1. 2. 3. 5. 6. 7. 8. Deferred tax liability, January 1, 2020, $48,000. Deferred tax asset, January 1, 2020, $0. Taxable income for 2020, $114,000. Pretax financial income for 2020, $120,000. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $288,000. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $42,000. Tax rate for all years, 20%. The company is expected to operate profitably in the future. Your answer is correct. Compute income taxes payable for 2020. Income taxes payable $ 22800
1. 2. 3. 5. 6. 7. 8. Deferred tax liability, January 1, 2020, $48,000. Deferred tax asset, January 1, 2020, $0. Taxable income for 2020, $114,000. Pretax financial income for 2020, $120,000. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $288,000. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $42,000. Tax rate for all years, 20%. The company is expected to operate profitably in the future. Your answer is correct. Compute income taxes payable for 2020. Income taxes payable $ 22800
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 9DQ: LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on...
Related questions
Question
1.Please Complete Solution With Details
2.Final Answer Clearly Mentioned
3.Do not give solution in image format
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning