Please help with this accounting question For its first year of operations, Tringali Corporation'sreconciliation of pretax accounting income totaxable income is as follows:Pretax accounting incomePermanent difference$300,000(15,000)285,000Temporary difference-depreciation (20,000)Taxable income$265,000Tringali's tax rate is 40%. What should Tringalireport as its deferred income tax liability as of theend of its first year of operations?

Step 1: Introduction to the Deferred Income Tax LiabilityDeferred income tax liability can be found…

Answered: For its first year of operations,…

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter14: Taxes On The Financial Statements

Section: Chapter Questions

Problem 24CE

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Barth James Inc. has the following deferred tax assets and liabilities: 12,000 noncurrent deferred tax asset, and 10,500 noncurrent deferred tax liability. Show how Barth James would report these deferred tax assets and liabilities on its balance sheet.
Grevilla Corporation is a manufacturing company. The corporation has accumulated earnings of $950,000, and it can establish reasonable needs for $400,000 of that amount. Calculate the amount of the accumulated earnings tax (if any) that Grevilla Corporation is subject to for this year. $_____________
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $ 300,000 Permanent difference (15,000 ) 285,000 Temporary difference-depreciation (20,000 ) Taxable income $265,000. Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as its income tax expense for its first year of operations? 1. A) $75,000. 2. B) $66,250. 3. C) $71,250 4. D) $5,000. O A O B O C O D
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $ 300,000 Permanent difference (15,000 ) 285,000 Temporary difference-depreciation (20,000 ) Taxable income $ 265,000 Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as income tax payable for its first year of operations?
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $ 260,000 Permanent difference (16,000 ) 244,000 Temporary difference-depreciation (20,000 ) Taxable income $ 224,000 Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as its income tax expense for its first year of operations?
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $ 280,000 Permanent difference (15,600 ) 264,400 Temporary difference-depreciation (20,900 ) Taxable income $ 243,500 Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as its deferred income tax liability as of the end of its first year of operations?
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $220,000 Permanent difference (14,200) 205,800 Temporary difference - depreciation (21,000) Taxable income $ 184,800 Tringali's tax rate is 25 %. Assume that no estimated taxes have been paid. What should Tringali report as its income tax expense for its first year of operations?
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $ 300,000 Permanent difference (15,000 ) 285,000 Temporary difference-depreciation (20,000 ) Taxable $265,000 Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as its deferred income tax liability as of the end of its first year of operations? 1. A) $35,000. 2. B) $20,000. 3. C) $8,750 4. D) $5,000. O A O B O D
Stark Enterprise has the following reconciliation of.... Please answer the financial accounting question
Hello tutor can you answer this account query?
Lin Ltd. reported the following: Earnings (loss) Depreciation (assets have a cost of $360,000) CCA Non-deductible expenses Tax rate Taxable income Accounting earnings Permanent difference Accounting income subject to tax Temporary difference 1. What is the amount of the taxable income or loss in each year? (Negative amounts and deductible amounts should be indicated by a minus sign.) Taxable income 20X7 20x7 (first year of operations) $98,000 $45,000 $60,000 $18,000 20x8 30% 2008 $(166,000) $ 45,000 $ 70,000 $18,000 30%
For the year ended 30 June 20X4, Margorie Corp generated taxable operating income of CU 1,200,000 of which the income tax rate was payable was 30%. A transfer of CU 20,000 will be made to the deferred tax liability account. The initial balance of this deferred tax liability was CU 100,000 before making this transfer adjustment. The estimated tax on profits for the year ended 30 June 20X3 is CU 80,000, but the tax has been corrected and is now determined to be CU 84,000 and is fully paid. Income tax on profits for the year to 30 June 20X4 is paid on 1 September 20X5. In years up to 30 June 20X4 the company earned a "capital gain" of CU 60,000 from the sale of several properties. Profits on these "capital gains" are taxed at a rate of 30%. Questions: Compute the tax expense and for the year ended 30 June 20X4 and the deferred tax liability as of 30 June 20X4. Various difficulties have been experienced by the business world due to the Covid-19 pandemic, such as the implementation of…

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