please answer within 30 minutes. Create journal entries for the following:Liability-classified awards:a. Grant dateIs there any entry made on the grant date?b. Expense during vestingc. Deferred tax benefit due to the expense duringthe vestingd. Cash paid to settle the awarde. Tax deduction upon the settlement

a. No entry is made on the grant date as no transaction is being entered into by an employee and…

Answered: Create journal entries for the…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 76DC

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Similar questions

Which of the following causes a temporary difference between taxable and pretax accounting income? A. Investment expenses incurred to generate tax-exempt income. B. MACRS used for depreciating equipment. C. The dividends received deduction. D. Life insurance proceeds received due to the death of an executive.
Which of the following are deducted from gross taxable income todetermine net taxable income? a - Severance payments b - Registered Retirement Savings Plan contributions c - Health carepremiums d - Charitable donations
Indicate the type of Deferred Tax account created by Prepaid Expenses and Accrued Revenues, respectively. Select one: O a Asset Asset Ob. Liability, Liability Oc Asset, Liability O d. Liability, ASset
Requirements: Compute for the following: a Income tax expense, Current tax expense and Deferred tax a. expense/benefit b. Current tax liability c Deferred tax liability and Deferred tax asset d. Provide the journal entry. C.
PROBLEM 3: EXERCISES 1. Park Co. has the following information for the current year: Pretax income 900,000 Penalty on late filing of income tax return Interest on borrowings incurred to acquire tax- 30,000 exempt securities Interest income on government securities Excess of tax depreciation over book depreciation Excess of revenue recognized over taxable income Excess of provision over actual expenditures Advanced rent received (taxable upon receipt) Unrealized loss on change in fair value of investment Temporary differences as at the beginning of the year 3,000 9,000 60,000 45,000 54,000 12,000 18,000 Income tax rate 30%
Which of the following is not a procedure in accounting for defined contribution plans? Remeasurements are recorded in other comprehensive income. Contributions shall be recognized as expense in the period it is payable. Any unpaid contribution at the end of the period shall be recognized as accrued expense. Any excess contribution shall be recognized as prepaid expense.
Which of the following statements are correct? i. A VAT invoice should be pre-numbered and must show the: - Words “Tax Invoice” (shown prominently) ii. A VAT invoice should display the total amount of the consideration and the VAT. iii. A VAT invoice should display the name and address of the registered taxpayer to whom the taxable supply is made. iv. A VAT invoice should display the date of the taxable supply. a.All of the above b.i, ii and iv c.i, and iii d.i only
Which of the following statements are correct? i. A VAT invoice should be pre-numbered and must show the: - Words “Tax Invoice” (shown prominently) ii. A VAT invoice should display the total amount of the consideration and the VAT. iii. A VAT invoice should display the name and address of the registered taxpayer to whom the taxable supply is made. iv. A VAT invoice should display the date of the taxable supply. a. All of the above b. i, ii and iv c. i only d. i, and iii
Which of the following is deductible as interest on Schedule A? a.Subscriptions to professional publications. b.Unreimbursed business expenses. c.Charitable contributions. d.Investment expenses. e.Gambling losses to the extent of gambling winnings.
Which of the following would not be reported on a plan's statement of fiduciary net position? A.) Obligations to retired employees that are past due B.) Plan investments at fair value C.) Actuarial accrued liabilities D.) Contributions receivable from employers
Recognition of tax benefits in the loss year due to a NOL carry back involves: O The establishment of an income tax refund receivable. Only a note to the financial statements. The establishment of a deferred tax liability. O The establishment of a deferred tax asset.
Repayment of grant related to income shall be Recognized as component of other comprehensive income Charged to retained earnings Expensed immediately Applied first against the deferred income balance and any excess shall be recognized immediately as an expense

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