Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Situation 2 3 4 $ 136 $ 268 $ 300 $ 416 16 20 20 16 16 80 Taxable income Future deductible amounts Future taxable amounts Deferred tax asset Balance(s) at beginning of the year: 2 Deferred tax liability The enacted tax rate is 25%. Required: 22 2 4 For each situation, determine the following: Note: Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "O" wherever applicable. a. Income tax payable currently b. Deferred tax asset-ending balance. c. Deferred tax asset-change d Deferred tax liability-ending balance. e. Deferred tax liability-change. f. Income tax expense. Situation 1 2 3 4
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Situation 2 3 4 $ 136 $ 268 $ 300 $ 416 16 20 20 16 16 80 Taxable income Future deductible amounts Future taxable amounts Deferred tax asset Balance(s) at beginning of the year: 2 Deferred tax liability The enacted tax rate is 25%. Required: 22 2 4 For each situation, determine the following: Note: Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "O" wherever applicable. a. Income tax payable currently b. Deferred tax asset-ending balance. c. Deferred tax asset-change d Deferred tax liability-ending balance. e. Deferred tax liability-change. f. Income tax expense. Situation 1 2 3 4
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 8E: Incomc Taxes Then Company has been in operation for several years. It has both a deductible and a...
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