Bezos Company’s income tax return shows income taxes payable for 2020 of $75,000 (that is, $75,000 is owed for 2020). For financial reporting, the firm reports deferred tax assets of $67,900 at the beginning of 2020 and $63,600 at the end of 2020. It reports deferred tax liabilities of $53,600 at the beginning of 2020 and $59,400 at the end of 2020. Compute the amount of income tax expense for 2020.

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…

BCD Company had sales Revenue of $500,000 for the year 2019. Its cost of goods sold was $240,000, and its operating expenses were $50,000, and administrative expenses $ 25,000. Interest revenue for the year is $5,000 of which $2000 is unearned and interest expense was $12,000. BCD’s income tax rate is 25%. Required:                                                                                                                                                         Prepare a classified multiple-step income statement for the year for BCD Company.

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…