Deferred tax liability : Some business activities may create a dissimilarity between the amount recorded in the books and the taxable income. These differences create deferred tax liability. For example, Mr. J is a car dealer who sold a car on installment. The actual sale happened in the current year, but the benefits are receivable in the future years. This creates a difference in the books of accounts and the taxable account. To determine the deferred tax liability for the year 2017. Given information: Temporary difference related to depreciation is $580,000 for the year 2017. Temporary difference for the year 2018 is $42,000; 2019 is $244,000; and 2020 is $294,000. Tax rates for the year 2018 and 2019 is 34% and 40% for the year 2020.

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Answer 1

Question

Chapter 19, Problem 10BE

To determine

Deferred tax liability: Some business activities may create a dissimilarity between the amount recorded in the books and the taxable income. These differences create deferred tax liability. For example, Mr. J is a car dealer who sold a car on installment. The actual sale happened in the current year, but the benefits are receivable in the future years. This creates a difference in the books of accounts and the taxable account.

To determine the deferred tax liability for the year 2017.

Given information: Temporary difference related to depreciation is $580,000 for the year 2017.

Temporary difference for the year 2018 is $42,000; 2019 is $244,000; and 2020 is $294,000.

Tax rates for the year 2018 and 2019 is 34% and 40% for the year 2020.

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Answer 2

Question

Chapter 19, Problem 10BE

To determine

Deferred tax liability: Some business activities may create a dissimilarity between the amount recorded in the books and the taxable income. These differences create deferred tax liability. For example, Mr. J is a car dealer who sold a car on installment. The actual sale happened in the current year, but the benefits are receivable in the future years. This creates a difference in the books of accounts and the taxable account.

To determine the deferred tax liability for the year 2017.

Given information: Temporary difference related to depreciation is $580,000 for the year 2017.

Temporary difference for the year 2018 is $42,000; 2019 is $244,000; and 2020 is $294,000.

Tax rates for the year 2018 and 2019 is 34% and 40% for the year 2020.

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Answer 3

Question

Chapter 19, Problem 10BE

To determine

Deferred tax liability: Some business activities may create a dissimilarity between the amount recorded in the books and the taxable income. These differences create deferred tax liability. For example, Mr. J is a car dealer who sold a car on installment. The actual sale happened in the current year, but the benefits are receivable in the future years. This creates a difference in the books of accounts and the taxable account.

To determine the deferred tax liability for the year 2017.

Given information: Temporary difference related to depreciation is $580,000 for the year 2017.

Temporary difference for the year 2018 is $42,000; 2019 is $244,000; and 2020 is $294,000.

Tax rates for the year 2018 and 2019 is 34% and 40% for the year 2020.

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Answer 4

Question

Chapter 19, Problem 10BE

To determine

Deferred tax liability: Some business activities may create a dissimilarity between the amount recorded in the books and the taxable income. These differences create deferred tax liability. For example, Mr. J is a car dealer who sold a car on installment. The actual sale happened in the current year, but the benefits are receivable in the future years. This creates a difference in the books of accounts and the taxable account.

To determine the deferred tax liability for the year 2017.

Given information: Temporary difference related to depreciation is $580,000 for the year 2017.

Temporary difference for the year 2018 is $42,000; 2019 is $244,000; and 2020 is $294,000.

Tax rates for the year 2018 and 2019 is 34% and 40% for the year 2020.

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Answer 5

Chapter 19, Problem 10BE

To determine

Deferred tax liability: Some business activities may create a dissimilarity between the amount recorded in the books and the taxable income. These differences create deferred tax liability. For example, Mr. J is a car dealer who sold a car on installment. The actual sale happened in the current year, but the benefits are receivable in the future years. This creates a difference in the books of accounts and the taxable account.

To determine the deferred tax liability for the year 2017.

Given information: Temporary difference related to depreciation is $580,000 for the year 2017.

Temporary difference for the year 2018 is $42,000; 2019 is $244,000; and 2020 is $294,000.

Tax rates for the year 2018 and 2019 is 34% and 40% for the year 2020.

Answer 6

Chapter 19, Problem 10BE

To determine

Deferred tax liability: Some business activities may create a dissimilarity between the amount recorded in the books and the taxable income. These differences create deferred tax liability. For example, Mr. J is a car dealer who sold a car on installment. The actual sale happened in the current year, but the benefits are receivable in the future years. This creates a difference in the books of accounts and the taxable account.

To determine the deferred tax liability for the year 2017.

Given information: Temporary difference related to depreciation is $580,000 for the year 2017.

Temporary difference for the year 2018 is $42,000; 2019 is $244,000; and 2020 is $294,000.

Tax rates for the year 2018 and 2019 is 34% and 40% for the year 2020.

Answer 7

Chapter 19, Problem 10BE

To determine

Deferred tax liability: Some business activities may create a dissimilarity between the amount recorded in the books and the taxable income. These differences create deferred tax liability. For example, Mr. J is a car dealer who sold a car on installment. The actual sale happened in the current year, but the benefits are receivable in the future years. This creates a difference in the books of accounts and the taxable account.

To determine the deferred tax liability for the year 2017.

Given information: Temporary difference related to depreciation is $580,000 for the year 2017.

Temporary difference for the year 2018 is $42,000; 2019 is $244,000; and 2020 is $294,000.

Tax rates for the year 2018 and 2019 is 34% and 40% for the year 2020.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 19 - Prob. 1Q Ch. 19 - Prob. 2Q Ch. 19 - Prob. 3Q Ch. 19 - Prob. 4Q Ch. 19 - Prob. 5Q Ch. 19 - Prob. 6Q Ch. 19 - Prob. 7Q Ch. 19 - Prob. 8Q Ch. 19 - Prob. 9Q Ch. 19 - Prob. 10Q

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