The information that follows pertains to Julia Company: Temporary differences for the year 2018 are summarized below. Expenses deducted in the tax return, but not included in the income statement: Depreciation $ 58,000 Prepaid expense $ 7,800 Expenses reported in the income statement, but not deducted in the tax return: […]
Co. wishes to enter receipts and payments in such a manner that adjustments at the end of the period will not require reversing entries at the beginning of the next period. Record the following transactions in the indicated manner and give the adjusting entry on December 31, 2017. (Two entries for each part.) 1.An insurance […]
Times-Roman Publishing Company reports the following amounts in its first three years of operation ($ in 000s) 2018 2019 2020 Pretax accounting income $ 400 $ 380 $ 370 Taxable income 450 390 400 The difference between pretax accounting income and taxable income is due to subscription revenue for one-year magazine subscriptions being reported […]
Ayres Services acquired an asset for $90 million in 2018. The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value). For tax purposes the asset’s cost is depreciated by MACRS. The enacted tax rate is 40%. Amounts for pretax accounting income, depreciation, and taxable income in 2018, […]
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