Eight independent situations are described below. Each involves future deductible amounts and/or future taxableamounts ($ in millions).Temporary Differences Reported First on:The Income StatementThe Tax ReturnRevenueExpenseRevenueExpense1.$202.$203.$204.$205.15206.20157.1520108.1520510Required:For each situation, determine taxable income, assuming pretax accounting income is $100 million. Four independent situations are described below. Each involves future deductible amounts and/or future taxableamounts produced by temporary differences:($ in thousands)Situation12з4Taxable income$85$215$195$260Future deductible amounts152020Future taxable amounts151530Balance(s) at beginning of the year:Deferred tax asset29Deferred tax liability2The enacted tax rate is 40%.Required:For each situation, determine the:a. Income tax payable currentlyb. Deferred tax asset-balancec. Deferred tax asset-change (dr) erd. Deferred tax liability–balancee. Deferred tax liability-change (dr) crf. Income tax expense2.

Tax: Tax is a financial charge imposed by the county's government on the income of the person, and…

Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts ($ in millions). Temporary Differences Reported First on: The Income Statement The Tax Return Revenue Еxpense Revenue Expense 1. $20 2. $20 3. $20 4. $20 5. 15 20 6. 20 15 7. 15 20 10 8. 15 20 5 10 Required: For each situation, determine taxable income, assuming pretax accounting income is $100 million.

Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts ($ in millions). Temporary Differences Reported First on: The Income Statement The Tax Return Revenue Еxpense Revenue Expense 1. $20 2. $20 3. $20 4. $20 5. 15 20 6. 20 15 7. 15 20 10 8. 15 20 5 10 Required: For each situation, determine taxable income, assuming pretax accounting income is $100 million.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter14: Taxes On The Financial Statements

Section: Chapter Questions

Problem 22CE

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Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Situation 1 2 3 4 Taxable income $108 $240 $244 $332 Future deductible amounts 16 20 20 Future taxable amounts 16 16 52 Balance (s) at beginning of the year: Deferred tax asset 2 15 4 Deferred tax liability 8 The enacted tax rate is 25%. Required: For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "O" wherever applicable.) Situation 1 2 3 a. Income tax payable currently. b. Deferred tax asset-ending balance. c. Deferred tax asset-change. d. Deferred tax liability-ending balance. e. Deferred tax liability-change. f. Income tax expense.
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability The enacted tax rate is 25%. Situation 1 2 3 4 $ 84 $ 216 $ 196 $ 260 16 20 20 16 16 28 2 8 06 9 4 2
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Situation 1 2 3 4 Taxable income $ 116 $ 248 $ 260 $ 356 Future deductible amounts 16 20 20 Future taxable amounts 16 16 60 Balance(s) at beginning of the year: Deferred tax asset 2 17 4 Deferred tax liability 8 2 The enacted tax rate is 25%. Required: For each situation, determine the following: Note: Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "0" wherever applicable.
Meman
Two independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: SITUATION 1 2 Taxable income $ 48,000 $ 88,000 Amounts at year-end: Future deductible amounts 5,800 10,800 Future taxable amounts 0 5,800 Balances at beginning of year, dr (cr): Deferred tax asset $ 1,000 $ 3,240 Deferred tax liability 0 1,000 The enacted tax rate is 30% for both situations. Required:For each situation determine the: Situation 1 and 2 a. income tax payable currently b. deferred tax asset - balance at year-end c. deferred tax asset change dr or cr for the year d. deferred tax liability - balance at year-end e. deferred tax liability change dr or cr for the year f. income tax expense for the year.
Two independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: SITUATION Taxable income Amounts at year-end: Future deductible amounts Future taxable amounts Balances at beginning of year: Deferred tax asset Deferred tax liability 1 2 $100,000 $130,000 0 10,000 0 2,000 The enacted tax rate is 25% for both situations. 10,000 15,000 $2,000 0 Required: For each situation determine the: (a.) Income tax payable currently. (b.) Deferred tax asset - balance at year-end. (c.) Deferred tax asset change dr or (cr) for the year. (d.) Deferred tax liability - balance at year-end. (e.) Deferred tax liability change dr or (cr) for the year. (f.) Income tax expense for the year.
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability ($ in thousands) Situation 1 2 3 $92 $224 $212 $284 16 20 20 16 16 36 2 11 4 8 2 The enacted tax rate is 25%. Required: For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "0" wherever applicable.) Show Transcribed Text a. Income tax payable currently. b. Deferred tax asset-balance. c. Deferred tax asset-change. d. Deferred tax liability-balance. e. Deferred tax liability-change. f. Income tax expense. 2 J Situation 2 3
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) _____ Situation________ 1 2 3 4 Taxable income $100 $232 $228 $308 Future deductible amounts 16 20 20 Future taxable amounts 16 16 44 Balance (s) at…
Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts: ($ in millions) Temporary Differences Reported First on: The Income Statement The Tax Return Revenue Expense Revenue Expense 1. $40 2. $40 3. $40 4. $40 5. 35 40 6. 40 35 7. 35 40 30 8. 35 40 25 30 Required:For each situation, determine taxable income, assuming pretax accounting income is $300 million.
Please solve parts d, e, and f. Thank you.
None
Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts: 1. 2. 3. 4. 5. 6. 7. 8. ($ 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