Homework Answers
Solution:
Deferred income tac liability to be reported at the end of first year = Taxable temporary differences * Tax rate = $19,500 * 39% = $7,605
Hence last option is correct.
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For its first year of operations. Thingal Corporation's reconciliation of pretax accounting income to taxable inc...
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income...
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $270,000 (15,500) 254,500 (19,500) $235,000 Temporary difference-depreciation Taxable income Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as its deferred income tax liability as of the end of its first year of operations?
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income...
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $310,000 (14,900) 295,100 (20,500) $274,600 Temporary difference-depreciation Taxable income Tringali's tax rate is 39%. Assume that no estimated taxes have been paid. What should Tringali report as its deferred income tax liability as of the end of its first year of operations? Mult le Choice o $35,400. o $7995. o $13,806. o $20,500.
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income...
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $340,000 Permanent difference (14,500) 325,500 Temporary difference-depreciation (19,900) Taxable income $305,600 Tringali's tax rate is 36%. What should Tringali report as its income tax expense for its first year of operations? a. $110,016. b. $122,400. c. $117,180 d.$120,681
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income...
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please show work For its first year of operations. Tringali Corporation's reconciliation of pretax accounting income...
please show work
For its first year of operations. Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $360,000 (15,000) 345,000 (20,900) $324,100 Temporary difference-depreciation Taxable income Tringali's tax rate is 37%. Assume that no estimatel axes have been paid. What should Tringali report as income tax payable for its first year of operations? Multiple Choice O $133,200 O $119,917 O $7733 O $127.650 O
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $ 230,000 Permanent difference (15,200) 214,800 Temporary difference-depreciation (19,000) Tax
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Information for Kent Corp. for the year 2018: Reconciliation of pretax accounting income and taxable income:...
Information for Kent Corp. for the year 2018: Reconciliation of pretax accounting income and taxable income: Pretax accounting income Permanent differences $180,30e (13,9e0) 166,400 (11,600) $154, 80e Temporary difference-depreciation Taxable income Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2017 As of December 31, 2018 $11,600 $23,200 The enacted tax rate was 24% for 2017 and thereafter. What should be the balance in Kent's deferred tax liability account as of December 31, 2018?
Information for Kent Corp. for the year 2016: Reconciliation of pretax accounting income and taxable income:...
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1)Information for Kent Corp. for the year 2016: Reconciliation of pretax accounting income and taxable income:...
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Isaac Inc. began operations in January 2016. For certain of its property sales, Isaac recognizes income...
Isaac Inc. began operations in January 2016. For certain of its property sales, Isaac recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment payments. In 2016, Isaac had $600 million in sales of this type. Scheduled collections for these sales are as follows: 2016 $60 million 2017 120 million 2018 120 million 2019 150 million 2020 150 million $600 million Assume that...
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $270,000 (15,500) 254,500 (19,500) $235,000 Temporary difference-depreciation Taxable income Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as its deferred income tax liability as of the end of its first year of operations?
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $310,000 (14,900) 295,100 (20,500) $274,600 Temporary difference-depreciation Taxable income Tringali's tax rate is 39%. Assume that no estimated taxes have been paid. What should Tringali report as its deferred income tax liability as of the end of its first year of operations? Mult le Choice o $35,400. o $7995. o $13,806. o $20,500.
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $370,000 (14,100) 355, 900 (20,500) $335,400 Temporary difference-depreciation Taxable income Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringall report as income tax payable for its first year of operations? Multiple Choice O $92,500. o $88,975. o $83,850. o o $5,125
please show work
For its first year of operations. Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $360,000 (15,000) 345,000 (20,900) $324,100 Temporary difference-depreciation Taxable income Tringali's tax rate is 37%. Assume that no estimatel axes have been paid. What should Tringali report as income tax payable for its first year of operations? Multiple Choice O $133,200 O $119,917 O $7733 O $127.650 O
Information for Kent Corp. for the year 2018: Reconciliation of pretax accounting income and taxable income: Pretax accounting income Permanent differences $180,30e (13,9e0) 166,400 (11,600) $154, 80e Temporary difference-depreciation Taxable income Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2017 As of December 31, 2018 $11,600 $23,200 The enacted tax rate was 24% for 2017 and thereafter. What should be the balance in Kent's deferred tax liability account as of December 31, 2018?
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