Homework Answers
tax as per book profit = 70000*30%
income tax expense=21000$
profit for tax purpose = 70000+ 22000 rent revenue
Tax payable = 92000*30%
=27600$
deferred tax asset due to excess rent revenue = 27600-21000 =6600
journal
income tax expense 21000
deferred tax asset 6600
income tax payable 27600
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Zurich Company reports pretax financial income of $70,000 for 2017. The following item causes taxable income to be different than pretax financial income: Q10 10PTS Rent revenue on the tax return...
E19-4 (L01,2) (Three Differences, Compute Taxable income, Entry for Taxes) Zurich Company reports pretax financial income...
E19-4 (L01,2) (Three Differences, Compute Taxable income, Entry for Taxes) Zurich Company reports pretax financial income of $70,000 for 2017. 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 $16,000. 2. Rent collected on the tax return is greater than rent recognized on the income stalement by $22,000. 3. Fines for pollution appear as an expense of $11,000 on the income...
E19-4 (L01,2) (Three Differences, Compute Taxable income, Entry for Taxes) Zurich Company reports pretax financial income...
E19-4 (L01,2) (Three Differences, Compute Taxable income, Entry for Taxes) Zurich Company reports pretax financial income of $70,000 for 2017. 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 $16,000. 2. Rent collected on the tax return is greater than rent recognized on the income stalement by $22,000. 3. Fines for pollution appear as an expense of $11,000 on the income...
E19-4 (LO1,2) (Three Differences, Compute Taxable Income, Entry for Taxes) Zurich Company reports pretax financial...
E19-4 (LO1,2) (Three Differences, Compute Taxable Income, Entry for Taxes) Zurich Company reports pretax financial income of $70,000 for 2017. 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 $16,000. 2. Rent collected on the tax return is greater than rent recognized on the income sta.sment by $22,000. 3. Fines for pollution appear as an expense of $11,000 on the income...
Exercise 19-04 Zurich Company reports pretax financial income of $70,000 for 2020. The following items cause...
Exercise 19-04 Zurich Company reports pretax financial income of $70,000 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 $16,000. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $22,000. 3. Fines for pollution appear as an expense of $11,000 on the income statement. Zurich’s tax rate is 30% for all...
Exercise 19-4 Splish Company reports pretax financial income of $68,200 for 2017. The following items cause...
Exercise 19-4 Splish Company reports pretax financial income of $68,200 for 2017. 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 $16,900. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $23,600 3. Fines for pollution appear as an expense of $11,800 on the income statement. Splish's tax rate is 30% for all...
South Texas Luxury Apartments reports pretax financial income of $68,400 for 2017. The following items cause...
South Texas Luxury Apartments reports pretax financial income of $68,400 for 2017. 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 $17,000. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $21,000. 3. Fines for pollution appear as an expense of $10,300 on the income statement. South Texas Luxury Apartment's tax rate is...
CALCULATOR MESSAGE MY INSTRUCT Crane Company reports pretax financial income of $64,000 for 2017. The following i...
CALCULATOR MESSAGE MY INSTRUCT Crane Company reports pretax financial income of $64,000 for 2017. 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 the income statement. Crane's tax rate is 40%...
Windsor Company reports pretax financial income of $71,400 for 2020. The following items cause taxable income...
Windsor Company reports pretax financial income of $71,400 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 $16,800.
2.
Rent collected on the tax return is greater than rent
recognized on the income statement by $23,700.
3.
Fines for pollution appear as an expense of $10,900 on the
income statement.
Windsor’s tax rate is 30% for all years, and...
Exercise 19-4 Tamarisk Company reports pretax financial income of $72,600 for 2017. The following items cause...
Exercise 19-4 Tamarisk Company reports pretax financial income of $72,600 for 2017. 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 $14,500. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $21,700. 3. Fines for pollution appear as an expense of $11,700 on the income statement. Tamarisk’s tax rate is 30% for all...
Windsor Company reports pretax financial income of $72,000 for 2020. The following items cause taxable income...
Windsor Company reports pretax financial income of $72,000 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 $24,200. 3. Fines for pollution appear as an expense of $11,900 on the income statement. Windsor’s tax rate is 30% for all years, and...
E19-4 (L01,2) (Three Differences, Compute Taxable income, Entry for Taxes) Zurich Company reports pretax financial income of $70,000 for 2017. 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 $16,000. 2. Rent collected on the tax return is greater than rent recognized on the income stalement by $22,000. 3. Fines for pollution appear as an expense of $11,000 on the income...
E19-4 (L01,2) (Three Differences, Compute Taxable income, Entry for Taxes) Zurich Company reports pretax financial income of $70,000 for 2017. 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 $16,000. 2. Rent collected on the tax return is greater than rent recognized on the income stalement by $22,000. 3. Fines for pollution appear as an expense of $11,000 on the income...
E19-4 (LO1,2) (Three Differences, Compute Taxable Income, Entry for Taxes) Zurich Company reports pretax financial income of $70,000 for 2017. 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 $16,000. 2. Rent collected on the tax return is greater than rent recognized on the income sta.sment by $22,000. 3. Fines for pollution appear as an expense of $11,000 on the income...
Exercise 19-4 Splish Company reports pretax financial income of $68,200 for 2017. 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 $16,900. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $23,600 3. Fines for pollution appear as an expense of $11,800 on the income statement. Splish's tax rate is 30% for all...
South Texas Luxury Apartments reports pretax financial income of $68,400 for 2017. 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 $17,000. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $21,000. 3. Fines for pollution appear as an expense of $10,300 on the income statement. South Texas Luxury Apartment's tax rate is...
CALCULATOR MESSAGE MY INSTRUCT Crane Company reports pretax financial income of $64,000 for 2017. 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 the income statement. Crane's tax rate is 40%...
Windsor Company reports pretax financial income of $71,400 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 $16,800.
2.
Rent collected on the tax return is greater than rent
recognized on the income statement by $23,700.
3.
Fines for pollution appear as an expense of $10,900 on the
income statement.
Windsor’s tax rate is 30% for all years, and...
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