Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: Taxable income Tuture deductible amounta Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability a income tax payable currently bDeferred tax asset-ending balance. e Deferred tax assef-change. d. Deferred tax liability-ending balance. Deferred tax liability-change 1 $120 16 f Income tax expense ($ in thousands) Situation 2 3 $252 $268 2 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" wherever applicable.) Situation 20 16 3 18 4 $368 20 64 4
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: Taxable income Tuture deductible amounta Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability a income tax payable currently bDeferred tax asset-ending balance. e Deferred tax assef-change. d. Deferred tax liability-ending balance. Deferred tax liability-change 1 $120 16 f Income tax expense ($ in thousands) Situation 2 3 $252 $268 2 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" wherever applicable.) Situation 20 16 3 18 4 $368 20 64 4
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Subject: acounting
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
Tuture deductible amounta
Future taxable amounts
Balance(s) at beginning of the year:
Deferred tax asset
Deferred tax liability
a income tax payable currently
bDeferred tax asset-ending balance.
e Deferred tax asset-change.
d. Deferred tax liability-ending balance.
Deferred tax liability-change
1
$120
16
f Income tax expense
2
($ in thousands)
Situation
2
3
$252 $268
20
16
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" wherever applicable.)
18
2
Situation
$368
20
64
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