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FINANCIAL ACCOUNTING
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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Fleetwood Corp's 12/31/20 financial statements contain the following information (in millions): From 12/31/20 balance sheet: 1/1/20 DTL balance: $175 12/31/20 DTL balance: $180 1/1/20 DTA balance: $145 12/31/20 DTA balance: $135 The income statement indicates that Fleetwood's 2020 tax expense was $165, and the footnotes indicates that enacted tax rate is 20%. Assume no other accounts or transactions affected Fleetwood's accounting for taxes. a. Use the following T-accounts to help you write a journal entry that Fleetwood used to recognize tax expense for 2020. Deferred Tax Liability Deferred Tax Asset Journal Entry: b. What is the taxable income for 2020?
Transcribed Image Text:Fleetwood Corp's 12/31/20 financial statements contain the following information (in millions): From 12/31/20 balance sheet: 1/1/20 DTL balance: $175 12/31/20 DTL balance: $180 1/1/20 DTA balance: $145 12/31/20 DTA balance: $135 The income statement indicates that Fleetwood's 2020 tax expense was $165, and the footnotes indicates that enacted tax rate is 20%. Assume no other accounts or transactions affected Fleetwood's accounting for taxes. a. Use the following T-accounts to help you write a journal entry that Fleetwood used to recognize tax expense for 2020. Deferred Tax Liability Deferred Tax Asset Journal Entry: b. What is the taxable income for 2020?
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Journal is the part of book keeping.

 

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