Collect the latest annual report of ASX company for the last 2 financial years. Please read the financial statements (balance sheet, income statement, cash flow statement) and notes attached to financial statements on income tax issues very carefully. Identify the deferred tax assets/liabilities that is reported in the balance sheet articulating the possible reasons why they have been recorded.

Required: 3. Compute the balance due with the Company's 2021 federal return and its 2021 state return. 4. Prepare the necessary journal entry to record the Company's current income tax expense based upon the amounts computed in requirements 2 and 3.

For which of the following sources of income would the entire amount be required to be included in a business’ gross income and taxed in the current year? a. Prepaid rent received by a cash-method company b. Life insurance proceedsc. State and local bond interest d. None of the above

How much is the income tax payable to be presented in the statement of financial position at year end?

A company is preparing its financial statements for the year ending 31 March 2020. The initial trial balance has the following figures relating to tax   Income tax payable at 1 April 2019 £25,325 Icome tax paid during the year ended 31 March 2020 £15,225   The estimated income tax liability for the year ended 31 March 2020 is £16,650. What is the income tax figure for inclusion in the company's statement of profit or loss for the year ended 31 March 2020?

On 1 July 2017, Bright Star Ltd was incorporated. The accounting profit and other relevant information of Bright Star for the two years to 2019 are as follows:   Data provided in the image.                 RequiredCalculate the current and deferred tax of Bright Star Ltd for each year, 2018 and 2019.                                                              b) Prepare the required tax journal entries for each year.

Part A: This year, Gumowski Company has each of the following items in its income statement. 1.    Gross profits on installment sales. 2.    Revenues on long-term construction contracts. 3.    Estimated costs of product warranty contracts. 4.    Premiums on officers' life insurance policies with Gumowski as beneficiary. Instructions a.    Indicate where deferred income taxes are reported in the financial statements. b.    Specify when deferred income taxes would need to be recognized for each of the items above, and indicate the rationale for such recognition. Part B: Gumowski Company's president has heard that deferred income taxes can be classified in different ways in the balance sheet. Instructions Identify the conditions under which deferred income taxes would be classified as a noncurrent item in the balance sheet. What justification exists for such classification?

Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. Cash   B. Federal income tax payable this year   C. Long-term note payable   D. Current portion of a long-term note payable   E. Note Payable due in four years   F. Interest Expense   G. State income tax

Required:  a. Calculate the current and deferred tax of Bright Star Ltd for each year, 2018 and 2019 b. Prepare the required tax journal entries for each year.