Sagehen Enterprises reports pretax financial income of $80,000 for 2012. The following cause taxable income to be different from pretax financial income: Depreciation on the tax return is greater than depreciation on the income statement by $15,000. Rent collected on the tax return is $25,000 greater than rent earned on the income statement. Fines reported on the income statement were $10,000. The current tax rate is 30%. There are no deferred taxes at the beginning of 2012. Compute taxable income and income tax payable for 2012. Which of the differences are temporary, and which are permanent?
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- Zurich Company reports pretax financial income of $84,270 for 2014. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $20,240. 2. Rent collected on the tax return is greater than rent earned on the income statement by $24,840. 3. Fines for pollution appear as an expense of $13,940 on the income statement. Zurich's tax rate is 40% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2014. Compute taxable income and income taxes payable for 2014.(Cost Account)Grouper Company reports pretax financial income of $68,400 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $17,000. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $21,000. 3. Fines for pollution appear as an expense of $10,300 on the income statement. Grouper’s tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020. (a) Compute taxable income and income taxes payable for 2020. Taxable income $enter a dollar amount Income taxes payable $enter a dollar amount (b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Credit account titles are…Splish Company reports pretax financial income of $65,800 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $16,700. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $20,500. 3. Fines for pollution appear as an expense of $10,200 on the income statement. Splish's tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020. (a) Compute taxable income and income taxes payable for 202O. Taxable income Income taxes payable %24 %24
- Teal Company reports pretax financial income of $72,600 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $17,200. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $20,300. 3. Fines for pollution appear as an expense of $9,900 on the income statement. Teal’s tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020. (a) Compute taxable income and income taxes payable for 2020. Taxable income $enter a dollar amount Income taxes payable $enter a dollar amountBonita Company reports pretax financial income of $76,500 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $15,700. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $23,400. 3. Fines for pollution appear as an expense of $10,500 on the income statement. Bonita’s tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020. Compute taxable income and income taxes payable for 2020. Taxable income $enter a dollar amount Income taxes payable $enter a dollar amount Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Credit account titles are automatically indented when amount is…Marigold Company reports pretax financial income of $72,000 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $14,700.2. Rent collected on the tax return is greater than rent recognized on the income statement by $24,200.3. Fines for pollution appear as an expense of $11,900 on the income statement. Marigold’s tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020 Compute taxable income and income taxes payable for 2020. Taxable income? Income taxes payable? Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.? Prepare the income tax expense section of the income statement for 2020, beginning with the line “Income before income taxes.
- MSheridan Company reports pretax financial income of $73,500 for 2025. The following items cause taxable income to be different than pretax financial income. Depreciation on the tax return is greater than depreciation on the income statement by $17,600. 1. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $19,900. 3. Fines for pollution appear as an expense of $10,500 on the income statement. Sheridan's tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2025. (a) Your answer is correct. Compute taxable income and income taxes payable for 2025. (b) Taxable income 86300 Income taxes payable 25890 eTextbook and Media Solution Pretax financial income for 2025 $73,500 Excess depreciation per tax return (17,600) Excess rent collected over rent earned 19,900 Nondeductible fines 10,500 Taxable income $86,300 Taxable income $86,300 Enacted tax rate 30%…Zurich Company reports pretax financial income of $70,000 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $16,000. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $22,000. 3. Fines for pollution appear as an expense of $11,000 on the income statement. Zurich's tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020. Instructions a. Compute taxable income and income taxes payable for 2020. b. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. c. Prepare the income tax expense section of the income statement for 2020, beginning with the line “Income before income taxes.” d. Compute the effective income tax rate for 2020.
- Riverbed Company reports pretax financial income of $65,000 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $16,400. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $23,100. 3. Fines for pollution appear as an expense of $11,200 on the income statement. Riverbed’s tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020. Compute taxable income and income taxes payable for 2020. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. Prepare the income tax expense section of the income statement for 2020, beginning with the line “Income before income taxes.” Compute the effective income tax rate for 2020.Broncos Co. reports pretax financial income of $70,000 for 20x1. The following items cause taxable income to be different than pretax financial income: Depreciation on the tax return is greater than depreciation on the income statement by $16,000. Rent collected on the tax return is greater than rent earned on the income statement by $22,000. Fines for pollution appear as an expense of $11,000 on the income statement. Interest income from City of Denver municipal bonds is $5,000.Broncos’ tax rate is 30% for all years and the company expects to report taxable income in all future years.a) Compute taxable income.b) Prepare the journal entry to record income tax expense, deferred income tax, and income tax payable for 20x1.c) Compute net income for 20x1.Prepare the income tax expense section of the income statement for 2025, beginning with the line "Income before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SHERIDAN COMPANY Income Statement (Partial) For the Year Ended December 31, 2025 $