a. Income tax payable currently. b. Deferred tax asset-ending balance. c. Deferred tax asset-change. d. Deferred tax liability-ending balance. e. Deferred tax liability-change. f. Income tax expense. $ $ $ $ $ S 1 2 Situation 29.0 $ 6.0 4.0 $ (2.0) 0.0 $ 12.0 0.0 $ 4.0 33.0 $ 66.0 62.0 $ 0.0 ام م م م م kk 3 65.0 22.0 MN $ $ 5.0 $ 6.0 $ 4 $ 4.0 $ $ 89.0 9.0 5.0 15.0 15.0 66.0 $ 109.0
a. Income tax payable currently. b. Deferred tax asset-ending balance. c. Deferred tax asset-change. d. Deferred tax liability-ending balance. e. Deferred tax liability-change. f. Income tax expense. $ $ $ $ $ S 1 2 Situation 29.0 $ 6.0 4.0 $ (2.0) 0.0 $ 12.0 0.0 $ 4.0 33.0 $ 66.0 62.0 $ 0.0 ام م م م م kk 3 65.0 22.0 MN $ $ 5.0 $ 6.0 $ 4 $ 4.0 $ $ 89.0 9.0 5.0 15.0 15.0 66.0 $ 109.0
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 28CE
Related questions
Question
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences:
| ($ in thousands) | ||||
|---|---|---|---|---|
| Situation | ||||
| 1 | 2 | 3 | 4 | |
| Taxable income | $ 116 | $ 248 | $ 260 | $ 356 |
| Future deductible amounts | 16 | 20 | 20 | |
| Future taxable amounts | 16 | 16 | 60 | |
| Balance(s) at beginning of the year: | ||||
| 2 | 17 | 4 | ||
| 8 | 2 |
The enacted tax rate is 25%.
Required:
For each situation, determine the following:
Note: Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "0" wherever applicable.
Transcribed Image Text:a. Income tax payable currently.
b. Deferred tax asset-ending balance.
c. Deferred tax asset-change.
d. Deferred tax liability-ending balance.
e. Deferred tax liability-change.
f. Income tax expense.
$
$
$
$
$
S
1
2
Situation
29.0 $
6.0
4.0 $ (2.0)
0.0
$
12.0
0.0 $
4.0
33.0 $ 66.0
62.0
$ 0.0
ام م م م م
kk
3
65.0
22.0
MN
$
$
5.0 $
6.0 $
4
$ 4.0 $
$
89.0
9.0
5.0
15.0
15.0
66.0 $ 109.0
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