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goldsnake301Lv1
28 Sep 2019
Four independent situations are described below. Each involvesfuture deductible amounts and/or future taxable amounts produced bytemporary differences
Situationnumbers in thousands 1 2 3 4 Taxable income $ 153 $ 351 $ 365 $464 Future deductibleamounts 32 37 37 Future taxableamounts 32 32 64 Balance(s) atbeginning of the year: Deferred tax asset 5.4 26 10.8 Deferred tax liability 5.4 5.4
The enacted tax rate is40%.
Required: For each situation, determine the following: (Enter youranswers in thousands rounded to one decimal place (i.e. 1,200should be entered as 1.2).)
Year 1 Year 2 Year 3 Year 4
Income tax payble
Deferred tax assets- Balance
Deferred tax assets- Changes
Deferred tax Liabilitiess- Balance
Deferred tac Liabilities- Changes
Income tax Expense
Four independent situations are described below. Each involvesfuture deductible amounts and/or future taxable amounts produced bytemporary differences |
Situationnumbers in thousands | |||||||||||
1 | 2 | 3 | 4 | ||||||||
Taxable income | $ | 153 | $ | 351 | $ | 365 | $464 | ||||
Future deductibleamounts | 32 | 37 | 37 | ||||||||
Future taxableamounts | 32 | 32 | 64 | ||||||||
Balance(s) atbeginning of the year: | |||||||||||
Deferred tax asset | 5.4 | 26 | 10.8 | ||||||||
Deferred tax liability | 5.4 | 5.4 | |||||||||
The enacted tax rate is40%. |
Required: |
For each situation, determine the following: (Enter youranswers in thousands rounded to one decimal place (i.e. 1,200should be entered as 1.2).) |
Year 1 Year 2 Year 3 Year 4 Income tax payble Deferred tax assets- Balance Deferred tax assets- Changes Deferred tax Liabilitiess- Balance Deferred tac Liabilities- Changes Income tax Expense |
Trinidad TremblayLv2
28 Sep 2019