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plumseal665Lv1
28 Sep 2019
Four independent situations are described below. Each involvesfuture deductible amounts and/or future taxable amounts produced bytemporary differences:
($ in thousands) Situation 1 2 3 4 Taxable income $ 137 $ 319 $ 325 $416 Future deductibleamounts 28 33 33 Future taxableamounts 28 28 56 Balance(s) atbeginning of the year: Deferred tax asset 4.6 22 9.2 Deferred tax liability 4.6 4.6
The enacted tax rate is40%.
Required: For each situation, determine the following: (Enter youranswers in thousands rounded to one decimal place (i.e. 1,200should be entered as 1.2).)
Situation 1 2 3 4 a. Incometax payable currently. b. Deferredtax assetâbalance. c. Deferredtax assetâchange d. Deferredtax liabilityâbalance. e. Deferredtax liabilityâchange f. Incometax expense.
Four independent situations are described below. Each involvesfuture deductible amounts and/or future taxable amounts produced bytemporary differences: |
($ in thousands) | |||||||||||
Situation | |||||||||||
1 | 2 | 3 | 4 | ||||||||
Taxable income | $ | 137 | $ | 319 | $ | 325 | $416 | ||||
Future deductibleamounts | 28 | 33 | 33 | ||||||||
Future taxableamounts | 28 | 28 | 56 | ||||||||
Balance(s) atbeginning of the year: | |||||||||||
Deferred tax asset | 4.6 | 22 | 9.2 | ||||||||
Deferred tax liability | 4.6 | 4.6 | |||||||||
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).) | |||||||||||||||||||||||||||||||||||||||||||||||||||
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Trinidad TremblayLv2
28 Sep 2019