ones Company reported pretax book income of $1,000,000 in 2018. Included in the computation were favorable...
ones Company reported pretax book income of $1,000,000 in 2018.
Included in the computation were favorable temporary differences of
$100,000, unfavorable temporary differences of $120,000, and
favorable permanent differences of $60,000. Compute the company’s
deferred income tax expense or benefit for 2018.
Multiple Choice
A net deferred tax expense of $8,400.
A net deferred tax benefit of $8,400.
A net deferred tax expense of $4,200.
A net deferred tax benefit of $4,200.
Homework Answers
| Net unfavorable temporary differences | 20000 | =120000-100000 |
| X Tax rate | 21% | |
| Net deferred tax benefit | 4200 | |
| Option D A net deferred tax benefit of $4,200 is correct | ||
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ones Company reported pretax book income of $1,000,000 in 2018.
Included in the computation were favorable...
Smith Company reported pretax book income of $407,000. Included in the computation were favorable temporary differences...
Smith Company reported pretax book income of $407,000. Included in the computation were favorable temporary differences of $51,400, unfavorable temporary differences of $20,700, and favorable permanent differences of $40,700. Smith's deferred income tax expense or benefit would be: Multiple Choice Net deferred tax expense of $6,447. Net deferred tax benefit of $6,447. O o oo Net deferred tax expense of $15,141. Net deferred tax benefit of $15,141.
Shaw Corporation reported pretax book income of $1,260,000. Included in the computation were favorable temporary differences...
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Shaw Corporation reported pretax book income of $1,920,000. Included in the computation were favorable temporary differences...
Shaw Corporation reported pretax book income of $1,920,000. Included in the computation were favorable temporary differences of $230,000, unfavorable temporary differences of $221,000, and favorable permanent differences of $115,000. Compute the company's deferred income tax expense or benefit. X Answer is complete but not entirely correct. Deferred income tax expense 3,060
Corporation reported pretax book income of $400,000. Included in the computation were favorable temporary differences of...
Corporation reported pretax book income of $400,000. Included in the computation were favorable temporary differences of $100,000, unfavorable temporary differences of $300,000, and unfavorable permanent differences of $200,000. Compute the company's book equivalent of taxable income. Use this number to compute the company's total income tax provision or benefit.
Woodward Corporation reported pretax book income of $1,432,500. Included in the computation were favorable temporary differences...
Woodward Corporation reported pretax book income of $1,432,500. Included in the computation were favorable temporary differences of $412,500, unfavorable temporary differences of $50,250, and favorable permanent differences of $146,000. Compute the company's current income tax expense or benefit. (Round your final answers to nearest whole dollar amount. Amounts to be deducted should be indicated by a minus sign.) Answer is not complete. Pretax book income Favorable temporary differences Unfavorable temporary differences Favorable permanent differences Taxable income Tax rate Current income...
Ann Corporation reported pretax book income of $1,270,000. Included in the computation were favorable temporary differences...
Ann Corporation reported pretax book income of $1,270,000. Included in the computation were favorable temporary differences of $225,000, unfavorable temporary differences of $128,000, and favorable permanent differences of $140,000. Compute the company's book equivalent of taxable income. Use this number to compute the company's total income tax provision or benefit. Book equivalent of taxable income Total income tax provision or benefit
Jones Company reported pretax book income of $409,000. Included in the computation were favorable temporary differences...
Jones Company reported pretax book income of $409,000. Included in the computation were favorable temporary differences of $50,900, unfavorable temporary differences of $20,450, and favorable permanent differences of $40,450. Book equivalent of taxable income is:
Jones Company reported pretax book income of $415,000. Included in the computation were favorable temporary differences...
Jones Company reported pretax book income of $415,000. Included in the computation were favorable temporary differences of $51,500, unfavorable temporary differences of $20,750, and favorable permanent differences of $40,750. Book equivalent of taxable income is: Multiple Choice $415,000. $374,250. $342,750. $455,750.
(I dont know if the selected answers are correct) Lynch Company had a net deferred tax...
(I dont know if the selected answers are correct)
Lynch Company had a net deferred tax asset of $68,000 at the beginning of the year, representing a net deductible temporary difference of $200,000 (taxed at 34 percent). During the year, Lynch reported pretax book income of $800,000. Included in the computation were favorable temporary differences of $20,000 and unfavorable temporary differences of $50,000. At the beginning of the year, Congress reduced the corporate tax rate to 21 percent Lynch's deferred...
Randolph Company reported pretax net income from continuing operations of $800,000 and taxable income of $500,000....
Randolph Company reported pretax net income from continuing operations of $800,000 and taxable income of $500,000. The book-tax difference of $300,000 was due to a $200,000 favorable temporary difference relating to depreciation, an unfavorable temporary difference of $80,000 due to an increase in the reserve for bad debts, and a $180,000 favorable permanent difference from the receipt of life insurance proceeds. a. Compute Randolph Company’s current income tax expense. b. Compute Randolph Company’s deferred income tax expense or benefit. c....
Smith Company reported pretax book income of $407,000. Included in the computation were favorable temporary differences of $51,400, unfavorable temporary differences of $20,700, and favorable permanent differences of $40,700. Smith's deferred income tax expense or benefit would be: Multiple Choice Net deferred tax expense of $6,447. Net deferred tax benefit of $6,447. O o oo Net deferred tax expense of $15,141. Net deferred tax benefit of $15,141.
Shaw Corporation reported pretax book income of $1,260,000. Included in the computation were favorable temporary differences of $425,000, unfavorable temporary differences of $309,000, and favorable permanent differences of $193,000. Compute the company's deferred income tax expense or benefit. Deferred income tax expense
Shaw Corporation reported pretax book income of $1,920,000. Included in the computation were favorable temporary differences of $230,000, unfavorable temporary differences of $221,000, and favorable permanent differences of $115,000. Compute the company's deferred income tax expense or benefit. X Answer is complete but not entirely correct. Deferred income tax expense 3,060
Corporation reported pretax book income of $400,000. Included in the computation were favorable temporary differences of $100,000, unfavorable temporary differences of $300,000, and unfavorable permanent differences of $200,000. Compute the company's book equivalent of taxable income. Use this number to compute the company's total income tax provision or benefit.
Woodward Corporation reported pretax book income of $1,432,500. Included in the computation were favorable temporary differences of $412,500, unfavorable temporary differences of $50,250, and favorable permanent differences of $146,000. Compute the company's current income tax expense or benefit. (Round your final answers to nearest whole dollar amount. Amounts to be deducted should be indicated by a minus sign.) Answer is not complete. Pretax book income Favorable temporary differences Unfavorable temporary differences Favorable permanent differences Taxable income Tax rate Current income...
Ann Corporation reported pretax book income of $1,270,000. Included in the computation were favorable temporary differences of $225,000, unfavorable temporary differences of $128,000, and favorable permanent differences of $140,000. Compute the company's book equivalent of taxable income. Use this number to compute the company's total income tax provision or benefit. Book equivalent of taxable income Total income tax provision or benefit
(I dont know if the selected answers are correct)
Lynch Company had a net deferred tax asset of $68,000 at the beginning of the year, representing a net deductible temporary difference of $200,000 (taxed at 34 percent). During the year, Lynch reported pretax book income of $800,000. Included in the computation were favorable temporary differences of $20,000 and unfavorable temporary differences of $50,000. At the beginning of the year, Congress reduced the corporate tax rate to 21 percent Lynch's deferred...
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