The deferred tax asset to be recognized is $128000 current. $640000 noncurrent. $0. $128000 noncurrent.

Q: Lax Company at the end of 2019, its first year of operations, prepared a reconciliation between…

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: Sherrod, Incorporated, reported pretax accounting income of $96 million for 2024. The following…

A: Tax liability and incomeThe amount of money paid by the government on the income or gains earned by…

Q: hat amount will be debited to Construction-in-Process to record the change at the beginning of 2024?…

A: The following basic information as follows:-Method = Percentage of completion method Tax rate = 20%

Q: Pretax financial income $930000 Estimated litigation expense 2550000 Installment sales (2040000)…

A: Deferred tax liability means taxable amount is less then income as per financial income. And tax…

Q: On July 1, 2020, ATLAS grants a 5-year P5,000,000 non-interest bearing advance to its president The…

A: Present value is the sum of the current value of money of future cash flows. It is also known as a…

Q: Sweet Inc. incurred a net operating loss of $489,000 in 2020. The tax rate for all years is 20%.…

A: Operating Loss Carry forward: The operating loss is considered as negative taxable income. When the…

Q: Pharoah Company, which began operations at the beginning of 2023, produces various products on a…

A: First of all we have to understand that certain deductions in Income tax is not allowed although we…

Q: At the beginning of 2021, VHF Industries acquired a machine with a fair value of $7,581,580 by…

A: Capital budgeting: When a firm makes a large investment on an asset for a long period of time, it is…

Q: In 2019, Ulna Company borrowed P10,000,000 from Plenty Lending Company to finance the construction…

A: Here discuss about the details of the Restructure of the Notes Payable after incurred the financial…

Q: Wittco Company reports pretax GAAP income in 2020, its first year of operations, of $180,000.…

A: The deferred tax is a future tax liability or asset, This tax is two types of deferred tax liability…

Q: In 2020, Sandstorm Corporation incurs $25,000 in research and experimental expenses. Benefits from…

A: 174 - Research and experimental expenditures (a)Treatment as expenses A taxpayer may treat…

Q: In 2019, Rouchele Co. borrowed $200,000 on a 5% long-term note payable. In each of the following…

A: Long-term debt is a liability to be repaid after one accounting year. It is also called non-current…

Q: The following information is taken from Brilliant Company’s 2020 financial records: Pretax…

A: Solution: Deferred tax asset = Excess accrued warranty * tax rate of 2021  = 24500*32%  = 7,840

Q: Corporation VB was formed in 2019. Immediately prior to year-end, VB is considering a $500,000…

A: So, NPV of VB's after tax cashflow using a 5% discount rate if the expenditure is in 2019 is…

Q: Q.Hunt Co began operations in 2025. Estimated warranty expense of $800,000 will be deductible in…

A: Future taxable amounts are those that increase the income tax payable in the future period as…

Q: iken fro Igado Company s 20 Tinancial records! Pretax accounting income- P1,500,000 Accrued warranty…

A: tax rate 2020 - 30%  2021- 32% 2022 - 34% 2023 - 35%

Q: Sunland Co. at the end of 2020, its first year of operations, prepared a reconciliation between…

A: Particulars Amount Income tax payable ($2040000x20%) $408,000 Less: Change in deferred tax asset…

Q: Shin Corporation had a projected benefit obligation of $4,300,000 and plan assets of $4,100,000 at…

A: The company pays pensions to its employees. It's a liability for the company so the company should…

Q: During 2019, Holmes Co. reports pretax financial income at $762,300 and a taxable income of…

A: Pretax financial income- It is that income of the entity which it earns after deducting all the…

Q: Caramel Co. at the end of 2022, its first year of operations, prepared a reconciliation between…

A: when there is taxable temporary difference arise between accounting profit and tax profit then…

Q: Sherrod, Inc., reported pretax accounting income of $100 million for 2021. The following information…

A: Compute the amounts to record income tax as follows: Result:

Q: On January 1, 2019, Lala Company received an P800,000, 8%, 2 year note from Move Corporation as…

A: Annual installment = Total amount to be collected / no. of installment = 600000/3 = P200,000

Q: ole Co. at the end of 2018, its first year of operations, prepared a reconciliation between pretax…

A: Depreciation:- Depreciation is defined as decrease in the monetary value of an asset over time due…

Q: 020 Ming Xo Inc. generated taxable income of $420,000 and incurred expenses of $490,000. What is the…

A: Remittance is defined as any money transferred from one party to another in the form of a bill,…

Q: Kyle Inc. incurred a net operating loss of $580, 000 in 2023. Combined income for 2020, 2021, and…

A: Loss carryback is a tax provision that allows a business to use a current year's net operating…

Q: On January 1, 2021, Abba Company sold a piece of equipment to Bacus Company with a cost of…

A: Annual Payment = P×r×1+rn1+rn-1 where, P= principal amount= P4,000,000 r= rate of interest= 10% n=…

Q: The following information is available for Wenger Corporation for 2019 (its first year of…

A: aCompute taxable income for 2019.

Q: At the end of 2020, its first year of operations, Tyre Recycling Inc. prepared the following…

A: GAAP income is used to determine income tax expense, which is a financial accounting record. The…

Q: llment Receivable at the end of 2022 equaled $20 million. and is expected to be collected equally in…

A: Income tax is a tax which is paid by the individuals or organizations on the income earned by them…

Q: Mathis Co. at the end of 2014, its first year of operations, prepared a reconciliation between…

A: Gross profit from Instalment sales of $800,000 will be realized in next year is a temporary…

Q: Case Development began operations in December 2024. When property is sold on an installment basis,…

A: Accounting income is money gained after deducting all essential expenditures, such as paying off all…

Q: i need the answer quickly

A: Accounting income is money gained after deducting all essential expenditures, such as paying off all…

Q: Oriole Co. at the end of 2021, its first year of operations, prepared a reconciliation between…

A: Deferred tax assets and deferred tax liabilities are two types of temporary differences that arise…

Q: Blossom Home Inc., a real estate developing company, was accounting for its long-term contracts…

A: Retained earnings are defined as the profits saved by an entity since its inception. These…

Q: At the beginning of 2021, VHF Industries acquired a machine with a fair value of $6,074,700 by…

A: Journal entries contain crucial information including the dollar amount credited and debited, that…

Q: Tokwa't Baboy Company prepared the following reconiliation of income per books with income per tax…

A: Solution: Total provision for Income tax = Book income before taxes * Tax rate

Q: The following information is available for Bramble Corporation for 2024 (its first year of…

A: Taxable income:Taxable income is the income on which the tax is paid. Taxable includes both earned…

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.