Deferred Taxes: Multiple Rates Wicks Corporation began operations on January 1, 2019. At the end of 2019, Wicks reported pretax financial income of $60,000 and taxable income of $57,700, due to two temporary differences. The income tax rate is 30% for 2019 through 2021, but Congress has enacted a tax rate of 35% for 2022 and beyond. To determine its deferred taxes, Wicks prepared the following schedule of expected future taxable and deductible amounts for the two temporary differences:
Required:
Accounting Information Systems
Managerial Accounting: The Cornerstone of Business Decision-Making
Financial & Managerial Accounting
College Accounting, Chapters 1-27
Corporate Financial Accounting
Financial Accounting
Financial And Managerial Accounting
Contemporary Marketing
Principles of Microeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
Accounting Information Systems
Management, Loose-Leaf Version
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Foundations of Business (MindTap Course List)
Essentials of Business Communication (MindTap Course List)
Principles of Economics (MindTap Course List)
MKTG 12:STUDENT ED.-TEXT
Essentials of Economics (MindTap Course List)
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
Financial & Managerial Accounting
College Accounting (Book Only): A Career Approach
Financial Accounting
Accounting (Text Only)
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Exploring Economics
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)
Fundamentals of Financial Management (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Pkg Acc Infor Systems MS VISIO CD
Survey of Accounting (Accounting I)
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Corporate Financial Accounting
Economics (MindTap Course List)
Economics For Today
Purchasing and Supply Chain Management
Practical Management Science
Cornerstones of Cost Management (Cornerstones Series)
Microeconomics
Cornerstones of Financial Accounting
Managerial Accounting
MACROECONOMICS FOR TODAY
Principles of Microeconomics
Macroeconomics: Private and Public Choice (MindTap Course List)
Micro Economics For Today
Economics: Private and Public Choice (MindTap Course List)
Understanding Management (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)