Culver Company is in the process of adjusting and correcting its books at the end of 2020. In reviewing its records, the following information is compiled.

Described below are six independent and unrelated situations involving accounting changes. Each change occurs during 2021 before any adjusting entries or closing entries were prepared. Assume the tax rate for each company is 25% in all years. Any tax effects should be adjusted through the deferred tax liability account. Fleming Home Product introduced a new line of commercial awnings in 2020 that carry a one year warranty against manufacturer’s defects. Based on industry experience, warranty costs were expected to approximate 3% of sales. Sales of the awnings in 2020 were $2,700,000. Accordingly, warranty expense and a warranty liability of $81,000 were recorded in 2020, in late 2021, the company’s claims experience was evaluated, and it was determined that claims were far fewer than expected: 2% of sales rather than 3%. Sales of the awnings in 2021 were $3,200,000, and warranty expenditures in 2021 totaled $72,800. On December30, 2017, Rival Industries acquired its office building at…

A C corporation has a fiscal year-end of August 30. In tax year 2022, it requests an automatic extension of time to file its income tax return. It must file its return no later than the 15th day of:   Multiple Choice   March.   June.   April.   May.

2: Michael Kolk (single; 3 federal withholding allowances) earned biweekly gross pay of $935. He participates in a flexible spending account, to which he contributes $100 during the period. Federal income tax withholding = $ 3: Anita McLachlan (single; 0 federal withholding allowances) earned monthly gross pay of $2,510. For each period, she makes a 401(k) contribution of 9% of gross pay. Federal income tax withholding = $ 4: Stacey Williamson (married; 3 federal withholding allowances) earned semimonthly gross pay of $1,250. She participates in a cafeteria plan, to which she contributes $150 during the period. Federal income tax withholding = $

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At December 31, 2020, Sheridan Corporation has a deferred tax asset of $180,000. After a careful review of all available evidence, it is determined that it is more likely than not that $54,000 of this deferred tax asset will not be realized.Prepare the necessary journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit

At the beginning of 2021, Pitman Co. had pretax financial income of $1,200,000. Additionally, there was a timing difference of $300,000 due to an accounts receivable that will not be collected until the following year. The tax rate us 30%. A. Calculate the total taxable income for 2021. B. Calculate Income tax expense, income tax payable, and the deferred amount for 2021, and create the journal entry.

IMPORTANT, PLEASE SEE IMAGE, ANSWER CORRECTLY AND I'LL LIKE  YOUR ANSWER. THANK YOU! Exercise 19-03 (Part Level Submission) Marigold Corporation began 2020 with a $39,560 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $301,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2020 is $451,500, the tax rate for all years is 20%, and taxable income for 2020 is $348,300.

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.

Pearl Inc. incurred a net operating loss of $455,000 in 2020. The tax rate for all years is 20%. Assume that it is more likely than not that the entire net operating loss carryforward will not be realized in future years. Prepare all the journal entries necessary at the end of 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)