Solution:
Situation | |||||
1 | 2 | 3 | 4 | ||
a. | Income tax payable currently | $34.00 | $86.00 | $78.00 | $104.00 |
b. | Deferred tax asset - Ending balance | $6.00 | $0.00 | $8.00 | $8.00 |
c. | Deferred tax asset - Change | $4.00 | $0.00 | -$1.00 | $4.00 |
d. | Deferred tax liability - Ending balance | $0.00 | $6.00 | $6.00 | $12.00 |
e. | Deferred tax liability - Change | $0.00 | $4.00 | $4.00 | $12.00 |
f. | Income tax expense | $30.00 | $90.00 | $83.00 | $112.00 |
Chapter 16 Exercise/Problem Assignments Saved Help Save & Exit Submit Check my work 7 Four independent...
Check my work 7 Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: 0.9 points 1 $ 85 15 ($ in thousands) Situation 2 3 4 $215 $195 $260 20 20 15 15 30 Skipped Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability 2 9 4 eBook 2 2 The enacted tax rate is 40%. Print References Required:...
Check my work 9 Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: 0.9 points ($ in thousands) Situation 2 3 $ 223 $ 205 $ 272 21 21 16 16 32 $ 89 16 eBook Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability 2.2 4.4 10 2.2 2.2 Print The enacted tax rate is 40%. r References...
Exercise 16-8 Calculate income tax amounts under various circumstances [LO16-1, 16-2] Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences ($ in thousands) Situation $101 $247 $235 $308 24 24 19 19 38 Taxable income Future deductible anounts Future taxable amounts Balance(s) at beginning of the year: 19 13 5.6 2.8 Deferred tax asset Deferred tax 1iability 2.8 2.8 The enacted tax rate is 40%. Required: For each situation, determine...
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Situation $164 $296 Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability $356 20 16 $500 20 16 294 The enacted tax rate is 25%. Required: For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place (.e. 1.200 should be entered...
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Situation $296 $164 16 $356 20 $500 16 Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability 8 2 The enacted tax rate is 25% Required: For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place (.e. 1,200 should be entered...
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Situation 1 2 3 4 Taxable income $ 152 $ 284 $ 332 $ 464 Future deductible amounts 16 20 20 Future taxable amounts 16 16 96 Balance(s) at beginning of the year: Deferred tax asset 2 26 4 Deferred tax liability 8 2 The enacted tax rate is 25%. Required: For each situation, determine the following: (Enter...
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: $132 16 ($ in thousands) Situation 2 3 $264 $292 $404 20 20 16 16 76 Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability 2 The enacted tax rate is 25%. Required: For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place (i.e....
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Situation 1 2 3 4 Taxable income $ 84 $ 216 $ 196 $ 260 Future deductible amounts 16 20 20 Future taxable amounts 16 16 28 Balance(s) at beginning of the year: Deferred tax asset 2 9 4 Deferred tax liability 8 2 The enacted tax rate is 25%. Required: For each situation, determine the following: (Enter...
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Situation 1 2 3 $120 $252 $268 16 20 1 16 16 $368 20 64 Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability The enacted tax rate is 25% Required: For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place...
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: The enacted tax rate is 25%. Required: For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "0" wherever applicable.) ($ in thousands) Situation 2 3 $272 $308 1 $140 $428 16 16 Taxable...