Reference no: EM13711379
Explain Zephyr Inc. End of Their First Year of Operations
Problem- At the end of their first year of operations on December 31, 2010 Zephyr, Inc had total GAAP financial net income before taxes of $190,000. Zephyr, Inc.'s tax rate is 35%. They had the following book-tax differences in 2010:
-$30,000 Tax depreciation in excess of book depreciation
-$1,500 Municipal bond interest income
-$10,000 Change in allowance for bad debt - no actual bad debt expense during the year
-$3,500 Nondeductible club dues
-$1,800 Nondeductible meals and entertainment
-On December 31, 2011 Zephyr, Inc. had only one book-tax difference:
-$8,000 Book depreciation in excess of tax depreciation
Part 1- Identify which of the 2010 and 2011 book-tax differences are temporary, and which are permanent
Part 2- Calculate Zephyr, Inc.'s 2010 current tax expense, deferred tax expense, and total tax expense
Part 3- Calculate the balance of Zephyr Inc's Deferred Tax Asset account, and Deferred Tax Liability account as of December 31, 2010.
Part 4- Calculate the balance of Zephyr, Inc.s Deferred Tax Asset account, and Deferred Tax Liability account as of December 31, 2011.
I need help to illustrates how to compute a corporation's deferred tax asset, deferred tax liability, current tax expense, deferred tax expense, and total tax expense.
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