Homework Answers
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Income taxes payable = taxable income * Tax rate for the year = 105,450 * 40% = 42,180 |
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Exercise 19-5 (Part Level Submission) The following facts relate to Marigold Corporation. 1. Deferred tax liability,...
Exercise 19-5 (Part Level Submission) The following facts relate to Marigold Corporation. 1. Deferred tax liability, Ja...
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...
1. Deferred tax liability, January 1, 2017, $44,400. 2. Deferred tax asset, January 1, 2017, $0....
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 company is expected to operate profitably in the future. (a) Your answer...
Exercise 19-5 The following facts relate to Larkspur Corporation 1. Deferred tax liability, January 1, 2017,...
Exercise 19-5 The following facts relate to Larkspur Corporation 1. Deferred tax liability, January 1, 2017, $42,000. 2. Deferred tax asset, January 1, 2017, $0. 3. Taxable income for 2017, $99,750 4. Pretax financial income for 2017, $210,000. 5. Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $252,000. 6. Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $36,750. 7. Tax rate for all years, 40 % . 8. The company...
Exercise 19-5 The following facts relate to Pearl Corporation. 1. Deferred tax liability, January 1, 2017,...
Exercise 19-5 The following facts relate to Pearl Corporation. 1. Deferred tax liability, January 1, 2017, $45,600. 2. Deferred tax asset, January 1, 2017, $0. 3. Taxable income for 2017, $108,300. 4. Pretax financial income for 2017, $228,000. 5. Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $273,600. 6. Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $39,900. 7. Tax rate for all years, 40%. 8. The company is expected...
The following facts relate to Shamrock Corporation. 1. Deferred tax liability, January 1, 2017, $40,800. 2. Defer...
The following facts relate to Shamrock Corporation. 1. Deferred tax liability, January 1, 2017, $40,800. 2. Deferred tax asset, January 1, 2017, $0. 3. Taxable income for 2017, $96,900. 4. Pretax financial income for 2017, $204,000. 5. Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $244,800. 6. Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $35,700. 7. Tax rate for all years, 40%. 8. The company is expected to operate...
The following facts relate to Stellar Corporation. 1. Deferred tax liability, January 1, 2017, $67,200. 2....
The following facts relate to Stellar Corporation.
1.
Deferred tax liability, January 1, 2017, $67,200.
2.
Deferred tax asset, January 1, 2017, $22,400.
3.
Taxable income for 2017, $117,600.
4.
Cumulative temporary difference at December 31, 2017, giving
rise to future taxable amounts, $257,600.
5.
Cumulative temporary difference at December 31, 2017, giving
rise to future deductible amounts, $106,400.
6.
Tax rate for all years, 40%. No permanent differences
exist.
7.
The company is expected to operate profitably in the...
The following facts relate to Vaughn Corporation. 1. 2. 4. 5. 6. 7. Deferred tax liability,...
The following facts relate to Vaughn Corporation. 1. 2. 4. 5. 6. 7. Deferred tax liability, January 1, 2020, $34,500. Deferred tax asset, January 1, 2020, $11,500. Taxable income for 2020, $120,750. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $264,500. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $109,250. Tax rate for all years, 20%. No permanent differences exist. The company is expected to operate profitably in the future....
Exercise 19-10 The following facts relate to Windsor Corporation. 1. Deferred tax liability, January 1, 2017,...
Exercise 19-10 The following facts relate to Windsor Corporation. 1. Deferred tax liability, January 1, 2017, $61,200. 2. Deferred tax asset, January 1, 2017, $20,400. 3. Taxable income for 2017, $107,100. 4. Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $234,600. 5. Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $96,900. 6. Tax rate for all years, 40%. No permanent differences exist. 7. The company is expected to operate profitably...
The following facts relate to Fulya Company. 1. Deferred tax liability, January 1, 2015, is $40,000....
The following facts relate to Fulya Company. 1. Deferred tax liability, January 1, 2015, is $40,000. 2. Deferred tax asset, January 1, 2015, is $0. 3. Taxable income for 2015, $115,000. 4. Pretax financial income for 2015, is $200,000. 5. Cumulative temporary difference at December 31, 2015, giving rise to future taxable amounts, $220,000. 6. Cumulative temporary difference at December 31, 2015, giving rise to future deductible amounts, $35,000. 7. Tax rate for all years, 40%. 8. The company is...
The following facts relate to Bridgeport Corporation. 1. 2. 3. 4. Deferred tax liability, January 1,...
The following facts relate to Bridgeport Corporation. 1. 2. 3. 4. Deferred tax liability, January 1, 2020, $22,800. Deferred tax asset, January 1, 2020, $0. Taxable income for 2020, $108,300. Pretax financial income for 2020, $228,000. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $273,600. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $39,900. Tax rate for all years, 20%. The company is expected to operate profitably in the future....
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...
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 company is expected to operate profitably in the future. (a) Your answer...
Exercise 19-5 The following facts relate to Larkspur Corporation 1. Deferred tax liability, January 1, 2017, $42,000. 2. Deferred tax asset, January 1, 2017, $0. 3. Taxable income for 2017, $99,750 4. Pretax financial income for 2017, $210,000. 5. Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $252,000. 6. Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $36,750. 7. Tax rate for all years, 40 % . 8. The company...
The following facts relate to Shamrock Corporation. 1. Deferred tax liability, January 1, 2017, $40,800. 2. Deferred tax asset, January 1, 2017, $0. 3. Taxable income for 2017, $96,900. 4. Pretax financial income for 2017, $204,000. 5. Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $244,800. 6. Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $35,700. 7. Tax rate for all years, 40%. 8. The company is expected to operate...
The following facts relate to Stellar Corporation.
1.
Deferred tax liability, January 1, 2017, $67,200.
2.
Deferred tax asset, January 1, 2017, $22,400.
3.
Taxable income for 2017, $117,600.
4.
Cumulative temporary difference at December 31, 2017, giving
rise to future taxable amounts, $257,600.
5.
Cumulative temporary difference at December 31, 2017, giving
rise to future deductible amounts, $106,400.
6.
Tax rate for all years, 40%. No permanent differences
exist.
7.
The company is expected to operate profitably in the...
The following facts relate to Vaughn Corporation. 1. 2. 4. 5. 6. 7. Deferred tax liability, January 1, 2020, $34,500. Deferred tax asset, January 1, 2020, $11,500. Taxable income for 2020, $120,750. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $264,500. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $109,250. Tax rate for all years, 20%. No permanent differences exist. The company is expected to operate profitably in the future....
The following facts relate to Bridgeport Corporation. 1. 2. 3. 4. Deferred tax liability, January 1, 2020, $22,800. Deferred tax asset, January 1, 2020, $0. Taxable income for 2020, $108,300. Pretax financial income for 2020, $228,000. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $273,600. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $39,900. Tax rate for all years, 20%. The company is expected to operate profitably in the future....
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