On December 31, 2020 Delta Inc. recorded $28,000 deferred revenue on customer deposits received in advance of the satisfaction of performance obligations. However this amount is taxable in 2020 when cash was received. Assuming tax rate 25% and pretax GAAP income of $160,000 for 2020. Determine the GAAP basis of deferred revenue on December 30, 2020. Determine the tax basis of deferred revenue on December 30, 2020. Determine delta incs deferred tax asset balance on December 31, 2020. Record the income tax journal entry on December 31, 2020. Assuming zero beginning balances and deferred tax accounts and there are no other differences between accounting and tax income.

Teal Company reports pretax financial income of $72,600 for 2020. The following items cause taxable income to be different than pretax financial income. 1.   Depreciation on the tax return is greater than depreciation on the income statement by $17,200. 2.   Rent collected on the tax return is greater than rent recognized on the income statement by $20,300. 3.   Fines for pollution appear as an expense of $9,900 on the income statement. Teal’s tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020. (a)     Compute taxable income and income taxes payable for 2020. Taxable income   $enter a dollar amount Income taxes payable   $enter a dollar amount

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Sheridan Company reported the following results for the year ended December 31, 2020, its first year of operations: Income (per books before income taxes) $3343000 Taxable income 4466000 The disparity between book income and taxable income is attributable to a temporary difference, which will reverse in 2021. What should Sheridan record as a net deferred tax asset or liability for the year ended December 31, 2020, assuming that the enacted tax rates in effect are 35% in 2020 and 30% in 2021? O $393050 deferred tax liability $336900 deferred tax liability $393050 deferred tax asset $336900 deferred tax asset