Solution-Discuss deferred tax asset and income tax payable

Discuss deferred tax asset and income tax payable

Assignment Help Accounting Basics

Reference no: EM131771131

J-Matt, Inc., had pretax accounting income of $311,000 and taxable income of $350,000 in 2013. The only difference between accounting and taxable income is estimated product warranty costs for sales this year. Warranty payments are expected to be in equal amounts over the next three years. Recent tax legislation will change the tax rate from the current 40% to 30% in 2015.

Record the 2013 income taxes expense in the general ledger using the accounts Income tax expense, Deferred tax asset, and income tax payable?

Reference no: EM131771131

Questions Cloud

How can managerial accounting information be useful : How can managerial accounting information be useful to John as he thinks about growing his out-of-state business

Determine the strength coefficient : A metal is deformed in a tension test into its plas-tic region. The starting specimen had a gage length 2.0 in and an area = 0.50 in2.

Demonstrate an understanding of basic elements of research : Demonstrate an understanding of the basic elements of the research process and models for applying evidence to clinical practice.

Explain what collusion is : Explain what collusion is, with an example of how it would be used in today's corporate environment. Is collusion within an industry ethical or not ethical

Discuss deferred tax asset and income tax payable : the general ledger using the accounts Income tax expense, Deferred tax asset, and income tax payable

Determining the engineering strain and the true strain : A tensile test specimen has a starting gage length = 75.0 mm. It is elongated during the test to a length = 110.0 mm before necking occurs.

Describe potential business ethics and regulatory issues : How could these ethics and regulatory issues affect your corporate strategy, brand development and decision making process?

How much would it be willing to lend this business : If the bank is charging 8.75% APR how much would it be willing to lend this business?

Determine the domain and range of the piecewise function : Determine the domain and range of the piecewise function and Determine the interval(s) on which the function is decreasing - Write a slope-intercept equation

User Account

All Pages

Discuss deferred tax asset and income tax payable

Reference no: EM131771131

Reference no: EM131771131

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT