Marigold Corporation began 2020 with a $39,560 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $301,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2020 is $451,500, the tax rate for all years is 20%, and taxable income for 2020 is $348,300.- (a)Compute income taxes payable for 2020.Income taxes payable eClick if you would like to Show Work for this question: Open Show Work

Tax Rate = 20% Taxable Income for 2020 = $348,300

Marigold Corporation began 2020 with a s39.560 balance in the Deferred Tax Lability acount. At the end of 2020. the related cumulative temporary difference amounts to s301.000. and it will reverse evenly over the net 2 years. Pretax accounting income for 2020 is $451.500. the tax rate for all years is 20%. and taable income for 2020 is s348.300. (a) Compute income taes payable for 2020. Income taes payable Click if you would ke to Show Work for this question: Sh WAds

Marigold Corporation began 2020 with a s39.560 balance in the Deferred Tax Lability acount. At the end of 2020. the related cumulative temporary difference amounts to s301.000. and it will reverse evenly over the net 2 years. Pretax accounting income for 2020 is $451.500. the tax rate for all years is 20%. and taable income for 2020 is s348.300. (a) Compute income taes payable for 2020. Income taes payable Click if you would ke to Show Work for this question: Sh WAds

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 9MC: Brooks Company reported a prior period adjustment of 512,000 in pretax financial "income" and...

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Brooks Company reported a prior period adjustment of 512,000 in pretax financial "income" and taxable income for 2020. The prior period adjustment was the result of an error in calculating bad debt expense for 2019. The current tax rate is 30%, and no change in the tax rate has been enacted for future years. When the company applies intraperiod income tax allocation, the prior period adjustment will be shown on the: a. income statement at 12,000 b. income statement at 8,400 (net of 3,600 income taxes) c. retained earnings statement at 12,000 d. retained earnings statement at 8,400 (net of 3,600 income taxes)
Grevilla Corporation is a manufacturing company. The corporation has accumulated earnings of $950,000, and it can establish reasonable needs for $400,000 of that amount. Calculate the amount of the accumulated earnings tax (if any) that Grevilla Corporation is subject to for this year. $_____________
In the current year, Madison Corporation had 50,000 of taxable income at a tax rate of 25%. During the year, Madison began offering warranties on its products and has a Warranty liability for financial reporting purposes of 5,000 at the end of the year. Warranty expenses are not deductible until paid for income tax purposes. Prepare the journal entry to record Madisons income taxes at the end of the year.
Prior to and during 2019, Shadrach Company reported tax depreciation at an amount higher than the amount of financial depreciation, resulting in a book value of the depreciable assets of 24,500 for financial reporting purposes and of 20,000 for tax purposes at the end of 2019. In addition, Shadrach recognized a 3,500 estimated liability for legal expenses in the financial statements during 2019; it expects to pay this liability (and deduct it for tax purposes) in 2023. The current tax rate is 30%, no change in the tax rate has been enacted, and the company expects to be profitable in future years. What is the amount of the net deferred tax liability at the end of 2019? a. 300 b. 450 c. 1,050 d. 1,350