The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below: Palm Realtors Ltd. Adjusted Trial Balance December 31, 2019 Cash $ 8,950 Accounts receivable 53,530 Prepaid rent 2,200 Equipment 45,690 Accumulated amortization $ 18,930 Accounts payable 15,900 Interest payable 900 Salary payable 3,500 Income tax payable 4,700 Note payable (due 2025) 19,500 Common shares 8,000 Retained earnings 29,325 Dividends 30,000 Commissions 227,480 Depreciation expense 6,260 Salary expense 140,500 Rent expense 26,400 Interest expense 1,500 Income tax expense 13,205 Total $328,235 $328,235 Prepare in good form a classified statement of financial position for Palm Realtors Ltd as at December 31, 2019,

Music Media Ltd. prepares statements quarterly. Port Ai Required: 1. Based on 2019 results, Music's estimated tax liability for 2020 is $303,960. Music will accrue 1/18 of this amount at the end of each month (assume the installments are paid the next day) Prepare the entry on January 31, 2020, to accrue the tax liability and on February 1 to record the payment. View transaction list Journal entry worksheet 1

Dry Valley Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2026: Income from continuing operations before income taxes Gain on disposal of discontinued component Loss from operations of discontinued component Dry Valley is subject to a 20% tax rate. Instructions $120,000 28,000 (60,000) Prepare the December 31, 2026, income statement for Dry Valley Corporation, starting with income from continuing operations before income taxes.

Subject - account

Nadal Inc. has two temporary differences at the end of 2019. The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Nadal's accounting department has developed a schedule of future taxable and deductible amounts related to these temporary differences as follows.   00202000 00202100 00202200 00202300 Taxable amounts $40,000) $50,000) $60,000) $80,000) Deductible amounts 0000000) 0(15,000) 0(19,000) 0000000)   $40,000) $35,000) $41,000) $80,000) As of the beginning of 2019, the enacted tax rate is 34% for 2019 and 2020, and 20% for 2021–2024. At the beginning of 2019, the company had no deferred income taxes on its balance sheet. Taxable income for 2019 is $500,000. Taxable income is expected in all future years. Instructions a.    Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019. b.    Indicate how deferred income…

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.

hh

E18-10 Multiple Temporary Differences Vickers Company reports taxable income of $4,500 for 2019. Vickers has two temporary differences between pretax financial income and taxable income at the end of 2019. The first difference is expected to result in taxable amounts totaling $2,470 in future years. The second difference is expected to result in deductible amounts totaling $1,360 in future years. Vickers has a deferred tax asset of $372 and a deferred tax liability of $690 at the beginning of 2019. The current tax rate is 30%, and no change in the tax rate has been enacted for future years. Vickers has positive, verifiable evidence of future taxable income.  Required: Prepare Vickers’s income tax journal entry at the end of 2019.

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.

Lax Company at the end of 2019, its first year of operations, prepared areconciliation between pretax financial income and taxable income asfollows: Pretax financial income P900,000; Estimated litigation expenseP1,200,000; Extra depreciation for taxes (P1,800,000); Taxable incomeP400,000. The estimated litigation expense of P1,200,000 will bedeductible in 2020 when it is expected to be paid. Use of the depreciableasset will result in taxable amounts of P600,000 in each of the next threeyears. The income tax rate is 30% for all years. Income tax payable is A. P0B. P120,000C. P180,000D. P270,000