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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: 1 Deferred tax asset Deferred tax liability. a Income tax payable currently b. Deferred tax asset-ending balance c Deferred tax asset-change. $160 16 andan kul ($ in thousands) Situation $292 2 16 B $348 $488 ERA RO Situation 20 16 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"herever applicable.) 20 104 28 4 2

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: 1 Deferred tax asset Deferred tax liability. a Income tax payable currently b. Deferred tax asset-ending balance c Deferred tax asset-change. $160 16 andan kul ($ in thousands) Situation $292 2 16 B $348 $488 ERA RO Situation 20 16 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"herever applicable.) 20 104 28 4 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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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. The enacted tax rate is 25%. a Income tax payable currently b. Deferred tax asset-ending balance c Deferred tax asset-change. A $160 16 Flakr ($ in thousands) Situation 2 $292 16 2 8 Situation $348 8 3 20 16 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.) 28 2 4 $488 20 104 4 Check my w
Transcribed Image Text: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. The enacted tax rate is 25%. a Income tax payable currently b. Deferred tax asset-ending balance c Deferred tax asset-change. A $160 16 Flakr ($ in thousands) Situation 2 $292 16 2 8 Situation $348 8 3 20 16 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.) 28 2 4 $488 20 104 4 Check my w
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 Situation 3
Transcribed Image Text: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 Situation 3
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