In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recordedas deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, therent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $94 million. Taxable income is$400 million in 2021. No temporary differences existed at the beginning of the year, and the tax rate is 25%.Prepare the appropriate journal entry to record income taxes in 2021. (If no entry is required for a transaction/event,select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place(i.e., 5,500,000 should be entered as 5.5).)No1Transaction1Income tax expenseDeferred tax assetIncome tax payableAnswer is not complete.General JournalDebit52.5Credit50.02.5

Income Taxes - The word "income tax" refers to a category of tax that governments levy on revenue…

as deferred revenue and then recognized as revenue in the period tenants occupy rent ent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 $400 million in 2021. No temporary differences existed at the beginning of the year, an Prepare the appropriate journal entry to record income taxes in 2021. (If no entry is req select "No journal entry required" in the first account field. Enter your answers in mil i.e., 5,500,000 should be entered as 5.5).) No 1 Transaction 1 Income tax expense Deferred tax asset Answer is not complete. General Journal

as deferred revenue and then recognized as revenue in the period tenants occupy rent ent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 $400 million in 2021. No temporary differences existed at the beginning of the year, an Prepare the appropriate journal entry to record income taxes in 2021. (If no entry is req select "No journal entry required" in the first account field. Enter your answers in mil i.e., 5,500,000 should be entered as 5.5).) No 1 Transaction 1 Income tax expense Deferred tax asset Answer is not complete. General Journal

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter14: Taxes On The Financial Statements

Section: Chapter Questions

Problem 20CE

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How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.
In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $50 million. Taxable income is $180 million in 2021. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Prepare the appropriate journal entry to record income taxes in 2021.
In 2018, Ryan Management collected rent revenue for 2019 tenant occupancy. For financial reporting, the rent isrecorded as deferred revenue and then recognized as income in the period tenants occupy rental property, but forincome tax reporting it is taxed when collected. The deferred portion of the rent collected in 2018 was $50 million. Taxable income is $180 million. No temporary differences existed at the beginning of the year, and the taxrate is 40%. Prepare the appropriate journal entry to record income taxes.
In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $306.0 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Suppose the deferred portion of the rent collected was $104 million at the end of 2022. Taxable income is $1,180 million. Prepare the appropriate journal entry to record income taxes in 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)
In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $130.0 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Suppose the deferred portion of the rent collected was $60 million at the end of 2022. Taxable income is $520 million. Prepare the appropriate journal entry to record income taxes in 2022.
In 2018, Ryan Management collected rent revenue for 2019 tenant coccupancy. For financial reporting, the rent is recorded as deferred revenue and then reconized as income in the period tenants occupy rental property, but for income tax reporting it is taxed when collected. the deferred portion of the rent collected in 2018 was 65 million. taxable income is 190 million. no temporary differences existed at the beginning of the year, and the tax rate is 40 percent. suppose the deferred portion of the rent collected was 55 million at the end of 2019. taxable income is 210 million. prepare the appropriate journal entry to record income taxes?
In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy the rental property. The deferred portion of the rent collected in 2021 amounted to $390,000 at December 31, 2021. DFS had no temporary differences at the beginning of the year.Required:Assuming an income tax rate of 25% and 2021 income tax payable of $940,000, prepare the journal entry to record income taxes for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. record 2021 income taxes 2.
In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy the rental property. The deferred portion of the rent collected in 2021 amounted to $410,000 at December 31, 2021. DFS had no temporary differences at the beginning of the year.Required:Assuming an income tax rate of 25% and 2021 income tax payable of $960,000, prepare the journal entry to record income taxes for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
In 2024, DFS Medical Supply collected rent revenue for 2025 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy the rental property. The deferred portion of the rent collected in 2024 amounted to $330,000 at December 31, 2024. DFS had no temporary differences at the beginning of the year. Required: Assuming an income tax rate of 25% and 2024 income tax payable of $980,000, prepare the journal entry to record income taxes for 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < Record 2024 income taxes. Note: Enter debits before credits.
In 2018, DFS Medical Supply collected rent revenue for 2019 tenant occupancy. For income tax reporting, the rentis taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy the rental property. The deferred portion of the rent collected in 2018amounted to $300,000 at December 31, 2018. DFS had no temporary differences at the beginning of the year.Required:Assuming an income tax rate of 40% and 2018 income tax payable of $950,000, prepare the journal entry to recordincome taxes for 2018.
In December 2022, J-Matt, Inc. collected rent in advance from tenants who will begin occupying the rental space in January 2023. For financial reporting purposes, J-Matt recorded the rent as deferred revenue when received in 2022 and will record the rent as revenue in January 2023 when the tenants occupy the rental space. For tax reporting, the rent is taxable in 2022 when collected. The deferred portion of the rent collected in 2022 was $122 million. Taxable income is $540 million in 2022. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Prepare the appropriate journal entry to record J-Matt's provision for income taxes in 2022.
In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy the rental property. The deferred portion of the rent collected in 2021 amounted to $300,000 at December 31, 2021. DFS had no temporary differences at the beginning of the year.Required:Assuming an income tax rate of 25% and 2021 income tax payable of $950,000, prepare the journal entry to record income taxes for 2021.