Date Account Titles and Explanation 2018 Income Tax Expense 2019 Income Tax Expense 2020 Income Tax Payable 2021 Income Tax Payable Income Tax Refund Receivable Deferred Tax Asset (To record income taxes.) Allowance to Reduce Deferred Tax Asset to Expected Realiz Benefit Due to Loss Carryforward (To record allowance.) Income Tax Expense Income Tax Payable Deferred Tax Asset (To record income taxes.) Allowance to Reduce Deferred Tax Asset to Expected Realiz Benefit Due to Loss Carryback (To adjust allowance.) Debit 24600 19600 29000 44200 27500 8350 Credit 24600 19600 44200 29000 10800 16700 8350

Date Account Titles and Explanation 2018 Income Tax Expense 2019 Income Tax Expense 2020 Income Tax Payable 2021 Income Tax Payable Income Tax Refund Receivable Deferred Tax Asset (To record income taxes.) Allowance to Reduce Deferred Tax Asset to Expected Realiz Benefit Due to Loss Carryforward (To record allowance.) Income Tax Expense Income Tax Payable Deferred Tax Asset (To record income taxes.) Allowance to Reduce Deferred Tax Asset to Expected Realiz Benefit Due to Loss Carryback (To adjust allowance.) Debit 24600 19600 29000 44200 27500 8350 Credit 24600 19600 44200 29000 10800 16700 8350

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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This is an item in the balance sheet relating to the unpaid portion of an income already taxed. Deferred tax asset Current tax liability Deferred tax liability Current tax asset
Current Attempt in Progress Sheridan Inc. reports the following pretax income Doss) for both financial reporting purposes and tax purposes. Year 2018 2019 2020 2021 The tax rates listed were all enacted by the beginning of 2018. (c) Prepare the journal entries for the years 2018-2021 to record income tax expense (benefit) and income taxes payable (refundable) and the tax effects of the loss carryforward, assuming that at the end of 2020 the benefits of the loss carryforward are judged more likely than not to be realized in the future. (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 for the amounts) 2018 Pretax Income (Loss) $128.000 96.000 (214.000) 310.000 2019 Date Account Titles and Explanation 2020 2021 Tax Rate 17 % 17% 19 % 19 % List of Accounts Safor Later Debit Credit Attempts:0 of 4 used Sub (b) The parts of this question must be completed in order. This…
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Tax rates other than the current tax rate may be used to calculate the deferred income tax amount for financial statement reporting if O it is probable that a future tax rate change will occur. O it appears likely that a future tax rate will be greater than the current tax rate. O it appears likely that a future tax rate will be less than the current tax rate. O the enacted tax rate is expected to apply in future years.
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