Company A is preparing its financial statements as at 31 December 20X3. On 31 December 20X3, Company A acquired an asset for 900, which is expected to be consumed by the end of 20X4. No tax deduction can be obtained for the cost of the asset. The company’s intention is to use the asset and not to sell it. The sale of assets is taxed at 40%. Internal consumption is taxed at 30%. What is the amount of deferred tax liability relating to the acquired asset as at 31 December 20X3?

For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:            Pretax accounting income $ 280,000     Permanent difference   (15,600 )       264,400     Temporary difference-depreciation   (20,900 )   Taxable income $ 243,500        Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as its deferred income tax liability as of the end of its first year of operations?

Assume that Congress recently passed a provision that will enable Barton's Rare Books (BRB) to double its depreciation expense for the upcoming year but will have no effect on its sales revenue or tax rate. Prior to the new provision, BRB's net income after taxes was forecasted to be $4 million. Which of the following best describes the impact of the new provision on BRB's financial statements versus the statements without the provision? Assume that the company uses the same depreciation method for tax and stockholder reporting purposes.   Question 10 options:   a)  Net fixed assets on the balance sheet will increase.   b)  The provision will reduce the company's free cash flow.   c)  The provision will increase the company's net income.   d)  Net fixed assets on the balance sheet will decrease.   e)  The provision will increase the company's tax…

Range Rover Inc. had taxable income of $152,000 for the year. The GAAP basis of accounts receivable (net) $9,600 less than the tax basis of accounts receivable. Assuming a tax rate of 25%, record the income tax journal entry on December 31. Assume zero beginning balances in deferred tax accounts Note: faline in a journal entry ant required for the transaction select N/A as the account names and leave the Dr. and Cr. answers blank (zero) Dr. Account Name Date Dec 31 income Tax Expose Income Tax Payate Deferred Tax Asset Tocesant income

How much is the restated balance of AMSTERDAM's retained earnings account at January 1, 2021?

For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:            Pretax accounting income $ 300,000     Permanent difference   (15,000 )       285,000     Temporary difference-depreciation   (20,000 )   Taxable income $ 265,000        Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as income tax payable for its first year of operations?

Please answer in good accounting form. Thankyou

Delta has interest receivable which has a carrying amount of $75,000 in its statement of financial position at 31 December 2020. The related interest revenue will be taxed on a cash basis in 2021. Delta has trade receivables that have a carrying amount of $105,000 in its statement of financial position at 31 December 2020. The related revenue has been included in its statement of profit or loss for the year to 31 December 2020. Required: According to HKAS 12 ‘Income Taxes’, what is the total tax base of interest receivable and trade receivables for Delta at 31 December 2020?   A. $105,000   B. $75,000   C. Nil   D. $180,000

Alvis Corporation reports pretax accounting income of $300,000, but due to a single temporary difference, taxable income is only $175,000. At the beginning of the year, no temporary differences existed.Required:1. Assuming a tax rate of 25%, what will be Alvis’s net income?2. What will Alvis report in the balance sheet pertaining to income taxes?

The following balances were taken from the books of Skysong Corp. on December 31, 2025. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87,250 52,250 1,381,250 151,250 21,250 151,250 8,250 46,250 101,250 201,250 141,250 622,250 Assume the total effective tax rate on all items is 20%. Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $41,250 29,250 156,250 195,250 171,250 101,250 98,250 33,250 61,250 101,250 151,250 501,250 22,250 Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per