subject
Business, 17.12.2020 17:10 jace9926

At the end of 2019, Sage Company has $180,500 of cumulative temporary differences that will result in reporting the following future taxable amounts. 2020 $61,500 2021 48,700 2022 41,600 2023 28,700 $180,500 Tax rates enacted as of the beginning of 2018 are: 2018 and 2019 40 % 2020 and 2021 30 % 2022 and later 25 % Kingbird’s taxable income for 2016 is $327,900. Taxable income is expected in all future years.
(a) Prepare the journal entry for Kingbird to record income taxes payable, deferred income taxes, and income tax expense for 2016, assuming that there were no deferred taxes at the end of 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation Debit Credit
(b) Prepare the journal entry for Kingbird to record income taxes payable, deferred income taxes, and income tax expense for 2016, assuming that there was a balance of $23,100 in a Deferred Tax Liability account at the end of 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation Debit Credit

ansver
Answers: 3

Another question on Business

question
Business, 21.06.2019 18:00
You want to make an investment in a continuously compounding account over a period of two years. what interest rate is required for your investment to double in that time period? round the logarithm value and the answer to the nearest tenth.
Answers: 3
question
Business, 22.06.2019 07:00
Imagine you own an established startup with growing profits. you are looking for funding to greatly expand company operations. what method of financing would be best for you?
Answers: 2
question
Business, 22.06.2019 10:00
Marco works in the marketing department of a luxury fashion brand. he is making a presentation on the success of a recent marketing campaign that included a fashion show. which slide elements can he use to include photographs and footage of the fashion show in his presentation? marco can use the: table images audio option to include photographs and the: flowcharts images video option to include footage of the fashion show.
Answers: 1
question
Business, 22.06.2019 11:20
Aborrower takes out a 30-year adjustable rate mortgage loan for $200,000 with monthly payments. the first two years of the loan have a "teaser" rate of 4%, after that, the rate can reset with a 5% annual payment cap. on the reset date, the composite rate is 6%. what would the year 3 monthly payment be?
Answers: 3
You know the right answer?
At the end of 2019, Sage Company has $180,500 of cumulative temporary differences that will result i...
Questions
question
Mathematics, 03.02.2021 01:00
question
Mathematics, 03.02.2021 01:00
question
Mathematics, 03.02.2021 01:00
Questions on the website: 13722367