un In 2024, Ryan Management collected rent revenue for 2025 tenant occupancy. For financial reporting, the rent is recorded as deferredrevenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed whencollected in 2024. The deferred portion of the rent collected in 2024 was $66.0 million. The tax rate is 25%. Suppose the deferredportion of the rent collected was $44 million at the end of 2025. Taxable income is $280 million.Prepare the appropriate journal entry to record income taxes in 2025.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answersin millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).View transaction listJournal entry worksheet1Record the income tax expense for 2025.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit1Income tax expenseDeferred tax assetIncome tax payable70.0Record entryClear entryView general journal

NoTransactionGeneral JournalDebitCredit11Income tax expense$75.5 Deferred tax asset $5.5 Income…

Answered: In 2024, Ryan Management collected rent…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter17: Business Tax Credits And The Alternative Minimum Tax

Section: Chapter Questions

Problem 1BD

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In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $194.0 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Suppose the deferred portion of the rent collected was $76 million at the end of 2022. Taxable income is $760 million. Prepare the appropriate journal entry to record income taxes in 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)
In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $130.0 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Suppose the deferred portion of the rent collected was $60 million at the end of 2022. Taxable income is $520 million. Prepare the appropriate journal entry to record income taxes in 2022.
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In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $94 million. Taxable income is $400 million in 2021. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Prepare the appropriate journal entry to record income taxes in 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) No 1 Transaction 1 Income tax expense Deferred tax asset Income tax payable Answer is not complete. General Journal Debit 52.5 Credit 50.0 2.5
In 2018, Ryan Management collected rent revenue for 2019 tenant coccupancy. For financial reporting, the rent is recorded as deferred revenue and then reconized as income in the period tenants occupy rental property, but for income tax reporting it is taxed when collected. the deferred portion of the rent collected in 2018 was 65 million. taxable income is 190 million. no temporary differences existed at the beginning of the year, and the tax rate is 40 percent. suppose the deferred portion of the rent collected was 55 million at the end of 2019. taxable income is 210 million. prepare the appropriate journal entry to record income taxes?
In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $50 million. Taxable income is $180 million in 2021. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Prepare the appropriate journal entry to record income taxes in 2021.
In 2024, DFS Medical Supply collected rent revenue for 2025 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy the rental property. The deferred portion of the rent collected in 2024 amounted to $330,000 at December 31, 2024. DFS had no temporary differences at the beginning of the year. Required: Assuming an income tax rate of 25% and 2024 income tax payable of $980,000, prepare the journal entry to record income taxes for 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < Record 2024 income taxes. Note: Enter debits before credits.
In December 2022, J-Matt, Inc. collected rent in advance from tenants who will begin occupying the rental space in January 2023. For financial reporting purposes, J-Matt recorded the rent as deferred revenue when received in 2022 and will record the rent as revenue in January 2023 when the tenants occupy the rental space. For tax reporting, the rent is taxable in 2022 when collected. The deferred portion of the rent collected in 2022 was $122 million. Taxable income is $540 million in 2022. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Prepare the appropriate journal entry to record J-Matt's provision for income taxes in 2022.
In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy the rental property. The deferred portion of the rent collected in 2021 amounted to $410,000 at December 31, 2021. DFS had no temporary differences at the beginning of the year.Required:Assuming an income tax rate of 25% and 2021 income tax payable of $960,000, prepare the journal entry to record income taxes for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy the rental property. The deferred portion of the rent collected in 2021 amounted to $300,000 at December 31, 2021. DFS had no temporary differences at the beginning of the year.Required:Assuming an income tax rate of 25% and 2021 income tax payable of $950,000, prepare the journal entry to record income taxes for 2021.
In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy the rental property. The deferred portion of the rent collected in 2021 amounted to $390,000 at December 31, 2021. DFS had no temporary differences at the beginning of the year.Required:Assuming an income tax rate of 25% and 2021 income tax payable of $940,000, prepare the journal entry to record income taxes for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. record 2021 income taxes 2.
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