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ur independent situations are described below. Each involves future deductible amounts and/or future taxable amounts pro temporary differences: Taxable income Future taxable amounts Future deductible amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability e enacted tax rate is 25%. equired: ($ in thousands) Situation 1 2 3 4 $ 156 $ 288 $ 340 $ 476 16 20 20 16 16 100 2 27 4 8 2

ur independent situations are described below. Each involves future deductible amounts and/or future taxable amounts pro temporary differences: Taxable income Future taxable amounts Future deductible amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability e enacted tax rate is 25%. equired: ($ in thousands) Situation 1 2 3 4 $ 156 $ 288 $ 340 $ 476 16 20 20 16 16 100 2 27 4 8 2

FINANCIAL ACCOUNTING
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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Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability The enacted tax rate is 25%. Required: ($ in thousands) Situation 1 2 3 4 $ 156 $ 288 $ 340 $ 476 16 20 20 16 16 100 2 8 27 2 4 For each situation, determine the following: Note: Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "O" wherever applicable. a. Income tax payable currently. b. Deferred tax asset-ending balance. c. Deferred tax asset-change. d. Deferred tax liability-ending balance. e. Deferred tax liability-change. f. Income tax expense. Situation 1 2 3 4
Transcribed Image Text:Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability The enacted tax rate is 25%. Required: ($ in thousands) Situation 1 2 3 4 $ 156 $ 288 $ 340 $ 476 16 20 20 16 16 100 2 8 27 2 4 For each situation, determine the following: Note: Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "O" wherever applicable. a. Income tax payable currently. b. Deferred tax asset-ending balance. c. Deferred tax asset-change. d. Deferred tax liability-ending balance. e. Deferred tax liability-change. f. Income tax expense. Situation 1 2 3 4
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