Homework Answers
1. May differ from income tax expense
2.interest expense of $ 214723, Depreciation expense $ 178936
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4. a. The relationship between income tax currently payable and income tax expense is that income...
On January 1, 2018, Free Corporation signed a 10-year noncancelable lease for certain machinery. The terms of the lease...
On January 1, 2018, Free Corporation signed a 10-year noncancelable lease for certain machinery. The terms of the lease called for Free to make annual payments of $235000 at the end of each year for 10 years with the title passing to Carla Vista at the end of this period. The machinery has an estimated useful life of 15 years and no salvage value. Free uses the straight-line method of amortization for all of its fixed assets. Free accordingly accounted...
On January 1, 2018, Ivanhoe Corporation signed a 5-year noncancelable lease for equipment. The terms of...
On January 1, 2018, Ivanhoe Corporation signed a 5-year noncancelable lease for equipment. The terms of the lease called for Ivanhoe to make annual payments of $202000 at the beginning of each year for 5 years beginning on January 1, 2018 with the title passing to Ivanhoe at the end of this period. The equipment has an estimated useful life of 7 years and no salvage value. Ivanhoe uses the straight-line method of depreciation for all of its fixed assets....
On January 1, 2018, Ivanhoe Corporation signed a 5-year noncancelable lease for equipment. The terms of the lease called...
On January 1, 2018, Ivanhoe Corporation signed a 5-year noncancelable lease for equipment. The terms of the lease called for Ivanhoe to make annual payments of $202000 at the beginning of each year for 5 years beginning on January 1, 2018 with the title passing to Ivanhoe at the end of this period. The equipment has an estimated useful life of 7 years and no salvage value. Ivanhoe uses the straight-line method of depreciation for all of its fixed assets....
All differences between the amount of income tax payable and the amount of income tax expense...
All differences between the amount of income tax payable and the amount of income tax expense can be classified as either permanent differences or temporary differences. A num- ber of items that may give rise to differences are as follows: A. Season tickets are sold in advance by the Jacksonville Jaguars football team. B. Available-for-sale securities decreased in value during the year. C. A company accrues interest on a note receivable in the period before the borrower pays. D. Subsequent...
Requirements: 1. Prepare Journal Entry to record income tax expense, deferred taxes, and income taxes payable...
Requirements: 1. Prepare Journal Entry to record income tax expense, deferred taxes, and income taxes payable for 2018. 2. Draft the income tax expense section of the Income Statement, beginning with "Income before income taxes". 3. Write an analysis directed toward the team at Good Company describing what the numbers mean and how they relate to the business. Information: Good Company began operations in 2018 and has provided the following information: 1. Pretax financial income for 2018 is $200,000 2....
I really just need the journal entries and how income tax payable and expense are calculated...
I really just need the journal entries and
how income tax payable and expense are calculated for the entries
each year. Thank you
Ayres Services acquired an asset for $116 million in 2018. The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value). For tax purposes the asset's cost is depreciated by MACRS. The enacted tax rate is 40%. Amounts for pretax accounting income, depreciation, and taxable income in 2018, 2019, 2020,...
Question 5 (1 point) A company has $64,000 in income tax expense. The Income Tax Payable...
Question 5 (1 point) A company has $64,000 in income tax expense. The Income Tax Payable balance decreased from $10,000 in 2018 to $7,000 in 2019. What is the total cash payments for income taxes? $54,000 O $67,000 O $57,000 $61,000
When income tax expense for a period is greater than income tax payable the difference will...
When income tax expense for a period is greater than income tax payable the difference will be reported how and on which financial statement ? A Deferred tax asset and Statement of Cash Flows B Deferred tax asset and Balance Sheet c Deferred tax liability and Statement of Cash Flows Deferred tax liability and Balance Sheet
need the income tax expense and income tax payable. Credit Account Names Cash Supplies Deferred Revenue...
need
the income tax expense and income tax payable.
Credit Account Names Cash Supplies Deferred Revenue Debit $31,600 540 $ 3,170 Salaries and Wages payable @ Income Tax Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Further Information As reported on December 31 bank statement. Based on count, only $170 of supplies still exist. Of this amount, $2,700 was received for December lessons and $470 for January lessons. Employees were paid $2,300 for 10 days of...
Buildings Accounts receivable Prepaid insurance Cash Equipment Land Office expense Income tax expense Depreciation expense Interest...
Buildings Accounts receivable Prepaid insurance Cash Equipment Land Office expense Income tax expense Depreciation expense Interest expense Common shares Retained earnings (January 1, 2018) Accumulated depreciation-building Accounts payable Income taxes payable Bank loan payable (due July 1, 2020) Accumulated depreciation-equipment $148,120 17,640 6,552 16,576 115,360 85,680 812 ns 3,640 86,800 63,840 11,760 131,040 26,208 5,040 19,852 Interest payable Sales Calculate the net income for the year Net income/ (loss) $
All differences between the amount of income tax payable and the amount of income tax expense can be classified as either permanent differences or temporary differences. A num- ber of items that may give rise to differences are as follows: A. Season tickets are sold in advance by the Jacksonville Jaguars football team. B. Available-for-sale securities decreased in value during the year. C. A company accrues interest on a note receivable in the period before the borrower pays. D. Subsequent...
I really just need the journal entries and
how income tax payable and expense are calculated for the entries
each year. Thank you
Ayres Services acquired an asset for $116 million in 2018. The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value). For tax purposes the asset's cost is depreciated by MACRS. The enacted tax rate is 40%. Amounts for pretax accounting income, depreciation, and taxable income in 2018, 2019, 2020,...
Question 5 (1 point) A company has $64,000 in income tax expense. The Income Tax Payable balance decreased from $10,000 in 2018 to $7,000 in 2019. What is the total cash payments for income taxes? $54,000 O $67,000 O $57,000 $61,000
When income tax expense for a period is greater than income tax payable the difference will be reported how and on which financial statement ? A Deferred tax asset and Statement of Cash Flows B Deferred tax asset and Balance Sheet c Deferred tax liability and Statement of Cash Flows Deferred tax liability and Balance Sheet
need
the income tax expense and income tax payable.
Credit Account Names Cash Supplies Deferred Revenue Debit $31,600 540 $ 3,170 Salaries and Wages payable @ Income Tax Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Further Information As reported on December 31 bank statement. Based on count, only $170 of supplies still exist. Of this amount, $2,700 was received for December lessons and $470 for January lessons. Employees were paid $2,300 for 10 days of...
Buildings Accounts receivable Prepaid insurance Cash Equipment Land Office expense Income tax expense Depreciation expense Interest expense Common shares Retained earnings (January 1, 2018) Accumulated depreciation-building Accounts payable Income taxes payable Bank loan payable (due July 1, 2020) Accumulated depreciation-equipment $148,120 17,640 6,552 16,576 115,360 85,680 812 ns 3,640 86,800 63,840 11,760 131,040 26,208 5,040 19,852 Interest payable Sales Calculate the net income for the year Net income/ (loss) $
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