During 2020, Sheffield Co.s first vear of operations, the company reports pretax financial income at $252,300. Sheffield's enacted tax rate is 45% for 2020 and 20% for all later years. Sheffield expects to have taxable income in each of the next 5 years. The effects on future tax returns of temporary differences existing at December 31, 2020, are summarized as follows. Future Years 2021 2022 2023 2024 2025 Total Future taxable (deductible) amounts Installment sales Depreciation Uneamed rent $31,300 5,800 5,800 5,800 $5,800 $5,800 (48.500) (48.500) $31,300 $31,300 $93,900 29.000 (97,000) Complete the schedule below to compute deferred taxes at December 31, 2020. (Negative amounts using either a negative sign preceding the number e.g. 45 or parentheses e.g. (45).) Deferred Tax Future Taxable Temporary Difference (Deductible) Amounts $93.900 Тах Нate (Asset) Liability Installment sales Depreciation 29,000 Unearned rent (97,000) Totals Compute taxable income for 2020. Taxable income for 2020

Vishnu

The pretax financial income (or loss) figures for Shamrock Company are as follows. 2017   81,000   2018   (51,000 ) 2019   (35,000 ) 2020   111,000   2021   95,000   Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years.Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.) (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 2017 enter an account title to record carryback enter a debit amount enter a…

In 2019, Beta had an annual effective tax rate of 20%. In the 2020 first quarter, the company would pay tax at 25% just for that quarter alone. Beta management estimates that the 2020 full year effective tax rate will be 15%. Based on a first quarter 2020 income before tax of $200,000 what amount of provision for income taxes should be accrued under the integral method.     a. $50,000   b. $40,000   c. $60,000                            d. $0   e. $30,000

AA Company began operations at the beginning of 2020. The following information pertains to this company: Pretax financial income for 2020 is P100,000 The tax rate enacted for 2020 and future years is 40% Differences between 2020 income statement and the tax return are listed below:  Warranty expense accrued for financial reporting purposes amounts to P7,000. Warranty deductions per tax return amounted to P2,000 Income on construction contracts using the percentage of completion method per books amounts to P92,000. Income on construction contracts for tax purposes amounts to P67,000. Depreciation of PPE for financial reporting purposes amounts to P60,000. Depreciation of these assets amounts to P80,000 for the tax return. A P3,500 fine paid for violation of pollution laws was deducted in computing pretax financial income. Interest revenue earned on an investment in tax-exempt bonds amounts to P1,500.  Taxable income is expected for the next few years. Compute the deferred tax…

Hardev

The pretax financial income of Tamarisk Company differs from its taxable income throughout each of 4 years as follows. Year   PretaxFinancial Income   Taxable Income   Tax Rate 2020   $295,000   $180,000   35 % 2021   320,000   217,000   20 % 2022   335,000   264,000   20 % 2023   435,000   592,000   20 % Pretax financial income for each year includes a nondeductible expense of $29,300 (never deductible for tax purposes). The remainder of the difference between pretax financial income and taxable income in each period is due to one depreciation temporary difference. No deferred income taxes existed at the beginning of 2020.   Prepare the Income stmt for 2021 beginning with income before income taxes

During 2020, Marigold Co.’s first year of operations, the company reports pretax financial income at $247,300. Marigold’s enacted tax rate is 45% for 2020 and 20% for all later years. Marigold expects to have taxable income in each of the next 5 years. The effects on future tax returns of temporary differences existing at December 31, 2020, are summarized as follows.     Future Years           2021   2022   2023   2024   2025   Total Future taxable (deductible) amounts:                                  Installment sales   $33,800        $33,800        $33,800                 $101,400       Depreciation   5,800      5,800      5,800   $5,800   $5,800   29,000       Unearned rent   (47,000)     (47,000)                 (94,000)       Complete the schedule below to compute deferred taxes at December 31, 2020. (Negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)…

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.

Blossom Corporation began 2020 with a $57,040 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $434,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2020 is $651,000, the tax rate for all years is 20%, and taxable income for 2020 is $502,200.     Compute income taxes payable for 2020. Income taxes payable   $enter Income taxes payable in dollars            Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 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.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount…