Four Independent situations are described below. Each Involves future deductible amounts and/or future taxable amounts producedby temporary differences:Taxable incomeFuture deductible amountsFuture taxable amountsBalance(s) at beginning of the year:Deferred tax assetDeferred tax liabilitya. Income tax payable currently.b. Deferred tax asset-ending balance.c. Deferred tax asset-change.d. Deferred tax liability-ending balance.1$ 8816e. Deferred tax liability-change.f. Income tax expense.2($ in thousands)Situation22$ 220168The enacted tax rate is 25%Required:For each situation, determine the following:Note: Enter your answers in thousands rounded to one decimal place (l.e. 1,200 should be entered as 1.2). Negative amountsshould be indicated by a minus sign. Leave no cell blank, enter "0" wherever applicable.Situation3$ 204201631024$ 27220324

Deferred Tax -The term "deferred tax" (DT) describes the tax amount that is different between the…

by temporary differences: bed below. Each involves future deductible amounts and/or future taxable amounts produced Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset 2 Deferred tax liability 1 $ 88 16 1 2 ($ in thousands) Situation 2 2 $ 220 16 8 Situation 3 $ 204 20 16 The enacted tax rate is 25%. Required: For each situation, determine the following: Hote: Enter your answers in thousands rounded to one decimal place (l.e. 1,200 should be entered as 1.2). Negative amounts hould be indicated by a minus sign. Leave no cell blank, enter "O" wherever applicable. 3 10 2 4 $ 272 20 32 4 4

by temporary differences: bed below. Each involves future deductible amounts and/or future taxable amounts produced Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset 2 Deferred tax liability 1 $ 88 16 1 2 ($ in thousands) Situation 2 2 $ 220 16 8 Situation 3 $ 204 20 16 The enacted tax rate is 25%. Required: For each situation, determine the following: Hote: Enter your answers in thousands rounded to one decimal place (l.e. 1,200 should be entered as 1.2). Negative amounts hould be indicated by a minus sign. Leave no cell blank, enter "O" wherever applicable. 3 10 2 4 $ 272 20 32 4 4

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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1. What is the tax due and payable amount in fiscal year 20x1? Fiscal year June 20, 20x1 (5th year) 20x2 Sales 80,000,000 75,000,000 Cost of Sales 50,000,000 46,875,000 Allowable Deductions excluding NOLCO 32,000,000 25,000,000 2. Using the information above, how much is tax due in fiscal year 20x2?
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Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts: 1. 2. 3. 4. 5. 6. 7. 8. ($ in millions) Temporary Differences Reported First on: The Income Statement The Tax Return Revenue $22 7 8 17 17 17 Expense $ 22 2222 Situations Taxable Income 1 $ 122 2 3 4 5 6 Revenue $22 17 7 Expense $22 Required: For each situation, determine taxable income, assuming pretax accounting income is $120 million. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). 12 12
Rr.12. 1.) Calculate taxable income for 20X2 answer: 139,000 2.) Calculate taxes payable for 20X2 answer: 20,850 3.) Determine the current deferred tax liability at 12/31/X2 answer: 37200 4.) calculate total income tax expense for 20X2 answer: 58,050 5.) Compute net income after taxes for 20X2 answer: 328,950 6.) Calculate taxable income for 20X3 answer: 213,027 7.) The entry required at the end of 20X3 requires answer: debit DTL for 26,040 8.) Compute net income after taxes for 20X3 answer: ??? 9.) Calculate taxable income for 20X4 answer: 196,800 10.) Compute net income after taxes for 20X4 answer: ??? Using the information above, solve for parts 8 and 10
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IMPORTANT: PLEASE ANSWER CORRECTLY AND ILL LIKE THE QUESTION. Exercise 19-04 (Part Level Submission) Kingbird Company reports pretax financial income of $73,500 for 2020. 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 $17,600. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $19,900. 3. Fines for pollution appear as an expense of $10,500 on the income statement. Kingbird’s tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020.
Subject: acounting
10030.
in utilities in both cities? 7. Use the tax table on questions 7 and 8. Jenna is a part-time receptionist at the dentist's office. Her income last year was $9,125. Her tax status is single, she claims one exemption for herself, and she plans on taking the standard deduction. What is her taxable income? If line 43 And you are - (taxable income) is- At But Single least less than Your tax is- 83,000 83,000 83,050 16,967 13,131 17,379 83,050 83,100 16,981 13,144 17.393 83,100 83,150 16,995 13,156 17,407 83,150 83,200 17,009 13,169 17,421 13,181 17,435 13,194 17.449 83,200 83,250 17,023 83,250 83,300 17,037 83,300 83,350 17,081 83,350 83,400 17,065 13,206 17,463 13,219 17,477 13,231 17,491 13,244 17,505 13,256 17,519 13,269 17,533 13,281 17,547 13,294 17,561 83,400 83,450 17,079 83,450 83,550 17,093 83,500 83,550 17,107 83,550 83,600 17,121 83,600 83,650 17,135 83,650 83,700 17,149 83,700 83,750 17,163 83,750 83,800 17,177 83,800 83,850 17,191 83,850 83,900 17,205 83,900 83,950 17,219…
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The following table shows tax due for the given taxable income level for a single taxpayer. Taxable income Tax due $97,000 $97,050 $97,100 $97,150 $97,200 $21,913 $21,927 $21,941 $21,955 $21,969 (a) Show that the data in the table are linear. For every change of $50 in the taxable income there is constant change of $ 1.00 in the tax due. These data exhibit a constant rate of change and are linear. (b) How much additional tax is due on each dollar over $97,000? (Round your answer to the nearest cent.) per dollar (c) What would you expect for your tax due if you had a taxable income of $97,000? 24 What would you expect for your tax due if you had a taxable income of $98,000? $ (d) Find a linear formula that gives tax due T if your income is A dollars over $97,000. (Round equation parameters to two decimal places.) T =