Homework Answers
Journal entry:
| Account title | Debit | Credit |
|---|---|---|
|
Income tax expenses deferred tax asset ($8600 x 40%) Deferred tax liability ($56000 + $7600) x $40% Income tax payable ($7600 x 40%) |
$25040 $3440 . . |
. . $25440 $3040 |
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The information that follows pertains to Julia Company: Temporary differences for the year 2018 are summarized...
The information that follows pertains to Julia Company: Temporary differences for the year 2018 are summarized...
The information that follows pertains to Julia Company: Temporary differences for the year 2018 are summarized below. Expenses deducted in the tax return, but not included in the income statement: Depreciation $ 51,000 Prepaid expense $ 7,100 Expenses reported in the income statement, but not deducted in the tax return: Warranty expense $ 8,100 (b.) No temporary differences existed at the beginning of 2018. (c.) Pretax accounting income was $57,100 and taxable income was $7,100 for 2018. (d.) There were...
The information that follows pertains to Esther Food Products: a. At December 31, 2018, temporary differences...
The information that follows pertains to Esther Food Products: a. At December 31, 2018, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation Prepaid expenses Warranty expenses $ 58,000 25,000 (7,000) b. No temporary differences existed at the beginning of 2018. C. Pretax accounting income was $98,000 and taxable income was $22,000 for the year ended December 31, 2018. d. The tax rate is 40%. Required: Complete the following table given below and prepare the appropriate journal...
The information that follows pertains to Esther Food Products: a. At December 31, 2018, temporary differences...
The information that follows pertains to Esther Food Products: a. At December 31, 2018, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation Prepaid expenses Warranty expenses (10,00) $66,000 28,000 b. No temporary differences existed at the beginning of 2018 c. Pretax accounting income was $109,000 and taxable income was $25,000 for the year ended December 31, 2018 d. The tax rate is 45% Required: Complete the following table given below and prepare the appropriate journal entry...
The information that follows pertains to Esther Food Products: At December 31, 2018, temporary differences were...
The information that follows pertains to Esther Food
Products:
At December 31, 2018, temporary differences were associated
with the following future taxable (deductible) amounts:
Depreciation
$
46,000
Prepaid expenses
19,000
Warranty expenses
(16,000
)
No temporary differences existed at the beginning of 2018.
Pretax accounting income was $65,000 and taxable income was
$16,000 for the year ended December 31, 2018.
The tax rate is 40%.
Homework -- Chapter 16.2 More Deferred Taxes an... O Saved Help Save & Exit Submit...
The information that follows pertains to Richards Refrigeration, Inc.: a. At December 31, 2018, temporary differences...
The information that follows pertains to Richards Refrigeration, Inc.: a. At December 31, 2018, temporary differences existed between the financial statement carrying amounts and the tax bases of the following: ($ in millions) Future Taxable Carrying Tax (Deductible) Amount Basis Amount $ 148 $ 104 $ 44 64 39 (39) Buildings and equipment (net of accumulated depreciation) Prepaid insurance Liability-loss contingency 64 b. No temporary differences existed at the beginning of 2018. c. Pretax accounting income was $214 million and...
The information that follows pertains to Esther Food Products: a. At December 31, 2021, temporary differences...
The information that follows pertains to Esther Food Products: a. At December 31, 2021, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation $ 42,000 Prepaid expenses 16,000 Warranty expenses (14,000) b. No temporary differences existed at the beginning of 2021. c. Pretax accounting income was $58,000 and taxable income was $14,000 for the year ended December 31, 2021. d. The tax rate is 25%. Required: Complete the following table given below and prepare the appropriate journal...
The information that follows pertains to Richards Refrigeration, Inc.: At December 31, 2018, temporary differences existed...
The information that follows pertains to Richards Refrigeration, Inc.: At December 31, 2018, temporary differences existed between the financial statement carrying amounts and the tax bases of the following: ($ in millions) Carrying Amount Tax Basis Future Taxable (Deductible) Amount Buildings and equipment (net of accumulated depreciation) $ 120 $ 90 $ 30 Prepaid insurance 50 0 50 Liability—loss contingency 25 0 (25 ) No temporary differences existed at the beginning of 2018. Pretax accounting income was $200 million and...
The information that follows pertains to Richards Refrigeration, Inc.: At December 31, 2018, temporary differences existed...
The information that follows pertains to Richards Refrigeration, Inc.: At December 31, 2018, temporary differences existed between the financial statement carrying amounts and the tax bases of the following: ($ in millions) Carrying Amount Tax Basis Future Taxable (Deductible) Amount Buildings and equipment (net of accumulated depreciation) $ 132 $ 96 $ 36 Prepaid insurance 56 0 56 Liability—loss contingency 31 0 (31 ) No temporary differences existed at the beginning of 2018. Pretax accounting income was $206 million and...
The information that follows pertains to Richards Refrigeration, Inc.: a. At December 31, 2018, temporary differences...
The information that follows pertains to Richards Refrigeration, Inc.: a. At December 31, 2018, temporary differences existed between the financial statement carrying amounts and the tax bases of the following: Carrying Amount $158 ($ in millions) Future Taxable Tax (Deductible) Basis Amount $189 $ 49 Ask Buildings and equipment (net of accumulated depreciation) Prepaid insurance Liability-loss contingency (44) ences b. No temporary differences existed at the beginning of 2018. c. Pretax accounting income was $219 million and taxable income was...
The information that follows pertains to Richards Refrigeration, Inc.: a. At December 31, 2018, temporary differences...
The information that follows pertains to Richards Refrigeration, Inc.: a. At December 31, 2018, temporary differences existed between the financial statement carrying amounts and the tax bases of the following: (S in millions) Future Taxable Carrying Amount $136 (Deductible) Тах Вавів Amount Buildings and equipment (net of accumulated depreciation) Prepaid insur ance Liability-loss contingency $98 0 $38 58 58 0 (33) 33 b. No temporary differences existed at the beginning of 2018. c. Pretax accounting income was $208 million and...
The information that follows pertains to Esther Food Products: a. At December 31, 2018, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation Prepaid expenses Warranty expenses $ 58,000 25,000 (7,000) b. No temporary differences existed at the beginning of 2018. C. Pretax accounting income was $98,000 and taxable income was $22,000 for the year ended December 31, 2018. d. The tax rate is 40%. Required: Complete the following table given below and prepare the appropriate journal...
The information that follows pertains to Esther Food Products: a. At December 31, 2018, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation Prepaid expenses Warranty expenses (10,00) $66,000 28,000 b. No temporary differences existed at the beginning of 2018 c. Pretax accounting income was $109,000 and taxable income was $25,000 for the year ended December 31, 2018 d. The tax rate is 45% Required: Complete the following table given below and prepare the appropriate journal entry...
The information that follows pertains to Esther Food
Products:
At December 31, 2018, temporary differences were associated
with the following future taxable (deductible) amounts:
Depreciation
$
46,000
Prepaid expenses
19,000
Warranty expenses
(16,000
)
No temporary differences existed at the beginning of 2018.
Pretax accounting income was $65,000 and taxable income was
$16,000 for the year ended December 31, 2018.
The tax rate is 40%.
Homework -- Chapter 16.2 More Deferred Taxes an... O Saved Help Save & Exit Submit...
The information that follows pertains to Richards Refrigeration, Inc.: a. At December 31, 2018, temporary differences existed between the financial statement carrying amounts and the tax bases of the following: ($ in millions) Future Taxable Carrying Tax (Deductible) Amount Basis Amount $ 148 $ 104 $ 44 64 39 (39) Buildings and equipment (net of accumulated depreciation) Prepaid insurance Liability-loss contingency 64 b. No temporary differences existed at the beginning of 2018. c. Pretax accounting income was $214 million and...
The information that follows pertains to Esther Food Products: a. At December 31, 2021, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation $ 42,000 Prepaid expenses 16,000 Warranty expenses (14,000) b. No temporary differences existed at the beginning of 2021. c. Pretax accounting income was $58,000 and taxable income was $14,000 for the year ended December 31, 2021. d. The tax rate is 25%. Required: Complete the following table given below and prepare the appropriate journal...
The information that follows pertains to Richards Refrigeration, Inc.: a. At December 31, 2018, temporary differences existed between the financial statement carrying amounts and the tax bases of the following: Carrying Amount $158 ($ in millions) Future Taxable Tax (Deductible) Basis Amount $189 $ 49 Ask Buildings and equipment (net of accumulated depreciation) Prepaid insurance Liability-loss contingency (44) ences b. No temporary differences existed at the beginning of 2018. c. Pretax accounting income was $219 million and taxable income was...
The information that follows pertains to Richards Refrigeration, Inc.: a. At December 31, 2018, temporary differences existed between the financial statement carrying amounts and the tax bases of the following: (S in millions) Future Taxable Carrying Amount $136 (Deductible) Тах Вавів Amount Buildings and equipment (net of accumulated depreciation) Prepaid insur ance Liability-loss contingency $98 0 $38 58 58 0 (33) 33 b. No temporary differences existed at the beginning of 2018. c. Pretax accounting income was $208 million and...
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