vanhoe Corporation reported $202000 in revenues in its 2021 financial statements, of which $68,000 will not be included in the tax return until 2022. The enacted tax rate is 30% for 2021 and 25% for 2022. What amount should Ivanhoe report for deferred income tax liability in its balance sheet at December 31, 2021?   Group of answer choices (a)$50,500 (b)$17,000 (c)$20,400 (d)$60,600

A company reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Year Pretax Income (Loss) Tax Rate 2018 $142,000 17% 2019 94,000 17 2020 (208,800) 22 2021 318,500 22 In 2021, what amount of income tax payable should be reported for the company, assuming the loss can carry forward?

Four Square Services Corporation estimates that its 2021 taxable income will be $1,000,000. Thus, it incurs a $210,000 liability. For the following independent cases, compute Four Square's minimum quarterly estimated tax payments that will avoid an underpayment penalty. a. For 2020, taxable income was $800,000, and tax liability was $168,000. b. For 2019, taxable income was $2 million, and tax liability was $680,000. For 2020, taxable income was $100,000, and tax liability was $21,000.

For calendar 2020, Marvel Corporation, Inc., reported depreciation expense of $900,000 on its income statement, but on its 2020 income tax return, Marvel claimed CCA of $1,200,000. The 2020 balance sheet also included $150,000 in accrued warranty liability that will be deducted for tax purposes when paid. Marvel's income tax rates (known at December 31, 2020) are 30% for 2020 and 2021, and 24% for 2022 and 2023. The depreciation difference and warranty liability will reverse over the next three years as follows:    Depreciation Difference Warranty Costs 2021 $    60,000 $  70,000 2022 140,000 50,000 2023 100,000  30,000   $ 300,000 $150,000 These were Marvel's only reversible (timing) differences.  At December 31, 2020, Marvel’s deferred tax liability should be     Select one: a. $67,800. b. $35,400. c. $75,000. d. $133,800. e. None of the above AMOUNTS.

ABC Corporation provides you with the following information for the 2020 tax year, which was the company’s first year of operation:Book Income Before Taxes $100,000,000Book Depreciation $ 5,000,000MACRS Depreciation $ 7,500,000Foreign Sourced Income $ 40,000,000Assume a federal tax rate of 21%, disregard state taxes.a. Calculate federal taxable income.b. Calculate the federal tax payable and federal tax expense.c. Given your answer above in b., is a deferred tax asset or a deferred tax liability created? Provide the journal entry needed to reflect this.

During 2020, Sheffield Co.'s first year 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 Unearned rent $31,300 5,800 (48,500) (48,500) $31,300 $31,300 5,800 $5,800 $5,800 $93,900 29,000 (97,000) 5,800 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 Tax Rate (Asset) Liability $ Installment sales $93,900 1% Depreciation 29,000 1% Unearned rent (97,000) % Totals THA

At the beginning of 2021, a company had future deductible amounts of $400,000 and the enacted tax rate was 27%. In October 2021, a new income tax act is signed into law that lowers the tax rate to 20% for 2022 and future years. To record the change, the company will (enter 1, 2, 3, or 4 that represents the correct answer): Credit Income Tax Expense by $28,000. Debit Income Tax Expense by $28,000. Credit Deferred Tax Liability by $28,000. Debit Deferred Tax Asset by $28,000.

Concord Corporation had income before income taxes of $205,200 in 2020. Concord’s current income tax expense is $49,700, and deferred income tax expense is $29,700.Prepare Concord’s 2020 income statement, beginning with "Income before income taxes". (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Concord CorporationIncome Statement (Partial)                                                                                                                          $                                                                                                                              $                                                                                                                                        $

Vishnu

The accounting income of Pharoah Corporation and its taxable income for the years 2023 to 2026 are as follows: Year Accounting Income Taxable Income Tax Rate 2023 $463,000 $302,000 25% 2024 425,000 301,000 30% 2025 401,000 309,000 30% 2026 465,000 651,000 30% The change in the tax rate from 25% to 30% was not enacted until early in 2024. Accounting income for each year includes an expense of $42,000 that will never be deductible for tax purposes. The remainder of the difference between accounting income and taxable income in each period is due to one reversing difference for the depreciation of property, plant, and equipment. No deferred taxes existed at the beginning of 2023. (a) Calculate the current and deferred tax expense or benefit for each of the four years. Also calculate the balance of the deferred tax balance sheet account at the end of each fiscal year from 2023 to 2026. (Show asset and benefit numbers as positive, and liability and expense numbers as negative.) 2023 2024…