Sheridan, Inc. had pre-tax accounting income of $3200000 and a tax rate of 20% in 2021, its first year of operations. During 2021 the company had the following transactions: Received rent from Jane, Co. for 2022 $101000 Municipal bond income $125000 Depreciation for tax purposes in excess of book depreciation $65000 Installment sales profit to be taxed in 2022 $167000 At the end of 2021, which of the following deferred tax accounts and balances exist at December 31, 2021?

Sheridan, Inc. had pre-tax accounting income of $3200000 and a tax rate of 20% in 2021, its first year of operations. During 2021 the company had the following transactions: Received rent from Jane, Co. for 2022 $101000 Municipal bond income $125000 Depreciation for tax purposes in excess of book depreciation $65000 Installment sales profit to be taxed in 2022 $167000 At the end of 2021, which of the following deferred tax accounts and balances exist at December 31, 2021?

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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