Entries by Grace Wahito

At the end of 2017, Payne Industries had a deferred tax asset account with a balance of $30 million attributable

February 11, 2020 in /by

At the end of 2017, Payne Industries had a deferred tax asset account with a balance of $30 million attributable to a temporary book-tax difference of $75 million in a liability for estimated expenses. At the end of 2018, the temporary difference is $60 million. Payne has no other temporary differences and no valuation allowance […]

 

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Wynn Sheet Metal reported an operating loss of $172,000 for financial reporting and tax purposes in 2018

February 11, 2020 in /by

Wynn Sheet Metal reported an operating loss of $172,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40%. Taxable income, tax rates, and income taxes paid in Wynn’s first four years of operation were as follows:   Taxable Income   Tax Rates   Income Taxes Paid 2014 $ 66,000   […]

 

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Roberts Corp. reports pretax accounting income of $186,000, but due to a single temporary difference, taxable

February 11, 2020 in /by

Roberts Corp. reports pretax accounting income of $186,000, but due to a single temporary difference, taxable income is only $143,000. At the beginning of the year, no temporary differences existed. Roberts is subject to a tax rate of 40%. Required: Prepare the compound journal entry to record Roberts Corp.’s income taxes. (If no entry is […]

 

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EZ, Inc., reports pretax accounting income of $472,000, but due to a single temporary difference, taxable income

February 11, 2020 in /by

EZ, Inc., reports pretax accounting income of $472,000, but due to a single temporary difference, taxable income is $580,000. At the beginning of the year, no temporary differences existed. EZ is subject to a tax rate of 35%. Required: Prepare the appropriate journal entry to record EZ’s income taxes. (If no entry is required for […]

 

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