Balance Sheet Reporting and Tax Rate Change At the end of 2018, Duff Company prepared the following; schedule of its deferred tax items (based on the currently enacted tax rate of 30%):
On April 30, 2019, Congress changed the income tax rate to 40% for 2019 and future years. At the end of 2019, Duff reported taxable income of $62,500. At that time, Dolf determined that its deferred tax items should have balances as follows at the end of 2019 (based on the 40% tax rate): #1, $10,700 debit; #2, $15,000 debit; #3, $7,000 credit; #4, $25,900 credit.
Required:
Financial Accounting
Accounting Information Systems
Financial & Managerial Accounting
Corporate Financial Accounting
Financial And Managerial Accounting
Managerial Accounting: The Cornerstone of Business Decision-Making
College Accounting, Chapters 1-27
Brief Principles of Macroeconomics (MindTap Course List)
Management, Loose-Leaf Version
Accounting Information Systems
Principles of Macroeconomics (MindTap Course List)
Essentials of Business Communication (MindTap Course List)
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Fundamentals of Financial Management (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
Essentials of Economics (MindTap Course List)
Foundations of Business (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
Principles of Economics (MindTap Course List)
Contemporary Marketing
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
MKTG 12:STUDENT ED.-TEXT
Accounting (Text Only)
Financial Accounting
College Accounting (Book Only): A Career Approach
Financial & Managerial Accounting
Exploring Economics
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Statistics for Business & Economics, Revised (MindTap Course List)
College Accounting (Book Only): A Career Approach
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Pkg Acc Infor Systems MS VISIO CD
Principles of Macroeconomics (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
Survey of Accounting (Accounting I)
Corporate Financial Accounting
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Practical Management Science
Economics For Today
Economics (MindTap Course List)
Purchasing and Supply Chain Management
Microeconomics
Macroeconomics
Cornerstones of Cost Management (Cornerstones Series)
Managerial Accounting
Cornerstones of Financial Accounting
Understanding Management (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
Macroeconomics: Private and Public Choice (MindTap Course List)
Micro Economics For Today
Microeconomics: Private and Public Choice (MindTap Course List)