Information for Kent Corp. for the year 2013: Reconciliation of pretax accounting income and taxable income: Pretax accounting income Permanent differences Temporary difference-depreciation Taxable income $178,500 (13,800) 164,700 (12,700) $152,000 Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2012 $13,200 As of December 31, 2013 $25,900 The enacted tax rate was 23% for 2012 and thereafter. What should be the balance in Kent's deferred tax liability account as of December 31, 2013? a) $4,356. b) $5,957. c) $25,900. d) None of the above is correct.

Information for Kent Corp. for the year 2013: Reconciliation of pretax accounting income and taxable income: Pretax accounting income Permanent differences Temporary difference-depreciation Taxable income $178,500 (13,800) 164,700 (12,700) $152,000 Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2012 $13,200 As of December 31, 2013 $25,900 The enacted tax rate was 23% for 2012 and thereafter. What should be the balance in Kent's deferred tax liability account as of December 31, 2013? a) $4,356. b) $5,957. c) $25,900. d) None of the above is correct.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 12E: Temporary and Permanent Differences Lin has just completed its first year of operations and has a...

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The information that follows pertains to Esther Food Products:a. At December 31, 2018, temporary differences were associated with the following future taxable (deductible)amounts:Depreciation $ 60,000Prepaid expenses 17,000Warranty expenses (12,000)b. No temporary differences existed at the beginning of 2018.c. Pretax accounting income was $80,000 and taxable income was $15,000 for the year ended December 31,2018.d. The tax rate is 40%.Required:Determine the amounts necessary to record income taxes for 2018, and prepare the appropriate journal entry.
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Item6 Item 6 Information for Kent Corporation for the year 2024: Reconciliation of pretax accounting income and taxable income: Pretax accounting income $ 179,800 Permanent differences (16,300) 163,500 Temporary difference - depreciation (13,400) Taxable income $ 150, 100 Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2023 $ 14,300 As of December 31, 2024 $ 27,700 The enacted tax rate was 26% for 2023 and thereafter. What should Kent report as the current portion of its income tax expense in the year 2024?
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The information that follows pertains to Esther Food Products: a. At December 31, 2024, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation Prepaid expenses Warranty expenses $ 52,000 22,000 (19,000) b. No temporary differences existed at the beginning of 2024. c. Pretax accounting income was $74,000 and taxable income was $19,000 for the year ended December 31, 2024. d. The tax rate is 25%. Required: Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2024. Complete this question by entering your answers in the tabs below. Calculation General Journal Complete the following table given below to record income taxes for 2024. Note: Amounts to be deducted should be entered with a minus sign. Description Pretax accounting income Permanent differences Income subject to taxation Temporary Differences Income taxable in current year Calculation General Journal Amount Tax Rate $…
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