Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts producedby temporary differences:Taxable incomeFuture deductible amountsFuture taxable amountsBalance(s) at beginning of the year:Deferred tax assetDeferred tax liability.The enacted tax rate is 25%.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.1¹12 ³$132 $264 $29216|($ in thousands)Situation21628Required:For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should beentered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "0" wherever applicable.)Situation201632124|$404207644

Solution: Income tax payable = Taxable income * Tax rate Income tax expense = Income tax payable…

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%. $132 16 2 ($ in thousands) Situation 3 $264 $292 20 16 16 8 21 2 4 $404 20 76 4 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.)

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%. $132 16 2 ($ in thousands) Situation 3 $264 $292 20 16 16 8 21 2 4 $404 20 76 4 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.)

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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Subject: acounting
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GIVEN: Tax due P1,500 Tax due date April 15,202A Date of filing and payment August 15, 202A COMPUTE: Total tax due and payable including compromise penalty.a. 2,500b. 2,560c. 2,935.16d. 2,950.21
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