Question

Questi 15 Toate income and gets financial income would be 2016 nice for Vaugh t for streets of int ended towards the c o nsen
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for select No Entry
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Particulars. Taxalele Iucane :: Yax payable 2016 164900 (764900 X 40%.9 = 65960 = 2810 2017 233900 - (238900 X 450.) 105255 -Journal Entries | 31st Dec, 2016 Income Tove Expense Dr 65960 - To Income Tax payable 65960 31st Dec 2016 P&L Ale Dr I To Def

Add a comment
Know the answer?
Add Answer to:
Questi 15 Toate income and gets financial income would be 2016 nice for Vaugh t for streets of int ended tow...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Table income and praction betwor f or tro to n de conces. The following income Tance...

    Table income and praction betwor f or tro to n de conces. The following income Tance 2016 2017 2018 pens uding yances) Thement gross profe 5162.000 7,700 (4.800 $164.00 $23,000 2,700 4800) 233,900 .00 7,700 (4300) 392,200 Expenditures for warranties Pretax financial income 2016 2018 Eve por o rences) 231.000 89.300 cogid 5162.000 23.100 (14.400) 517000 Icon botas 23100 300 The taxes in effect are 2016, 2017 and 2011. A w ere acted to worry 1, 2016. No ferred income...

  • Question 13 Your answer is partially correct. Try again. At the end of 2016, Sheridan Company has $182,000 of cumu...

    Question 13 Your answer is partially correct. Try again. At the end of 2016, Sheridan Company has $182,000 of cumulative temporary differences that will result in reporting the following future taxable amounts. 2017 2018 2019 2020 $60,200 51,500 40,900 29.400 $182,000 Tax rates enacted as of the beginning of 2015 are: 2015 and 2016 2017 and 2018 30% 2019 and later 40% 25 % Sheridan's taxable income for 2016 is $306,200. Taxable income is expected in all future years. (a)...

  • Taxable income and pretax financial income would be identical for Bramble Co. except for its treatments of gross p...

    Taxable income and pretax financial income would be identical for Bramble Co. except for its treatments of gross profit on installment sales and estimated costs of warranties. The following income computations have been prepared. 2016 2017 2018 Taxable income Excess of revenues over expenses (excluding two temporary differences) Installment gross profit collected Expenditures for warranties Taxable income $83,200 7,300 $149,000 7,300 (5,000) $151,300 $218,000 7,300 (5,000) $220,300 (5,000) $85,500 2016 2017 2018 $149,000 $83,200 Pretax financial income Excess of revenues...

  • Taxable income and pretax financial income would be identical for Crane Co. except for its treatments...

    Taxable income and pretax financial income would be identical for Crane Co. except for its treatments of gross profit on installment sales and estimated costs of warranties. The following income computations have been prepared. Taxable income 2016 2017 2018 Excess of revenues over expenses (excluding two temporary differences) $154,000 $215,000 $93,500 Installment gross profit collected 8,500 8,500 8,500 Expenditures for warranties (5,500 ) (5,500 ) (5,500 )    Taxable income $157,000 $218,000 $96,500 Pretax financial income 2016 2017 2018 Excess of...

  • Taxable income and pretax financial income would be identical for Bonita Co. except for its treatments...

    Taxable income and pretax financial income would be identical for Bonita Co. except for its treatments of gross profit on installment sales and estimated costs of warranties The following income computations have been prepared Taxable income 2016 2017 2018 Excess of revenues over expenses (excluding two temporary differences) Installment gross profit collected $154,000 $191,000 $88,100 8,500 8,500 8.500 Expenditures for warranties (4,500) $158,000 (4,500) $195,000 (4,500) $92,100 Taxable income Pretax financial income 2016 2017 2018 Excess of revenues over expenses...

  • At the end of 2016, Pearl Company has $181,100 of cumulative temporary differences that will result...

    At the end of 2016, Pearl Company has $181,100 of cumulative temporary differences that will result in reporting the following future taxable amounts. 2017 $59,800 2018 51,100 2019 39,000 2020 31,200 $181,100 Tax rates enacted as of the beginning of 2015 are: 2015 and 2016 40 % 2017 and 2018 30 % 2019 and later 25 % Pearl’s taxable income for 2016 is $316,200. Taxable income is expected in all future years. (a) Prepare the journal entry for Pearl to...

  • Exercise 19-11 At the end of 2016, Metlock Company has $182,500 of cumulative temporary differences that...

    Exercise 19-11 At the end of 2016, Metlock Company has $182,500 of cumulative temporary differences that will result in reporting the following future taxable amounts. 2017 2018 2019 2020 $59,100 50,200 42,000 31,200 $182,500 Tax rates enacted as of the beginning of 2015 are: 2015 and 2016 2017 and 2018 2019 and later 40 % 30% 25 % Metlock's taxable income for 2016 is $314,700. Taxable income is expected in all future years. (a) Prepare the journal entry for Metlock...

  • PRINTER CALCULATOR FULL SCREEN Question 12 Pronghorn Company reports pretax financial income of $68,400 for 2017....

    PRINTER CALCULATOR FULL SCREEN Question 12 Pronghorn Company 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 Pronghorn's tax rate...

  • Exercise 19-8 Sunland Company has the following two temporary differences between its income tax expense and...

    Exercise 19-8 Sunland Company has the following two temporary differences between its income tax expense and income taxes payable. 2017 2018 2019 Pretax financial income $811,000 $932,000 $992,000 Excess depreciation expense on tax return (31,500 ) (39,100 ) (9,900 ) Excess warranty expense in financial income 19,900 9,800 8,300 Taxable income $799,400 $902,700 $990,400 The income tax rate for all years is 40%. Assuming there were no temporary differences prior to 2017, prepare the journal entry to record income tax...

  • Exercise 19-18 Blossom Inc., in its first year of operations, has the following differences between the...

    Exercise 19-18 Blossom Inc., in its first year of operations, has the following differences between the book basis and tax basis of its assets and liabilities at the end of 2016. Equipment (net) Estimated warranty liability Book Basis $436,000 $208,000 Tax Basis $379,400 so It is estimated that the warranty liability will be settled in 2017. The difference in equipment (net) will result in taxable amounts of $18,600 in 2017. $27,100 in 2018, and $10,900 in 2019. The company has...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT