A company makes the following journal entry for 2021: Dr. Income Tax Expense xxxx Dr. Deferred Tax Asset 80,000 Cr. Deferred Tax Liability 16,000 Cr. Income Tax Payable 200,000 On the income statement, the amount for deferred portion of income tax expense for 2021 appears as: _______________. (Very important: Just enter the amount. DO NOT put a plus or minus sign in front of the amount.)
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A company makes the following
Dr. Income Tax Expense xxxx
Dr.
Cr.
Cr. Income Tax Payable 200,000
On the income statement, the amount for deferred portion of income tax expense for 2021 appears as: _______________. (Very important: Just enter the amount. DO NOT put a plus or minus sign in front of the amount.)
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- The following facts relate to a company for 2021: Income tax payable $150,200 Income tax expense 242,700 Taxable income 448,000 Pretax financial income 873,000 What is the effective income tax rate for 2021? Very important: Please present your answer in percentage format, and round the percentage amount to 2 decimal places if necessary. For example, your answer should look like 23.45% or 23.45 (the percentage sign, %, is optional), not 0.2345.1. Prepare journal entries to record the income tax and 2. Present the income tax expense in the income statement Problem 16-3 (ACP) In 2021, Argentina Company received an advance payment of P1,000,000, which was subject to tax but not reported in accounting income until 2022. The income statement and tax return showed the following: 2021 2022 Income before tax per income statement Income before tax per tax return Income tax rate 6,000,000 7,000,000 9,000,000 8,000,000 25% 25% Required: 1. Prepare journal entries to record the income tax a deferred tax for 2021 and 2022. for 2021 and 2022.Assume that Shoreline Hotel Inc., (SHI) decides to make the following entry on December 31, 2018. Current tax rate is 40%. DR Current income tax expense $634,800 CR Income tax payable $634,800 This would imply that Select one: a. the taxable income for 2018 was different than the accounting income. b. the income tax expense reported by SHI on its income statement would be $750,000. c. the taxable income for 2018 was determined to be $1,587,000. d. All of the above. e. None of the above.
- A company reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Year Pretax Income (Loss) Tax Rate 2018 $183,000 17% 2019 69,000 17 2020 (206,800) 23 2021 385,100 23 Assuming that the company uses the carryforward provision, what is the amount of income or loss that will be reported for 2020? (Enter the amount only. DO NOT put a plus or minus sign in front of the amount.)Assume that Tyre Distributors Inc. prepared the following journal entry on December 31, 2021 relating to a 2021 timing (temporary) difference: DR Income tax expense- future $29,000 CR Future income tax liability $29,000 They provide you with the following additional information for 2021: - the tax rate was 25% in 2021 and prior years and the tax rate enacted in 2021 for 2022 and future years is 20%; - accounting income in 2021 was $700,000; - on December 31, 2020 the deferred tax liability was $100,000. The total tax expense (future plus current tax) for 2021 will be Select one: a. $169,000. b. $140,000. c. $135,000. d. $147,750. e. None of the above. Assume for this question only that Tyre Distributors Inc. had current income tax payable in 2021 of $80,000 and there was also a permanent difference in computing taxable income for disallowed meals and entertainment expenses of $32,000.…Brush Company has the following income before income tax and estimated effective annual income tax rates for the first three quarters of 2019.(Photo)Required:What should be Brush company estimated income for "First" quarter income statement? Select one:a. $54,600b. $39,000c. $46,800d. None of the other points
- 19.At 30 June 2023, Barry Ltd estimates it will be required to pay income tax expenses of $62 000 during the following financial year. The correct journal entry to provide for this income tax estimate at 30 June 2023 is: Group of answer choices 1.DR Income tax expense $62 000; CR Current tax liability $62 000 2.DR Current tax liability $62 000; CR Income tax expense $62 000 3.DR Income tax expense $62 000; CR Retained earnings $62 000 4.DR Income tax expense $62 000; CR Bank $62 000Brush Company has the following income before income tax and estimated effective annual income tax rates for the first three quarters of 2019. Quarter Income before income Estimated Effective Tax Tax provision rate 7 st 120,000 12 2nd 130,000 10 3rd 140,000 14 Required: What should be Brush company estimated income for "First" quarter income statement? Select one: a. $54,600 b. None of the other points c. $39,000 Od. $46,800 %2426. Kayo Na Company's income statement for the year ended December 31, 2019 shows pretax income of P2,000,000. The company's tax rate for 2019 is 30%. The following items are treated differently on the tax return and in the accounting records: Tax Return P140,000 560,000 Accounting Records Rent revenue Depreciation expense Premium on officers' life insurance P240,000 440,000 180,000 The records also show that the gross sales is P60M; cost of goods sold is P29M; sales returns and allowances, P450,000; & sales discounts, P550,000. What is the income tax payable for 2019? В. Р588,000 A. P534,000 С. Р600,000 D. P720,000
- Cullumber Inc.'s only temporary difference at the beginning and end of 2024 is caused by a $3.75 million deferred gain for tax purposes for an installment sale of a plant asset, and the related receivable (only one-half of which is classified as a current asset) is due in equal installments in 2025 and 2026. The related deferred tax liability at the beginning of the year is $1,125,000. In the third quarter of 2024, a new tax rate of 20% is enacted into law and is scheduled to become effective for 2026. Taxable income for 2024 is $6,250,000, and taxable income is expected in all future years.The following is the income statement belongs to Shining Star LLC for the year 31 December 2019: Shining Star LLC Income Statement for the year ending 31 December 2019 Net Sales OMR 25000 Cost of Goods Sold 7000 Gross Profit 18000 Operating Expenses 8000 Operating 10000 Income Other Income: Interest Income 4000 Net Income OMR 14000 If the company must pay an income tax expense on its profit and the tax rate is 30%, determine the Net income after-tax Select one: O a. OMR 10000 O b. OMR 9800 C. OMR 18200 O d. OMR 4200The information that follows pertains to Richards Refrigeration, Inc.: a. At December 31, 2021, temporary differences existed between the financial statement book values and the tax bases of the following: ($ in millions) Future Taxable Book Value Таx (Deductible) Basis Amount Buildings and equipment (net of accumulated depreciation) Prepaid insurance Liability-loss contingency $146 $103 $ $ 43 63 63 38 (38) b. No temporary differences existed at the beginning of 2021. c. Pretax accounting income was $213 million and taxable income was $145 million for the year ended December 31, 2021. The tax rate is 25%. Required: 1. Complete the following table given below and prepare the appropriate to record income taxes for 2021. 2. What is the 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G) Required 2 Complete the following table given below to record income taxes for 2021. (Enter your answers in millions rounded to 2…