Bluth, Inc. reported the following financial information: Taxable income for current year $200,000 Deferred tax liability, beginning of year 46,000 Deferred tax liability, end of year 57,000 Deferred tax asset, beginning of year 12,000 Deferred tax asset, end of year 18,000 Current and future years' tax rate 21% The current year's income tax expense is what amount?

Bluth, Inc. reported the following financial information: Taxable income for current year $200,000 Deferred tax liability, beginning of year 46,000 Deferred tax liability, end of year 57,000 Deferred tax asset, beginning of year 12,000 Deferred tax asset, end of year 18,000 Current and future years' tax rate 21% The current year's income tax expense is what amount?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 4BCRQ

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Barth James Inc. has the following deferred tax assets and liabilities: 12,000 noncurrent deferred tax asset, and 10,500 noncurrent deferred tax liability. Show how Barth James would report these deferred tax assets and liabilities on its balance sheet.
Integrity Company reported pre-tax financial income of P400,000 for 2022. In the computation of income taxes, the following data were gathered: Non-taxable gain - P175,000 Depreciation deducted for tax purposes in excess of depreciation deducted for book purposes - P25,000 Tax payment made during 2022 - P27,500 Enacted tax rate - 35% What amount shall be reported as current tax liability?
Honesty Company reported pre-tax financial income of P400,000 for 2022. In the computation of income taxes, the following data were gathered: Non-taxable gain - P175,000 Depreciation deducted for tax purposes in excess of depreciation deducted for book purposes - P25,000 Tax payment made during 2022 - P27,500 Enacted tax rate - 35% What amount shall be reported as current tax liability?
For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Quarter-End Cumulative Taxable Income First $ 1,850,000 Second 2,520,000 Third 3,600,000 What are LNS’s minimum first, second, third, and fourth quarter estimated tax payments, using the annualized income method?
A company reported in the income statement for the current year 900,000 income before provision for income tax. Please consider the following information: Rent income received in advance 150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation 100,000Income tax rate 30% What amount should be reported as current provision for income tax or current tax expense for the current year?A. 225,000B. 270,000C. 230,000D. 220,000
A company reported in the income statement for the current year 900,000 income before provision for income tax. Please consider the following information: Rent income received in advance 150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation 100,000Income tax rate 30% What amount should be reported as current provision for income tax or current tax expense for the current year?
The amount of net deferred tax asset/(liability) on January 1, 20x8 is The amount of net deferred tax asset/(liability) on December 31, 20x8 is Income tax expense – current for 20x8 is
1. What is the total deferred tax liability at December 31, 20x6?2. What is the total deferred tax asset at December 31, 20x6?3. What is the current income tax expense for the year ended December 31, 4. What is the total income tax expense for 20x6?
A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance 150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation 100,000Income tax rate 30% Required: 1. How much is the taxable income?2. How much is the accounting income subject to tax?3. How much is the permanent difference?4. How much is the net temporary differences?
For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Quarter-End Cumulative Taxable Income First $ 1,860,000 Second 2,620,000 Third 3,510,000 What are LNS’s minimum first, second, third, and fourth quarter estimated tax payments, using the annualized income method? (Enter all amounts as positive values. Leave no answer blank. Enter zero if applicable. Round "Annualization Factor" for Fourth quarter to 7 places. Round other intermediate computations and final answers to the nearest whole dollar amount.)
Mami Co. computed a pre-tax financial income of 15,000,000 for the year ended Dec. 31, 201X. In preparing the tax return, the following differences are noted between financial income and taxable income. Non-deductible Expense 2,000,000 Non-taxable revenue 1,000,000 Estimated warranty cost that was recognized as expense in 200X but deductible for tax purposes when paid 1,500,000 Excess tax depreciation over financial depreciation 500,000 What is the current tax expense for 201X if the tax rate is 32%?
Sneed Corporation reported balances in the following accounts for the current year: Income taxes payable Deferred tax liability Income tax expense was $232 for the year. What was the amount paid for taxes? Beginning $ 53 84 $188. $212. $285. ○ $199. Ending $ 33 148

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bartleby, a Learneo, Inc. business

Taxable income for current year	$200,000
Deferred tax liability, beginning of year	46,000
Deferred tax liability, end of year	57,000
Deferred tax asset, beginning of year	12,000
Deferred tax asset, end of year	18,000
Current and future years' tax rate	21%