Exercise 16-10 (Algo) Calculate income tax amounts under various circumstances; financial statement =ffects [LO16-2, 16-3] 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 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. 1 $ 128 16 $ $ $ $ $ $ 2 1 260.0 $ 4.0 $ 37.0 $ 5.0 $ 4.0 S 98.0 $ ($ in thousands) Situation 2 2 $ 260 16 8 Situation 3 $ 284 20 16 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. 3 20 98.0 71.0 $ 82.0 $ 18.0 10.0 $ 10.0 6.0 $ 14.0 $ 10.0 4.0 81.0 $ 108.0 2 4 $ 392 4 20 72 4
Exercise 16-10 (Algo) Calculate income tax amounts under various circumstances; financial statement =ffects [LO16-2, 16-3] 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 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. 1 $ 128 16 $ $ $ $ $ $ 2 1 260.0 $ 4.0 $ 37.0 $ 5.0 $ 4.0 S 98.0 $ ($ in thousands) Situation 2 2 $ 260 16 8 Situation 3 $ 284 20 16 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. 3 20 98.0 71.0 $ 82.0 $ 18.0 10.0 $ 10.0 6.0 $ 14.0 $ 10.0 4.0 81.0 $ 108.0 2 4 $ 392 4 20 72 4
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
7
![Exercise 16-10 (Algo) Calculate income tax amounts under various circumstances; financial statement
effects [LO16-2, 16-3]
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
1
$ 128
16
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.
2
1
$260.0 $
$ 4.0 $
$ 37.0 $
$ 5.0 $
$
4.0 $
$
98.0 $
($ in thousands)
Situation
2
2
$ 260
16
8
Situation
3
$ 284
3
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.
20
16
98.0
18.0
71.0 $
82.0 $
10.0 $
6.0 $
10.0
14.0
4.0 $
10.0
81.0 $ 108.0
20
2
4
$392
4
20
72
4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F020c2c27-f19e-4f36-9f11-a29e11b05e0e%2F7ad4ac4d-ab3f-4b52-a213-6cd5ac769dc9%2Fpavkhyt_processed.png&w=3840&q=75)
Transcribed Image Text:Exercise 16-10 (Algo) Calculate income tax amounts under various circumstances; financial statement
effects [LO16-2, 16-3]
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
1
$ 128
16
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.
2
1
$260.0 $
$ 4.0 $
$ 37.0 $
$ 5.0 $
$
4.0 $
$
98.0 $
($ in thousands)
Situation
2
2
$ 260
16
8
Situation
3
$ 284
3
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.
20
16
98.0
18.0
71.0 $
82.0 $
10.0 $
6.0 $
10.0
14.0
4.0 $
10.0
81.0 $ 108.0
20
2
4
$392
4
20
72
4
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