TB Problem 16-146 (Algo) Two independent situations are... Two independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: SITUATION Taxable income Amounts at year-end: Future deductible amounts Future taxable amounts Balances at beginning of year, debit (credit): Deferred tax asset Deferred tax liability The enacted tax rate is 35% for both situations. Required: For each situation determine the following: (a) Income tax payable currently (b) Deferred tax asset-balance at year-end. (c) Deferred tax asset change debit or (credit) for the year. (d) Deferred tax liability-balance at year-end (e) Deferred tax liability change debit or (credit) for the year. (f) Income tax expense for the year. ******** $ 38,000 $ 78,000 4,800 0 11, 200 4,800 $ 1,000 SITUATION 2 $ 3,920 1,000
TB Problem 16-146 (Algo) Two independent situations are... Two independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: SITUATION Taxable income Amounts at year-end: Future deductible amounts Future taxable amounts Balances at beginning of year, debit (credit): Deferred tax asset Deferred tax liability The enacted tax rate is 35% for both situations. Required: For each situation determine the following: (a) Income tax payable currently (b) Deferred tax asset-balance at year-end. (c) Deferred tax asset change debit or (credit) for the year. (d) Deferred tax liability-balance at year-end (e) Deferred tax liability change debit or (credit) for the year. (f) Income tax expense for the year. ******** $ 38,000 $ 78,000 4,800 0 11, 200 4,800 $ 1,000 SITUATION 2 $ 3,920 1,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 1P: Definitions The FASB has defined several terms in regard to accounting for income taxes. Below are...
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