Blossom Inc reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposesAccountingIncomeYear(Loss)Tax Ratei2021 $124,000202291,0002023 (287,000)2024 218,000The tax rates lated were all enacted by the beginning of 2021. Blossom reports under the ASPE future Income tavas method.Prepare the journal entries for each of the years 2021 to 2024 to record Income tax. Assume the texclosa la first carried back andthat at the end of 2023, the loss carry forward benefits are judged more likely than not to be realized in the future. (List all debitentries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in theproblem)DateAccount Titles and Explanation(To record benefit from losa canryback)(To record deferred benefit from loss carryforward)(To record current)(To record deferred tax expen)DebitCredit

2023 in reports the following pre-tax income (ossa foron 0 Accounting Income (Loss) $124.000 91000 (287,000) 218,000 he tax rates llated were all enacted by the beginning of 2021. Blossom reports under the ASPE future Income tax method. Prepare the journal entries for each of the years 2021 to 2024 to record Income tax Assume the taxaracaedback and that at the end of 2022, the loss carryforward benefits are judged mora kaly than not to be realized the entries before credit entries. Credit account titles are autom ally indented when the amount is entry is required, select "No Entry for the account titles and enter O for the amounts Record jo Date Account Titles and Explanation (To record from locayback) (To record deferred benefit from i carryforand) (Toracordurxx) Creme 4. Do not indent manually no ries in the order presented in the Debit Credit

2023 in reports the following pre-tax income (ossa foron 0 Accounting Income (Loss) $124.000 91000 (287,000) 218,000 he tax rates llated were all enacted by the beginning of 2021. Blossom reports under the ASPE future Income tax method. Prepare the journal entries for each of the years 2021 to 2024 to record Income tax Assume the taxaracaedback and that at the end of 2022, the loss carryforward benefits are judged mora kaly than not to be realized the entries before credit entries. Credit account titles are autom ally indented when the amount is entry is required, select "No Entry for the account titles and enter O for the amounts Record jo Date Account Titles and Explanation (To record from locayback) (To record deferred benefit from i carryforand) (Toracordurxx) Creme 4. Do not indent manually no ries in the order presented in the Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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GIVEN: Tax due P1,500 Tax due date April 15,202A Date of filing and payment August 15, 202A COMPUTE: Total tax due and payable including compromise penalty.a. 2,500b. 2,560c. 2,935.16d. 2,950.21
On 1, 2020, the tax asset Complex of P12,800,000 for P18,300,00 for The income recognized on 31, 2019 in at which The tax was to a of P500,000 The for the tax rent of P6,000,000 on 1, entire is tax Pro Problem 16-13 (IFRS) Complex Company reported pretax accounting inco P6,2 tax rate is 30%. Incl P450,000 and no deferred tax liability. The deferred tax asset was due to a provision of P500. Th of The other reason for the deferred tax asset was res, P1,000,000 collected in 2019 but earned only in 2020 time it was tax deductible. ta: Life insurance premiums of P200,000 were recognized o year on key officers for 2020 and 2021. ye The entity paid for a two-year casualty insurance for P6,000,000 on January 1, 2020. The entire premium is to deductible when paid. The entity collected rent from leasing some of its equipment The rent is recognized as revenue when earned but taxahla when collected. 2020 2021 3,300,000 2,500,000 Rent collected 3,500,000 3,300,000 Rent earned The entity had trading…
GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The Tax shall be Plus Of Excess Over 250,000 250,000 400,000 20% 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000
Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): Revenues. Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $888 760 $128 $116 a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2024 for $60 million. The cost is tax deductible in 2024. Answer is complete but not entirely correct. Deferred tax amounts ($ in millions) Classification Net noncurrent deferred tax asset ✔ $ Net noncurrent deferred tax liability X $ 2025 $980 800 b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $33 million and $35 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $25 million ($10 million collected in 2023 but not recognized as revenue until 2024) and $33 million,…
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Exercise 19-02 (Part Level Submission) The following information is available for Martinez Corporation for 2019 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $40,400. This $40,400 difference will reverse equally over the years 2020–2023. 2. Deferral, for book purposes, of $19,900 of rent received in advance. The rent will be recognized in 2020. 3. Pretax financial income, $284,700. 4. Tax rate for all years, 20%.
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Required: a. Calculate the current and deferred tax of Bright Star Ltd for each year, 2018 and 2019 b. Prepare the required tax journal entries for each year.
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