Ion Corporation has income tax expense/payable for book purposes of $200,000 and $250,000 for tax purposes. Assume that Ion will only be able to use $30,000 of any deferred tax asset with the balance expiring. Ion will record a deferred tax asset of $fill in the blank 1 and a valuation allowance of $fill in the blank 2 Please donot provide solution in image format provide solution in step by step format

Ion Corporation has income tax expense/payable for book purposes of $200,000 and $250,000 for tax purposes. Assume that Ion will only be able to use $30,000 of any deferred tax asset with the balance expiring. Ion will record a deferred tax asset of $fill in the blank 1 and a valuation allowance of $fill in the blank 2 Please donot provide solution in image format provide solution in step by step format

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter14: Taxes On The Financial Statements

Section: Chapter Questions

Problem 23CE

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INVOICE issued date 05/05/2020 as below: You have received an invoice from one of our suppliers and you are required to prepare: (i) Double entry for the invoice you have received base on the account and supplier number provided. (ii) Base on tax point of view, specify each item whether it is Capital or Revenue expenditure.
If net income before tax is 60000 OMR, tax is 2000 OMR, interest is 1500 OMR, depreciation is 1500 OMR and amortization is 1000 OMR, the EBITDA is: Select one: O a. 64000 OMR O b. Correct answer is not available O c. 62000 OMR O d. 66000 OMR
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Status Single DATA TABLE Total Tax Payments $ 8,342 Taxable Income $ 55,060.00 20,000 30,000 Total Tax $ 7,972 40,000 Refund Amount Amount Owed Create a one-way data table that will show the Total Tax (cell C7) for the three values of Taxable Income shown in cells F5 to F7. Answer these questions about the process of creating the data table. Before creating the table, what formulas must be put into the cells around the table? What must be entered in cell F4 before selecting Data Table from What-If Analysis?
Show the solution in good accounting form. Thank you! 1. What amount should be reported as current tax expense for the current year? a. ₱ 1,350,000 b. ₱ 2,250,000 c. ₱ 1,950,000 d. ₱ 1,050,000 2. What amount should be reported as total income tax expense? a. ₱ 2,250,000 b. ₱ 1,050,000 c. ₱ 1,350,000 d. ₱ 1,950,000 3. What amount of income tax payable should be presented at year-end? a. ₱ 1,050,000 b. ₱ 2,250,000 c. ₱ 1,350,000 d. ₱ 1,950,000
Save & Exit Subm 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 2. $46,000 $86,000 5,600 10,600 0 5,600 Future taxable amounts Balances at beginning of year, dr (cr): Deferred tax asset, Deferred tax liability $ 1,000 $ 3,180 0 1,000 The enacted tax rate is 30% for both situations. Required: For each situation determine the: SITUATION 2. (a.) Income tax payable currently. (b.) Deferred tax asset - balance at year-end. (c.) Deferred tax asset change dr or (cr) for the year. (d.) Deferred tax liability - balance at year-end. (e.) Deferred tax liability change dr or (cr) for the year. (f.) Income tax expense for the year. Next > 31 of 39
I need step by step instructions for the problem e) what is the average income tax rate?** I know you have to divide total tax expense by the net income before taxes.So,For E) the income tax expense is $13,134Net Income before tax??Average Tax rate: ??Revenue : (sales) $144000(service) $28700All the taxes :depreciation tax $10400Interest expense $2400Income Tax expense. $13,134Supplies expense. $12,700F) if $18,500 of dividends had been declared and paid during year, what was the January 1 2016 balance of retained earnings?Retained Earnings Dec 31st : $59000Dividens declared: ???Retained Earnings January 1st: ???Please solve and explain thoroughly.
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FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. What is deductible expense if the company uses OSD?* a. 920,000 b. 1,360,000 c. 880,000 d. 800,000 Using the problem above, what is the income tax payable?* a. 330,000 b. 375,000 c. 575,000 d. 525,000
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Big Blue Inc. (BBI) listed the following items to prepare a reconciliation between book and taxable income. GAAP net income before tax $ 700,000Entertainment expense 100,000GAAP depreciation expense 90,000Depreciation expense for tax purposes 120,000 a. Compute BBI's tax expense for financial statement purposes.b. Compute BBI's tax payable to the IRS.c. Compute the net increase in BBI's deferred tax assets or deferred tax liabilities for the year.d. Record the journal entry to record taxes for the year.