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Question 2 0.25/1 View Policies Show Attempt History Current Attempt in Progress Novak Company reports pretax financial income of $72,600 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than de preciation on the income statement by $17,200. Rent collected on the tax return is greater than rent recognized on the income statement by $20,300. 2. Fines for pollution appear as an expense of $9,900 on...
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Question 1 View Policies Current Attempt in Progress Splish Corporation began 2020 with a $57,960 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $441,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2020 is $661,500, the tax rate for all years is 20%, and taxable income for 2020 is $510,300. Compute income taxes payable for 2020. Income taxes payable $ e Textbook and...
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Question 1 --/1 View Policies Current Attempt in Progress Nash Corporation began 2020 with a $37,720 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $287,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2020 is $430,500, the tax rate for all years is 20%, and taxable income for 2020 is $332,100. Compute income taxes payable for 2020. Income taxes payable $ e...
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2.92/4 Question 13 View Policies Show Attempt History You are viewing Attempt7 Blue Company reports preta financial income of $64,000 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $14,700 2. Rent collected on the tax return is greater than rent recognized on the income statement by $22,100. 3. Fines for pollution appear as an expense of $10,000 on...
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Sage Corporation began operations in 2017 and reported pretax
financial income of $230,000 for the year. Sage’s tax depreciation
exceeded its book depreciation by $40,000. Sage’s tax rate for 2017
and years thereafter is 30%. Assume this is the only difference
between Sage’s pretax financial income and taxable income.
Prepare the journal entry to record the income tax expense,
deferred income taxes, and income taxes payable.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually....
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Question 3 View Policies Current Attempt In Progress Metlock Inc. reports the following pretax income (loss) for both book and tax purposes. 20% Pretax Year Income (Loss Tax Rate 2018 $118,000 2019 98,000 20% 2020 (299,000) 25 % 2021 117,000 25 % The tax rates listed were all enacted by the beginning of 2018. Prepare the journal entries for years 2018-2021 to record income tax expense (benefit) and income taxes payable (refundable), and the tax effects of the loss carryforward,...
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View Policies Current Attempt in Progress Shamrock Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. 2015 2016 2017 2018 2019 2020 2021 Income (Loss) Tax Rate $58,560 25 % (183,000) 20% 109,800, 20% 36,600 20% 128,100 20% (73,200) 25 % 73,200 25% Pretax financial income (loss) and taxable income (loss) were the same for all years since Shamrock has been in business. In recording the benefits of a loss carryforward, assume that it is more...
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Question 2 --/1 View Policies Current Attempt in Progress Vaughn Company reports pretax financial income of $63,900 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $17,600. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $23,300. 3. Fines for pollution appear as an expense of $11,800 on the income statement....
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Novak Company reports pretax financial income of $72,600 for 2020. The following items cause taxable income to be different than pretax financial income. 1. 2. 3. Depreciation on the tax return is greater than depreciation on the income statement by $17,200. Rent collected on the tax return is greater than rent recognized on the income statement by $20,300. Fines for pollution appear as an expense of $9,900 on the income statement Novak's tax rate is 30% for all years, and...
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Question 6 of 7 < > -11 View Policies Current Attempt in Progress The following was reported by Church Financial in its December 31, 2021, financial statements: Investments at FVTPL, December 31, 2020 $13,000 Investments at FVTPL, December 31, 2021 17,700 Investment Income or (Loss) (500) Additional information: 1. The investments at FVTPL are investments in equity securities held for trading purposes. 2. Investment income or loss consists of: holding gain on the FVTPL investments of $3,000, and loss on...
Question 2 0.25/1 View Policies Show Attempt History Current Attempt in Progress Novak Company reports pretax financial income of $72,600 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than de preciation on the income statement by $17,200. Rent collected on the tax return is greater than rent recognized on the income statement by $20,300. 2. Fines for pollution appear as an expense of $9,900 on...
Question 1 View Policies Current Attempt in Progress Splish Corporation began 2020 with a $57,960 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $441,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2020 is $661,500, the tax rate for all years is 20%, and taxable income for 2020 is $510,300. Compute income taxes payable for 2020. Income taxes payable $ e Textbook and...
Question 1 --/1 View Policies Current Attempt in Progress Nash Corporation began 2020 with a $37,720 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $287,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2020 is $430,500, the tax rate for all years is 20%, and taxable income for 2020 is $332,100. Compute income taxes payable for 2020. Income taxes payable $ e...
2.92/4 Question 13 View Policies Show Attempt History You are viewing Attempt7 Blue Company reports preta financial income of $64,000 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $14,700 2. Rent collected on the tax return is greater than rent recognized on the income statement by $22,100. 3. Fines for pollution appear as an expense of $10,000 on...
Sage Corporation began operations in 2017 and reported pretax
financial income of $230,000 for the year. Sage’s tax depreciation
exceeded its book depreciation by $40,000. Sage’s tax rate for 2017
and years thereafter is 30%. Assume this is the only difference
between Sage’s pretax financial income and taxable income.
Prepare the journal entry to record the income tax expense,
deferred income taxes, and income taxes payable.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually....
Question 3 View Policies Current Attempt In Progress Metlock Inc. reports the following pretax income (loss) for both book and tax purposes. 20% Pretax Year Income (Loss Tax Rate 2018 $118,000 2019 98,000 20% 2020 (299,000) 25 % 2021 117,000 25 % The tax rates listed were all enacted by the beginning of 2018. Prepare the journal entries for years 2018-2021 to record income tax expense (benefit) and income taxes payable (refundable), and the tax effects of the loss carryforward,...
View Policies Current Attempt in Progress Shamrock Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. 2015 2016 2017 2018 2019 2020 2021 Income (Loss) Tax Rate $58,560 25 % (183,000) 20% 109,800, 20% 36,600 20% 128,100 20% (73,200) 25 % 73,200 25% Pretax financial income (loss) and taxable income (loss) were the same for all years since Shamrock has been in business. In recording the benefits of a loss carryforward, assume that it is more...
Question 2 --/1 View Policies Current Attempt in Progress Vaughn Company reports pretax financial income of $63,900 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $17,600. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $23,300. 3. Fines for pollution appear as an expense of $11,800 on the income statement....
Novak Company reports pretax financial income of $72,600 for 2020. The following items cause taxable income to be different than pretax financial income. 1. 2. 3. Depreciation on the tax return is greater than depreciation on the income statement by $17,200. Rent collected on the tax return is greater than rent recognized on the income statement by $20,300. Fines for pollution appear as an expense of $9,900 on the income statement Novak's tax rate is 30% for all years, and...
Question 6 of 7 < > -11 View Policies Current Attempt in Progress The following was reported by Church Financial in its December 31, 2021, financial statements: Investments at FVTPL, December 31, 2020 $13,000 Investments at FVTPL, December 31, 2021 17,700 Investment Income or (Loss) (500) Additional information: 1. The investments at FVTPL are investments in equity securities held for trading purposes. 2. Investment income or loss consists of: holding gain on the FVTPL investments of $3,000, and loss on...