Corning-Howell reported taxable income in 2024 of $164 million. At December 31, 2024, the reported amount of some assets andliabilities in the financial statements differed from their tax bases as indicated below:Carrying AmountTax BasisAssetsCurrentNet accounts receivablePrepaid insurance$ 52 million$ 56 millionPrepaid advertisingNoncurrent64 million48 millionв8Investments in equity securities (fair value)*48 millionBuildings and equipment (net)404 millionв324 millionLiabilitiesCurrentDeferred subscription revenue56 million8638 millionLong-termLiability-compensated future absencesGains and losses taxable when investments are sold.The total deferred tax asset and deferred tax liability amounts at January 1, 2024, were $178.25 million and $25 million, respectively.The enacted tax rate is 25% each year.Required:1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024.2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024.3. Determine the income tax payable currently for the year ended December 31, 2024.4. Prepare the journal entry to record income taxes for 2024.Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3Required 4Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024.Note: Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).Deferred tax amounts ($ in millions)ClassificationDeferred tax liabilityAmountDeferred tax assetRequired 1Required 2 >

($in Million)Net accounts receivable [25% x($56-$52)]$1.00Deferred Subscription Revenue (25% x…

Required: 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024. 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024. 3. Determine the income tax payable currently for the year ended December 31, 2024. 4. Prepare the journal entry to record income taxes for 2024.

Required: 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024. 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024. 3. Determine the income tax payable currently for the year ended December 31, 2024. 4. Prepare the journal entry to record income taxes for 2024.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required: a. Calculate the current and deferred tax of Bright Star Ltd for each year, 2018 and 2019 b. Prepare the required tax journal entries for each year.
1. What is the income tax payable for 2020? (Apply the pre-CREATE law rulings)
Required information [The following information applies to the questions displayed below.] Glennelle's Boutique Inc. operates in a city in which real estate tax bills for one year are issued in May of the subsequent year. Thus, tax bills for 2019 are issued in May 2020 and are payable in July 2020. c-2. Assume that the actual tax bill, received in May 2020, was for $7,500. Record the journal entry to show the effects of the appropriate adjustment to the amount previously accrued. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1 No Event 1 X Answer is complete but not entirely correct. General Journal Real estate tax expense Real estate taxes payable Debit 2,500 X Credit 2,500 x O Apr 8
rmn.2
i. Compute taxable income for 2018. ii. Compute the deferred taxes at December 31, 2018, that relate to the temporary differences described above. Clearly label them as deferred tax asset or liability.
Do not give image format
N1. Account
In each of the following cases, compute the corporation's regular tax, average tax rate and marginal tax rate: Use 2017 tax rate schedule if needed. Required: a. Silva Corporation has $168,000 taxable income for its tax year ended December 31, 2017. b. Goyal Corporation has $168,000 taxable income for its tax year ended December 31, 2018. c. Carver Corporation has $168,000 taxable income for its tax year ended October 31, 2018. Note: For all requirements, Do not round intermediate calculations. Round your final answer to nearest whole dollar amount and average tax rate answer to 2 decimal places. a. b. C. Corporation's Regular Tax $ LA LA X Answer is complete but not entirely correct. Corporation's Marginal Tax Rate 39 % 21 % 37 X % $ $ 48,770 35,280 168,000 X Corporation's Average Tax Rate 35.00 21.00 0.00 % % %
Additional Information: - income tax expenses were included in other general expenses for the two years. tax expenses for 2022 were $15,650,000 and 2021 were $11,435,000. - income tax payable as of 31 December 2022 was included underneath Provisions section and amount was $2,950,000 REQUIRED : THIS SOCI IS WRONG PLEASE PREPARE THE RIGHT ONE
How much is the total income tax expense recorded for the year ended December 31, 2019? a. P246,000 b. P270,000 c. P540,000 d. P786,000
A company makes the following journal entry for 2021: Dr. Income Tax Expense xxxx Dr. Deferred Tax Asset 80,000 Cr. Deferred Tax Liability 16,000 Cr. Income Tax Payable 200,000 On the income statement, the amount for deferred portion of income tax expense for 2021 appears as: _______________. (Very important: Just enter the amount. DO NOT put a plus or minus sign in front of the amount.)
please answer with must and compulsory explanation, computation , for each steps and all parts answer in text form