 |
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Brief Exercise 19-15 Marigold Corporation has temporary differences at December 31, 2017, that result in the...
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Brief Exercise 14-15 At December 31, 2020, Marigold Corporation has the following account balances: Bonds payable, due January 1, 2029 Discount on bonds payable Interest payable $2,500,000 62,000 51,000 Show how the above accounts should be presented on the December 31, 2020, balance sheet, including the proper classifications. (Enter account name only and do not provide descriptive information.) Marigold Corporation Balance Sheet (Partial) Click if you would like to Show Work for this question: Open Show Work
At December 31, DePaul Corporation had the following cumulative temporary differences associated with its operations: 1. Estimated warranty expense, $24 million temporary difference: expense recorded in the year of the sale, tax-deductible when paid (one-year warranty). 2. Depreciation expense, $104 million temporary difference: straight-line in the income statement: MACRS on the tax return. 3. Income from installment sales of properties. $80 million temporary difference: income recorded in the year of the sale: taxable when received equally over the next five...
Exercise 19-5 (Part Level Submission) The following facts relate to Marigold Corporation. 1. Deferred tax liability, January 1, 2017, $44,400. 2. Deferred tax asset, January 1, 2017, $0. 3. Taxable income for 2017, $105,450. 4. Pretax financial income for 2017, $222,000. 5. Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $266,400. 6. Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $38,850. 7. Tax rate for all years, 40%. 8. The...
At December 31, DePaul Corporation had a $30 million balance in its deferred tax asset account and a $158 million balance in its deferred tax liability account. The balances were due to the following cumulative temporary differences: 1. Estimated warranty expense, $35 million: expense recorded in the year of the sale; tax-deductible when paid (one-year warranty). 2. Depreciation expense, $270 million: straight-line in the income statement; MACRS on the tax return. 3. Income from installment sales of properties, $125 million:...
At December 31, DePaul Corporation had a $9 million balance in its deferred tax asset account and a $72 million balance in its deferred tax liability account. The balances were due to the following cumulative temporary differences: 1. Estimated warranty expense, $10 million: expense recorded in the year of the sale; tax-deductible when paid (one-year warranty). 2. Depreciation expense, $140 million: straight-line in the income statement; MACRS on the tax return. 3. Income from installment sales of properties, $100 million:...
Exercise 19-5 (Part Level Submission) The following facts relate to Marigold Corporation. 1. Deferred tax liability, January 1, 2017, $44,400. 2. Deferred tax asset, January 1, 2017, $0. 3. Taxable income for 2017, $105,450. 4. Pretax financial income for 2017, $222,000. 5. Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $266,400. 6. Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $38,850. 7. Tax rate for all years, 40%. 8. The...
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