Computa taxable income for 2019. Taable incoma eTextbook and Medla List of Accounts Precara the journal antry to record incomstaroperss, deferad income tavas, and incoms tavas payable for 2019. (Credit occount titles are automatically indented when amount is entered. Do net indent manually if no entry is required, select "No Entry" for the account titles and enter O for the amounts)

Computa taxable income for 2019. Taable incoma eTextbook and Medla List of Accounts Precara the journal antry to record incomstaroperss, deferad income tavas, and incoms tavas payable for 2019. (Credit occount titles are automatically indented when amount is entered. Do net indent manually if no entry is required, select "No Entry" for the account titles and enter O for the amounts)

Name: The following information is available for Pina Corporation for 2019
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Description: The following information is available for Pina Corporation for 2019 (its first year of operations).1.Excess of tax depreciation over book dapreciation, $38,400. This $38,400 difference will reverse squally over the years2020-2023.2.Deferral, for bo

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 12P: Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax...

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Prior to and during 2019, Shadrach Company reported tax depreciation at an amount higher than the amount of financial depreciation, resulting in a book value of the depreciable assets of 24,500 for financial reporting purposes and of 20,000 for tax purposes at the end of 2019. In addition, Shadrach recognized a 3,500 estimated liability for legal expenses in the financial statements during 2019; it expects to pay this liability (and deduct it for tax purposes) in 2023. The current tax rate is 30%, no change in the tax rate has been enacted, and the company expects to be profitable in future years. What is the amount of the net deferred tax liability at the end of 2019? a. 300 b. 450 c. 1,050 d. 1,350
Interperiod Tax Allocation Peterson Company has computed its pretax financial income to be 66,000 in 2019 after including the effects of the appropriate items from the following information: Petersons accountant has prepared the following schedule showing the future taxable and deductible amounts at the end of 2019 for its three temporary differences: At the beginning of 2019, Peterson had a deferred tax liability of 12,540 related to the depreciation difference and 4,710 related to the accrual-basis sales difference. In addition, it had a deferred tax asset of 14,850 related to the warranty difference. The current tax rate is 30%, and no change in the tax rate has been enacted for future years. Required: 1. Compute Petersons taxable income for 2019. 2. Prepare Petersons income tax journal entry for 2019 (assume no valuation allowance is necessary). 3. Next Level Identify the permanent differences in Items 1 through and explain why you did or did not account for them as deferred tax items in Requirement 2.
The following information is available for Pronghorn Corporation for 2019 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $41,200. This $41,200 difference will reverse equally over the years 2020–2023. 2. Deferral, for book purposes, of $18,700 of rent received in advance. The rent will be recognized in 2020. 3. Pretax financial income, $319,200. 4. Tax rate for all years, 20%. Compute taxable income for 2019. Taxable income $enter Taxable income in dollars eTextbook and Media List of Accounts Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and…
The following information is available for Grouper Corporation for 2024 (its first year of operations). 1. 2. 3. 4. (a) Excess of tax depreciation over book depreciation, $41,200. This $41,200 difference will reverse equally over the years 2025-2028. Deferral, for book purposes, of $18,700 of rent received in advance. The rent will be recognized in 2025. Pretax financial income, $319,200. Tax rate for all years, 30%. Compute taxable income for 2024. Taxable income eTextbook and Media List of Accounts Save for Later Attempts: 0 of 1 used Submit Answer
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The following information is for Apple Co. for 2019:1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $900,000. This difference will reverse in equal amounts of $225,000 over the years 2020–2023.2. Interest received on governmental bonds was $75,000. 3. Rent collected in advance on January 1, 2019, totaled $450,000 for a 3-year period. Of this amount, $300,000 was reported as unearned at December 31 for book purposes. 4. The tax rates are 40% for 2019 and 35% for 2020 and subsequent years. 5. Income taxes of $2,400,000 are due per the tax return for 2019. 6. No deferred taxes existed at the beginning of 2019. Required:a. Compute the taxable income for 2019!b. Compute pretax financial income for 2019!c. Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for 2019 and 2020. Assume taxable income was $7,350,000 in 2020!
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The following information relates to Wildhorse Corp.: At July 1, 2019 At June 30, 2020 Temporary difference, giving rise to future taxable amounts $28,600 $79,800 Temporary difference, giving rise to future deductible amounts 18,700 54,800 Accounting income for the year ended June 30, 2020 was $70,200. No permanent differences existed during the fiscal year. The company was expected to operate profitably in the future. The tax rate was 20% for the current and future years. Wildhorse Corp. follows ASPE. Calculate the amount of taxable income for 2020. Taxable Income $ eTextbook and Media List of Accounts