Homework Answers
| a | ||
| Deferred tax assets | 59200000 | =148000000*40% |
| Deferred tax liabilities | 29600000 | =74000000*40% |
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Metlock Co. establishes a $148,000,000 liability at the end of 2017 for the estimated site-cleanup costs...
Grouper Co. establishes a $116,000,000 liability at the end of 2017 for the estimated site-cleanup costs...
Grouper Co. establishes a $116,000,000 liability at the end of 2017 for the estimated site-cleanup costs at two of its manufacturing facilities. All related closing costs will be paid and deducted on the tax return in 2018. Also, at the end of 2017, the company has $58,000,000 of temporary differences due to excess depreciation for tax purposes, $8,120,000 of which will reverse in 2018. The enacted tax rate for all years is 40%, and the company pays taxes of $74,240,000...
Crane Co. establishes a $142,000,000 liability at the end of 2017 for the estimated site-cleanup costs at tw...
Crane Co. establishes a $142,000,000 liability at the end of
2017 for the estimated site-cleanup costs at two of its
manufacturing facilities. All related closing costs will be paid
and deducted on the tax return in 2018. Also, at the end of 2017,
the company has $71,000,000 of temporary differences due to excess
depreciation for tax purposes, $9,940,000 of which will reverse in
2018.
The enacted tax rate for all years is 40%, and the company pays
taxes of $90,880,000...
Question 12 --/1 View Policies Current Attempt in Progress Novak Co. establishes a $136,000,000 liability at the end of...
Question 12 --/1 View Policies Current Attempt in Progress Novak Co. establishes a $136,000,000 liability at the end of 2017 for the estimated site-cleanup costs at two of its manufacturing facilities. All related closing costs will be paid and deducted on the tax return in 2018. Also, at the end of 2017, the company has $68,000,000 of temporary differences due to excess depreciation for tax purposes, $9,520,000 of which will reverse in 2018. The enacted tax rate for all years...
Exercise 19-17 Kevin McDowell Co. establishes a $144,000,000 liability at the end of 2020 for the...
Exercise 19-17
Kevin McDowell Co. establishes a $144,000,000 liability at the
end of 2020 for the estimated site-cleanup costs at two of its
manufacturing facilities. All related closing costs will be paid
and deducted on the tax return in 2021. Also, at the end of 2020,
the company has $72,000,000 of temporary differences due to excess
depreciation for tax purposes, $10,080,000 of which will reverse in
2021.
The enacted tax rate for all years is 20%, and the company pays...
Exercise 19-17 William McDowell Co, establishes a $110,000,000 liability at the end of 2020 for the...
Exercise 19-17 William McDowell Co, establishes a $110,000,000 liability at the end of 2020 for the estimated site-cleanup costs at two of its manufacturing facilities. All related closing costs will be paid and deducted on the tax return in 2021. Also, at the end of 2020, the company has $55,000,000 of temporary differences due to excess depreciation for tax purposes, $7,700,000 of which will reverse in 2021. The enacted tax rate for all years is 20%, and the company pays...
Exercise 19-11 At the end of 2016, Metlock Company has $182,500 of cumulative temporary differences that...
Exercise 19-11 At the end of 2016, Metlock Company has $182,500 of cumulative temporary differences that will result in reporting the following future taxable amounts. 2017 2018 2019 2020 $59,100 50,200 42,000 31,200 $182,500 Tax rates enacted as of the beginning of 2015 are: 2015 and 2016 2017 and 2018 2019 and later 40 % 30% 25 % Metlock's taxable income for 2016 is $314,700. Taxable income is expected in all future years. (a) Prepare the journal entry for Metlock...
1. Harms Corporation began 2017 with a $42,000 balance in the Deferred Tax Liability account. At the end of 2017, the re...
1. Harms Corporation began 2017 with a $42,000 balance in the Deferred Tax Liability account. At the end of 2017, the related cumulative temporary difference amounts to $180,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2017 is $375,000, the tax rate for all years is 40%, and taxable income for 2017 is $300,000. Taxable income for 2017 300 000 Enacted tax rate 40% Income taxes payable for 2017 120 000 = (300 000*.40)...
At the beginning of 2017, Newton Corporation had a Deferred Tax Liability account with a beginning...
At the beginning of 2017, Newton Corporation had a Deferred Tax Liability account with a beginning balance of $23,500. This was due to $55,600 of temporary differences that will result in future taxable amounts. At the end of 2017, Newton Corporation had $184,000 of future taxable amounts. Newton’s taxable income for 2017 is $330,000. Taxable income is expected in all future years. The enacted tax rate for 2016 and all future years is 40% a. Prepare the journal entry for...
Yarman Inc. began business on January 1, 2017. Its pretax financial income for the first 2...
Yarman Inc. began business on January 1, 2017. Its pretax financial income for the first 2 years was as follows: 2007 240,000 2008 560,000 The following items caused the only differences between pretax financial income and taxable income. 1. In 2017, the company collected 180,000 of rent; of this amount, 60,000 was earned in 2017; the other 120,000 will be earned equally over the 2018-2019 period. The full 180,000 was included in taxable income in 2017. 2. The company pays...
Exercise 19-14 Metlock Inc.'s only temporary difference at the beginning and end of 2019 is caused...
Exercise 19-14 Metlock Inc.'s only temporary difference at the beginning and end of 2019 is caused by a $3,690,000 deferred gain for tax purposes for an installment sale of a plant asset, and the related receivable (only one-half of which is classified as a current asset) is due in equal installments in 2020 and 2021. The related deferred tax liability at the beginning of the year is $1,476,000. In the third quarter of 2019, a new tax rate of 20%...
Grouper Co. establishes a $116,000,000 liability at the end of 2017 for the estimated site-cleanup costs at two of its manufacturing facilities. All related closing costs will be paid and deducted on the tax return in 2018. Also, at the end of 2017, the company has $58,000,000 of temporary differences due to excess depreciation for tax purposes, $8,120,000 of which will reverse in 2018. The enacted tax rate for all years is 40%, and the company pays taxes of $74,240,000...
Crane Co. establishes a $142,000,000 liability at the end of
2017 for the estimated site-cleanup costs at two of its
manufacturing facilities. All related closing costs will be paid
and deducted on the tax return in 2018. Also, at the end of 2017,
the company has $71,000,000 of temporary differences due to excess
depreciation for tax purposes, $9,940,000 of which will reverse in
2018.
The enacted tax rate for all years is 40%, and the company pays
taxes of $90,880,000...
Question 12 --/1 View Policies Current Attempt in Progress Novak Co. establishes a $136,000,000 liability at the end of 2017 for the estimated site-cleanup costs at two of its manufacturing facilities. All related closing costs will be paid and deducted on the tax return in 2018. Also, at the end of 2017, the company has $68,000,000 of temporary differences due to excess depreciation for tax purposes, $9,520,000 of which will reverse in 2018. The enacted tax rate for all years...
Exercise 19-17
Kevin McDowell Co. establishes a $144,000,000 liability at the
end of 2020 for the estimated site-cleanup costs at two of its
manufacturing facilities. All related closing costs will be paid
and deducted on the tax return in 2021. Also, at the end of 2020,
the company has $72,000,000 of temporary differences due to excess
depreciation for tax purposes, $10,080,000 of which will reverse in
2021.
The enacted tax rate for all years is 20%, and the company pays...
Exercise 19-17 William McDowell Co, establishes a $110,000,000 liability at the end of 2020 for the estimated site-cleanup costs at two of its manufacturing facilities. All related closing costs will be paid and deducted on the tax return in 2021. Also, at the end of 2020, the company has $55,000,000 of temporary differences due to excess depreciation for tax purposes, $7,700,000 of which will reverse in 2021. The enacted tax rate for all years is 20%, and the company pays...
Exercise 19-11 At the end of 2016, Metlock Company has $182,500 of cumulative temporary differences that will result in reporting the following future taxable amounts. 2017 2018 2019 2020 $59,100 50,200 42,000 31,200 $182,500 Tax rates enacted as of the beginning of 2015 are: 2015 and 2016 2017 and 2018 2019 and later 40 % 30% 25 % Metlock's taxable income for 2016 is $314,700. Taxable income is expected in all future years. (a) Prepare the journal entry for Metlock...
Exercise 19-14 Metlock Inc.'s only temporary difference at the beginning and end of 2019 is caused by a $3,690,000 deferred gain for tax purposes for an installment sale of a plant asset, and the related receivable (only one-half of which is classified as a current asset) is due in equal installments in 2020 and 2021. The related deferred tax liability at the beginning of the year is $1,476,000. In the third quarter of 2019, a new tax rate of 20%...
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