The first image is the Post Closing trial balance The second one is the format needed.Thank you! WIESMULLER PUBLISHING COMPANYBalance SheetAt December 31, 2021AssetsCurrent assets:Cash and cash equivalentsShort-term investments in equity securitiesAccounts receivableLess: allowance for uncollectible accountsNet accounts receivableInventoryPrepaid expensesTotal current assetsProperty, plant, and equipment:EquipmentLess: Accumulated depreciationNet property, plant, and equipmentOther assets:Prepaid expensesTotal assetsLiabilities and Shareholders' EquityCurrent liabilities:Accounts payableInterest payableDeferred revenuesIncome Taxes payableNotes payablelondtarm doht December 31, 2021Account TitleDebitsCreditsCash65,000160,000285,000Accounts receivableInventoryPrepaid expensesEquipmentAccumulated depreciation|InvestmentsAccounts payableInterest payableDeferred revenueIncome Taxes payableNotes payable148,000320,000110,000140,00060,00020,00080,00030,000200,00016,000Allowance for uncollectible accountsCommon stock400,000202,0001,118,000Retained earningsTotals1,118,000Additional Information:$ 120,00030,000Prepaid 2 year lease paid on 12/31/2021Treasury bills purchased 11/30/2021Treasury bill maturityInvestments intended for sale next yearPrepaid subscriptions of 1 year or less1/30/2022$ 110,00080,00040,000$ 100,00060,00020,000400,000Note due in six monthsNote due in six yearsNote due in three annual installmentsAnnual installment amountShares of no par common stockShares of common stock authorized800,000SSSS SS

Balance sheet is the summary showing totals of resources or assets an entity has and the totals of…

December 31, 2021 Account Title Debits Credits Cash 65,000 Accounts receivable 160,000 285,000 148,000 Inventory Prepaid expenses Equipment Accumulated depreciation 320,000 110,000 Investments 140,000 Accounts payable Interest payable 60,000 20,000 Deferred revenue 80,000 Income Taxes payable Notes payable 30,000 200,000 16,000 400,000 202,000 1,118,000 Allowance for uncollectible accounts Common stock Retained earnings Totals 1,118,000 Additional Information: Prepaid 2 year lease paid on 12/31/2021 Treasury bills purchased 11/30/2021 Treasury bill maturity Investments intended for sale next year |Prepaid subscriptions of 1 year or less $ 120,000 30,000 1/30/2022 $ 110,000 80,000 Note due in six months Note due in six years Note due in three annual installments Annual installment amount 40,000 $ 100,000 60,000 20,000 Shares of no par common stock 400,000 800,000 Shares of common stock authorized SSSS SS

December 31, 2021 Account Title Debits Credits Cash 65,000 Accounts receivable 160,000 285,000 148,000 Inventory Prepaid expenses Equipment Accumulated depreciation 320,000 110,000 Investments 140,000 Accounts payable Interest payable 60,000 20,000 Deferred revenue 80,000 Income Taxes payable Notes payable 30,000 200,000 16,000 400,000 202,000 1,118,000 Allowance for uncollectible accounts Common stock Retained earnings Totals 1,118,000 Additional Information: Prepaid 2 year lease paid on 12/31/2021 Treasury bills purchased 11/30/2021 Treasury bill maturity Investments intended for sale next year |Prepaid subscriptions of 1 year or less $ 120,000 30,000 1/30/2022 $ 110,000 80,000 Note due in six months Note due in six years Note due in three annual installments Annual installment amount 40,000 $ 100,000 60,000 20,000 Shares of no par common stock 400,000 800,000 Shares of common stock authorized SSSS SS

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 12P: Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax...

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Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.
PROBLEM 1 Xavier Company provided the following information for its first year of operations ended December 31, 2021 in connection with the preparation of its income tax return:Taxable income P 4,000,000Non-deductible expenses 200,000Non-taxable revenue 300,000Deferred income on installment saleincluded in financial income but taxable in 2022 450,000Doubtful accounts recorded 100,000Financial depreciation 300,000Tax depreciation 350,000Estimated warranty cost accrued in2021 but not deductible for tax purposes until paid…
Part 1XYZ Co. at the end of 2018, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows:Pretax financial income € 750,000Estimated expenses deductible for taxes when paid 1,200,000Extra depreciation (1,350,000)Taxable income € 600,000 Estimated warranty expense of €800,000 will be deductible in 2019, €300,000 in 2020, and €100,000 in 2021. The use of the depreciable assets will result in taxable amounts of €450,000 in each of the next three years. Instructions (a) Prepare a table of future taxable and deductible amounts.(b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2018, assuming an income tax rate of 40% for all years.
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Please calculate capital allowance using declining balance method with the following information: Details of the Fixed Assets: Details Cost NBV Tax Written Down As at 31 Dec 2021 As at 31 Dec 2021 Value as at 1 Jan 2021Motor Vehicles 10,00,000 7,200,000 7,000,000Equipment 15,000,00 12,00,000 6,713,335Office buildings 45,000,000 36,000,000 36,450,000 Included in the cost of motor vehicle is a lorry purchased on 1 April 2021 for $2,000,000…
Q10.9 During 2020, Sunland Company incurred weighted-average accumulated expenditures of $1570000 during construction of assets that qualified for capitalization of interest. The only debt outstanding during 2020 was a $2040000, 9%, 5-year note payable dated January 1, 2020. What is the amount of interest that should be capitalized by Sunland during 2020? $0. $42300. $183600. $141300.
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The Statement of Financial Position of Sam as at 30 July 2021 showed the following assets and liabilities: 2021 2020 Assets $ $ Cash 15 000 12 500 Accounts receivables 30,000 40,000 Allowance for doubtful debts (3,000) (5,000) Inventory 13,500 10,500 Rent Receivable 7,000 7,500 Plant 100,000 100,000 Accumulated Depreciation - Plant (40,000) (30,000) Deferred Tax Asset ? 3,400 Liabilities Accounts Payable 19,000 16,000 Unearned rent revenue 5,000 3,500 Provision for annual leave 2,500 2,000 Deferred Tax Liability ? 5,200 Additional information a. Accumulated depreciation of plant for tax purposes was $55,000 as at 30 July 2021. b. The tax rate is 30%. Question Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts as at 30 July 2021.
E18-11 Multiple Tax Rates For the year ended December 31, 2019, Nelson Co.’s income statement showed income of $435,000 before income, tax expense. To compute taxable income, the following differences were noted: Income from tax-exempt municipal bonds $60,000 Depreciation deducted for tax purposes in excess of depreciation recorded on the books $120,000 Proceeds received from life insurance on death of an insured employee $100,00 Corporate tax rate for 2019 30% Enacted tax rate for future periods 35% Required: 1. Calculate taxable income and tax payable for tax purposes. 2. Prepare Nelson’s income tax journal entry at the end of 2019.
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E18-4 Single Temporary Difference: Multiple Rates At the end of 2019, Fulhage Company reported taxable income of $9,000 and pretax financial income of $10,600. The difference is due to depreciation for tax purposes in excess of depreciation for financial reporting purposes. The income tax rate for the current year is 40%, but Congress has enacted tax rates of 35% for 2020 and 30% for 2021 and beyond. Fulhage has calculated the excess of its financial depreciation over its tax depreciation for future years as follows: 2020, $600; 2021, $700; and 2022, $300. Prior to 2019, the company had no deferred tax liability or asset. Required: Prepare Fulhage’s income tax journal entry at the end of 2019.