QUESTION 32The following facts relate to Krung Thep Corporation:1. Deferred tax liability, January 1, 2015, $40,0002. Deferred taxasset, January 1, 2015, $03. Taxable income for2015, $115,0004. Pretax financialincome for 2015, $200,000temporary difference at December 31, 2015, giving rise to future taxabletemporary difference at December 31, 2015, giving rise to futureyears, 40%amounts, $220,000deductible amounts, $35, 0005. Cumulative6. Cumulative7. Tax rate for all8. The company is expected to operate profitably in the future.Instructions:a. Compute income taxes payable for 2015.b. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2015.Prepare the income tax expense section of the income staement for 2015, beginning with the line "income before incometaxes."Attach FileBrowse Content CollectionBrowse DropboxBrowse My Computer

a) The income tax payable is calculated below,

The following facts relate to Krung Thep Corporation: 1. Deferred tax liability, January 1, 2015, $40,000 2. Deferred tax asset, january 1, 2015, so 3. Taxable income for 2015, $115,000 4. Pretax financial income for 2015, $200,000 temporary difference at December 31, 2015, giving rise to future taxable temporary difference at December 31, 2015, giving rise to future deductible amounts, $35, 000 amounts, $220,000 5. Cumulative 6. Cumulative 7. Tax rate for all years, 40% 8. The company is expected to operate profitably in the future. Instructions: a. Compute income taxes payable for 2015. b. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2015. Prepare the income tax expense section of the income staement for 2015, beginning with the line "income before income taxes. Attach File Browse My Computer Browse Content Collection Browse Dropbox

The following facts relate to Krung Thep Corporation: 1. Deferred tax liability, January 1, 2015, $40,000 2. Deferred tax asset, january 1, 2015, so 3. Taxable income for 2015, $115,000 4. Pretax financial income for 2015, $200,000 temporary difference at December 31, 2015, giving rise to future taxable temporary difference at December 31, 2015, giving rise to future deductible amounts, $35, 000 amounts, $220,000 5. Cumulative 6. Cumulative 7. Tax rate for all years, 40% 8. The company is expected to operate profitably in the future. Instructions: a. Compute income taxes payable for 2015. b. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2015. Prepare the income tax expense section of the income staement for 2015, beginning with the line "income before income taxes. Attach File Browse My Computer Browse Content Collection Browse Dropbox

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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