Income Taxes Thun Company has been in operation for several years. t has both a deductible and a taxable temporary difference. At the beginning of 2019, ts deferred tax asset was so90, and its deferred tax liability was $750. The company expects its future deductible amount to be "deductible" in 2020 and its future taxable amount to be taxable" in 2021. In 2018, Congress enacted income tax rates for future years as follows: 2019, 30%; 2020, 34%; and 2021, 35%. At the end of 2019, Thun reported income taxes payable of $25,800, an increase in ts deferred tax liability of $300, and an ending balance in its deferred tax asset of s860. Thun has prepared the following schedule of items related to its income taxes for 2019. Required: F in the blanks in the following schedule. Item Amount Taxable income for 2019 42.000 x Future taxable amount, 12/31/19 3,000 Increase in future deductible amount during 2019 soo Income tax expense for 2019 12,730 x
Income Taxes Thun Company has been in operation for several years. t has both a deductible and a taxable temporary difference. At the beginning of 2019, ts deferred tax asset was so90, and its deferred tax liability was $750. The company expects its future deductible amount to be "deductible" in 2020 and its future taxable amount to be taxable" in 2021. In 2018, Congress enacted income tax rates for future years as follows: 2019, 30%; 2020, 34%; and 2021, 35%. At the end of 2019, Thun reported income taxes payable of $25,800, an increase in ts deferred tax liability of $300, and an ending balance in its deferred tax asset of s860. Thun has prepared the following schedule of items related to its income taxes for 2019. Required: F in the blanks in the following schedule. Item Amount Taxable income for 2019 42.000 x Future taxable amount, 12/31/19 3,000 Increase in future deductible amount during 2019 soo Income tax expense for 2019 12,730 x
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 8E: Incomc Taxes Then Company has been in operation for several years. It has both a deductible and a...
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