User Account

All Pages

What is the deferred tax liability to be reported

Assignment Help Accounting Basics
Reference no: EM131003773

1. Kara Fashions uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. Three years after its purchase, one of Kara's buildings has a carrying value of $400,000 and a tax basis of $300,000. There were no other temporary differences and no permanent differences. Taxable income was $4 million and Kara's tax rate is 40%. What is the deferred tax liability to be reported in the balance sheet? Assuming that the deferred tax liability balance was $32,000 the previous year, prepare the appropriate journal entry to record income taxes this year.

Reference no: EM131003773

Questions Cloud

Buffer solutions can cause a change in ph levels : What is an example of how buffer solutions can cause a change in pH levels?
Determine change in electric potential energy of field : During a lightning flash, -12 C of charge moves through a potential difference of 8.2x107 V . Determine the change in electric potential energy of the field-charge system. Express your answer to two significant figures and include the appropriate ..
Which statement does not reflect idea of ethical relativism : Which of the following intellectual disciplines provides absolute proof of its conclusions? Which statement does not reflect the idea of ethical relativism:
What you believe organisation should do to make improvements : What are the effects of not doing things well? What can be done to improve things? Be realistic and take into account the context of the organisation.
What is the deferred tax liability to be reported : What is the deferred tax liability to be reported in the balance sheet? Assuming that the deferred tax liability balance was $32,000 the previous year, prepare the appropriate journal entry to record income taxes this year.
Solve the given derivative equations : View the answers from (a) as two linear equations in two "unknowns" (∂z/ ∂x and ∂z/ ∂y). Solve these equations to write ∂z/ ∂x and ∂z/ ∂y terms of ∂z/ ∂τ and ∂z/ ∂θ.
Compare the result with the value calculated under b : A line of charge lies along the x-axis extending from x=0m to x=3m. The line charge densit is a function of the distance from the coordinate beginning x and is given by λ=2x [nC/m]. Find the total charge of the line charge Q.
The reaction c + o2 co2 is an example : 1.The reaction C + O2 CO2 is an example of a _______________reaction Metal + halogen -> halide b. Metal + oxygen -> metal oxide
A company reports pretax accounting income : No temporary differences existed at the beginning of the year, and the tax rate is 40%. Prepare the appropriate journal entry to record income taxes.

Reviews

Write a Review

Accounting Basics Questions & Answers

  The cost of each computer was 5000 the economic life

jim johnson and joanne johnson each purchased personal computers on january 1. the cost of each computer was 5000. the

  Pay off the account receivable

He has orally assured Terri that he will pay off the account receivable within the next year. Terri reported the $100,000 in the same manner on the preceding year's balance sheet.

  Compute the noncontrolling interest in the subsidiary

Compute the noncontrolling interest in the subsidiary's net income for 2013.

  Calculate depreciation.

Calculate depreciation A machine cost $800,000 on April 1, 2014. Its estimated salvage value is $80,000 and its expected life is eight years.

  Macready company is considering introducing a new compact

macready company is considering introducing a new compact disc player model at a price of 105 per unit. macreadys

  Income statement and balance sheet columns

The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals: Income Statement Balance Sheet

  Kevin company prepare the journal entries to record all of

kevin company prepare the journal entries to record all of the transactions listed below.kevin company hjad the

  Not for profit healthcare organization

During the fiscal year of June 2012, Lincoln General Hospital, a not-for-profit healthcare organization, had the following revenue-related transactions.

  What is loris productivity

Lori thinks that by redesigning the package, she can increase her total productivity to 133 care packages per day. What will be her new productivity?

  For ratio analysis provide a definition for each category

write a 2-3 page paper that addresses the following1. identify and define the three common tools used to analyze

  Journal entries to record the issuance of the bonds

On January 1, 2009, the Baker Corporation issued $100,000 of five year bonds due December 31, 2013, for $103,604.79 less bond issue costs of $3,000.

  Well design management accounting system

Discuss and elaborate the characteristics of an effective and well design management accounting system.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd