Alvis Corporation reports pretax accounting income of $320,000, but due to a single temporary difference, taxable income is only $190,000. At the beginning of the year, no temporary differences existed. 1. Assuming a tax rate of 25%, what will be Alvis’s net income?2. What will Alvis report in the balance sheet pertaining to income taxes?

The Sirap Co had sales for the year at $150000. Only $105000 was collected in cash, The remaining $45000 should be collected in cash next year. The income is not taxable until it is collected in cash. The only expense for the business in income tax and the rate is 25% for this year and in all future years. how do you Make all journal entries necessary to record income tax for the year. ?

A company reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Year Pretax Income (Loss) Tax Rate 2018 $142,000 17% 2019 94,000 17 2020 (208,800) 22 2021 318,500 22 In 2021, what amount of income tax payable should be reported for the company, assuming the loss can carry forward?

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For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:            Pretax accounting income $ 280,000     Permanent difference   (15,600 )       264,400     Temporary difference-depreciation   (20,900 )   Taxable income $ 243,500        Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as its deferred income tax liability as of the end of its first year of operations?

For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:           Pretax accounting income $ 290,000     Permanent difference   (15,000 )       275,000     Temporary difference-depreciation   (20,100 )   Taxable income $ 254,900         Tringali's tax rate is 25%. Assume that no estimated taxes have been paid.  What should Tringali report as its deferred income tax liability as of the end of its first year of operations? $20,100. $35,100. $5,025. $8,775.

Range Rover Inc. had taxable income of $152,000 for the year. The GAAP basis of accounts receivable (net) $9,600 less than the tax basis of accounts receivable. Assuming a tax rate of 25%, record the income tax journal entry on December 31. Assume zero beginning balances in deferred tax accounts Note: faline in a journal entry ant required for the transaction select N/A as the account names and leave the Dr. and Cr. answers blank (zero) Dr. Account Name Date Dec 31 income Tax Expose Income Tax Payate Deferred Tax Asset Tocesant income

For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $220,000 Permanent difference (14,200) 205,800 Temporary difference - depreciation (21,000) Taxable income $ 184,800 Tringali's tax rate is 25 %. Assume that no estimated taxes have been paid. What should Tringali report as its income tax expense for its first year of operations?

Please answer in good accounting form. Thankyou