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

A: Solution Given Pretax financial income                 =$3550000 Estimated litigation expense…

Q: Tru Developers, Inc., sells plots of land for industrial development. Tru recognizes income for…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: Gallo Light began operations in 2021. The company sometimes sells used warehouses on an installment…

A: Deferred tax liability is a tax which is due for the current period but not paid in the period. The…

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

A: Income Tax expense for the period is the sum of current income tax expense and deferred income tax…

Q: Case Development began operations in December 2016. When property is sold on an installment basis,…

A: 1. Prepare journal entry to record income taxes.

Q: At the beginning of 2025, Whispering Construction Company changed from the cost-recovery method to…

A: A journal entry in accounting is a documentation of a business's financial transaction. It entails…

Q: 33. At the end of 2017, its first year of operations, Staccato Company prepared a reconciliation…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

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: At the end of 2019, Vaughn Company has $181,600 of cumulative temporary differences that will result…

A: Year Amount Tax rate Amount 2020 $60,500 30% 18,150.00 2021 50,200 30% 15,060.00 2022…

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

A: Income taxes payable = Taxable income * Income tax rate

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: 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: 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: Prepare Wilcox’s income tax journal entry at the end of 2019. 2. Prepare the lower portion of…

A: ANSWER : Tax payable = 2950 * 30% = 885 Tax expense = 3000 * 30% = 900 1) Journal entry: Dr…

Q: KL Corporation prepared the following reconciliation for its first year of operations: ·      Pretax…

A: Solution: Taxable income = Pretax financial income - Tax exempt interest - Taxable temporary…

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: Kingbird Corporation began 2020 with a $55,200 balance in the Deferred Tax Liability account. At the…

A: Deferred tax liability = cumulative temporary difference x tax rate -  balance in the Deferred Tax…

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: 9. Carla Vista Co. at the end of 2020, its first year of operations, prepared a reconciliation…

A: Income tax expenses is total tax amount calculated on taxable income  by effective tax rate.

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

A: Taxable income = $1320000 Income tax rate = 20%

Q: Use the following information for questions 18 and 19. Hopkins Co. at the end of 2010, its first…

A:

Q: Berkshire Corp. sometimes sells property on an installment basis. In those cases, Berkshire reports…

A: Income tax refers to annual taxes imposed by federal government and most state governments on the…

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

A: Income Tax: - Income Tax is the direct tax charged by the government on the income earned by the…

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

A: Estimated litigation expense deductible in 2016 is a temporary difference. Hence, deferred tax…

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: 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: 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…

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

A: Deferred tax asset can be defined as a balance sheet item which shows the tax expenses that are…

Q: Subject  :- Account    At the end of 2024, its first year of operations, Blossom Company prepared…

A: The deferred tax assets can be defined as the balance sheet item that is supposed to decrease the…

Q: Nadal Inc. has two temporary differences at the end of 2019. The first difference stems from…

A: a.  Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes…

Q: he income tax rate is 30% for all years. Income tax payable is?

A: Income Tax is a form of indirect tax. It is the tax payable on the amount of income earned during a…

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

A: Income Tax: - Income Tax is the direct tax charged by the government on the income earned by the…

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

A: Deferred tax liability is calculated on taxable temporary difference. Taxable temporary difference…

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

A: Deferred tax assets A deferred tax asset is an item on the balance sheet that results from over…

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

A: Answer:- Deferred tax asset:- On the balance sheet of a business, a  deferred tax asset is a thing…

Q: ABC Corporation prepared the following reconciliation for its first year of operations: ·…

A: Current  portion and deferred  portion  of income  tax provisions  are two  types of provisions in…

Q: At the end of 2012, its first year of operations, Glow Company prepared a reconciliation between…

A: Tax is the liability calculated on the income earned and paid to the government.

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.