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d. If a taxable temporary difference originates in 2022, it will cause taxable income for 2022 to be pretax financial income for 2022. (less than, greater than) e. If total tax expense is $50,000 and deferred tax expense is $65,000, then the current portion of the expense computation is referred to as a current tax (expense, benefit) of $. f. If a company's tax return shows taxable income of $105,000 for Year 2 and a tax rate of 40%, how much will appear on the December 31, Year 2, statement of financial position for "Income taxes payable" if the company has made estimated tax payments of $36,500 for Year 2? $.

d. If a taxable temporary difference originates in 2022, it will cause taxable income for 2022 to be pretax financial income for 2022. (less than, greater than) e. If total tax expense is $50,000 and deferred tax expense is $65,000, then the current portion of the expense computation is referred to as a current tax (expense, benefit) of $. f. If a company's tax return shows taxable income of $105,000 for Year 2 and a tax rate of 40%, how much will appear on the December 31, Year 2, statement of financial position for "Income taxes payable" if the company has made estimated tax payments of $36,500 for Year 2? $.

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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Complete the following statemnets by filling in the blanks. 

d. If a taxable temporary difference originates in 2022, it will cause taxable income for 2022 to be (less than, greater than) pretax financial income for 2022. e. If total tax expense is $50,000 and deferred tax expense is $65,000, then the current portion of the expense computation is referred to as a (expense, benefit) of $. current tax f. If a company's tax return shows taxable income of $105,000 for Year 2 and a tax rate of 40%, how much will appear on the December 31, Year 2, statement of financial position for "Income taxes payable" if the company has made estimated tax payments of $36,500 for Year 2? $. g. An increase in the Deferred Tax Liability account on the statement of financial position is recorded by a Income Tax Expense account. (debit, credit) to the h. An income statement that reports current tax expense of $82,000 and deferred tax benefit of $23,000 will report total income tax expense of i. A reduction in a deferred tax asset is needed whenever it is judged to that a portion of a deferred tax asset be (will be, will not be) realized. j. If the tax return shows total taxes due for the period of $75,0o0 but the income statement shows total income tax expense of $55,000, the difference of $20,000 is referred to as a deferred tax (expense, benefit).
Transcribed Image Text:d. If a taxable temporary difference originates in 2022, it will cause taxable income for 2022 to be (less than, greater than) pretax financial income for 2022. e. If total tax expense is $50,000 and deferred tax expense is $65,000, then the current portion of the expense computation is referred to as a (expense, benefit) of $. current tax f. If a company's tax return shows taxable income of $105,000 for Year 2 and a tax rate of 40%, how much will appear on the December 31, Year 2, statement of financial position for "Income taxes payable" if the company has made estimated tax payments of $36,500 for Year 2? $. g. An increase in the Deferred Tax Liability account on the statement of financial position is recorded by a Income Tax Expense account. (debit, credit) to the h. An income statement that reports current tax expense of $82,000 and deferred tax benefit of $23,000 will report total income tax expense of i. A reduction in a deferred tax asset is needed whenever it is judged to that a portion of a deferred tax asset be (will be, will not be) realized. j. If the tax return shows total taxes due for the period of $75,0o0 but the income statement shows total income tax expense of $55,000, the difference of $20,000 is referred to as a deferred tax (expense, benefit).
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