Prepare the journal entries to record: a) the March 31, 2018 instalment amount payable, b) the instalment payment on April 15, 2018, and c) the December 31, 2018 final tax payable amount if the total yearly taxes owing was actually $59,000. (no entry for the actual payment, just the recognition of the payable amount).

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A: Temporary difference = Pretax accounting income - Taxable income (tax return) = $600,000 - 555,000 =…

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Q: For the year ended December 31, 2019, Nelson Co.’s income statement showed income of $435,000 before…

A: The income which is taxed as per the rules and principles of tax laws is called taxable income.

Q: 1. A tax payer receives an assessment notice from the BIR informing him that his total deficiency…

A: As per our protocol we provide solutions to one question only but you have asked multiple questions…

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A: The balance sheet is the statement of financial position of the business.

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A: Journal: Recording of a business transactions in a chronological order.

Q: At year end on August 31, 2020, Clutch Home Decor Inc. has accounting income (before income tax…

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Q: Prepare journal entries to record the following transactions and events: 1. When it prepared its…

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Q: Sherrod, Inc., reported pretax accounting income of $76 million for 2021. The following information…

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A: Introduction: Current Liability: These also called as Short term liabilities. Which are in due and…

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A: CCA- The capital cost allowance, that is the deduction allowed by the taxation authorities of Canada…

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Q: At the end of 2019, ABC has a balance in accounts receivable of $250,500. Of this amount, it is…

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A: Introduction As per relevant standard 'Income Taxes' If there is any difference in the tax base and…

Q: Indicate the date that the statute of limitations would run out on each of the following 2018…

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Q: omplete Part 1 of Form 941, reproduced on the next page. # of employees for pay period that…

A:

Q: prepare Schedule M-1 for 2019

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A: a.Compute taxable income and income taxes payable for 2020.

Q: In 2018, Ryan Management collected rent revenue for 2019 tenant occupancy. For financial reporting,…

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Q: Chateau Corporation has reported pre-tax income of $250,000 on December 31, 2021, before considering…

A: The adjustment entries are prepared to adjust the revenues and expenses of the current period.

Q: Swifty Corporation recorded warranty accruals as at December 31, 2020 in the amount of $151,800.…

A: A deferred tax asset is an item on the balance sheet that results from the overpayment or the…

Q: In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting,…

A: Journal Date Particular L.F. Debit (in $) Credit (in $) Dec 31, 2022 Income tax…

Q: In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting,…

A: Deferred tax is an amount that is, computed on the basis of tax liability on the income as per…

Q: Required information [The following information applies to the questions displayed below.] The…

A: Tax:- A tax is the compulsory payment which is imposed by the tax payer on the income and capital…

Q: Wicks Corporation began operations on January 1, 2019. At the end of 2019, Wicks reported pretax…

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Q: On April 1,2019, ABC Company prepaid a P 38,000 premium on an annual insurance policy. The premium…

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A: Particulars Amount in $ Total Wages paid 3,19,600 Amount taxable under FUTA and SUTA process…

Q: Which of the following statements about extensions of time to file certain business income tax…

A: As per U.S. Internal Revenue Service: It is required of most entities to use electronic funds…

Q: The Jets company recorded a deffered tax liability in the amount of $18,750 on December 2020 due to…

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Q: Required: For Case 3, use altemative 3 to calculate the instalment payments that are required to be…

A: The amount charged upon the income earned as the revenue of the government or taxation authority is…

Q: Nash reported the following pretax financial income (loss) for the years 2020-2022. 2020 $98,400…

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Q: sed to amount of $491,000. Taxable income for 2021 is $845,000. The tax rate is 30% for all years.…

A: Answer: Given: Year 2021 Temporary Difference       ($491,000 - $388,000) $103,000 Financial…

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.