GB 112/212 MANAGERIAL ACC. W/ACCESS >C<
17th Edition
ISBN: 9781260218831
Author: Libby
Publisher: MCG CUSTOM
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Chapter S, Problem 4P
To determine
Show the reporting of
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Using the information provided for Global, prepare the company's journal entry to record income taxes for 2012 and 2011. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank.
Using the information provided for Global, determine the company's effective tax rate for 2012 and 2011. Round your answers to two decimal places.
2012
2011
Effective tax rate
%
%
Bridgeport Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes:
Year
2018
2019
2020
2021
(a)
Accounting
Income
2019
(Loss)
$131.000
2020
2021
97,000
(306,000)
223.000
The tax rates listed were all enacted by the beginning of 2018. Bridgeport reports under the ASPE future/deferred income taxes
method.
2018 Deferred Tax Expense
Tax Rate
25 %
Prepare the journal entries for each of the years 2018 to 2021 to record income tax. Assume the tax loss is first carried back, and
that at the end of 2020, the loss carryforward benefits are judged more likely than not to be realized in the future. (Credit account
titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the
account titles and enter O for the amounts)
de
25 %
30 %
30 %
Prepare the journal entries for each of the years 2018 to 2021 to record income tax Assume the tax loss is first carried back, and
that at…
Use the 2016 marginal tax rates to compute the tax owed by the following person.
A head of household with a taxable income of $89,000 and a $7000 tax credit
Click the icon to view the 2016 marginal tax rates.
The tax owed is $
(Type an integer or a decimal. Round to the nearest cent as needed.)
2016 Marginal Tax Rates
Tax Rate
10%
15%
25%
28%
33%
35%
39.6%
2016 Marginal Tax Rates, Standard Deductions, and Exemptions
Married and each partner
files a separate tax return
Unmarried, divorced,
or legally separated
Single
up to $9275
$9276 to $37,650
$37,651 to $91,150
$91,151 to $190,150
$190,151 to $413,350
$413,351 to $415,050
more than $415,050
$6300
Standard
Deduction
Exemptions (per $4050
person)
Married Filing Separately Married Filing Jointly
up to $9275
up to $18,550
$9276 to $37,650
$18,551 to $75,300
$37,651 to $75,950
$75,301 to $151,900
$75,951 to $115,725
$151,901 to $231,450
$115,726 to $206,675 $231,451 to $413,350
$206,676 to $233,475 $413,351 to $466,950
more than $233,475…
Chapter S Solutions
GB 112/212 MANAGERIAL ACC. W/ACCESS >C<
Ch. S - Defining a Lessor Which of the following best...Ch. S - Prob. 2MCQCh. S - Prob. 3MCQCh. S - Prob. 4MCQCh. S - Prob. 5MCQCh. S - Prob. 6MCQCh. S - Prob. 1MECh. S - Prob. 2MECh. S - Prob. 3MECh. S - Prob. 4ME
Ch. S - Prob. 1ECh. S - Prob. 2ECh. S - Prob. 3ECh. S - Prob. 4ECh. S - Calculating a Deferred Tax Liability LOS-5 On...Ch. S - Prob. 6ECh. S - Prob. 7ECh. S - Prob. 8ECh. S - Prob. 9ECh. S - Prob. 10ECh. S - Converting Operating Leases to Capital Leases...Ch. S - Converting Operating Leases to Capital Leases...Ch. S - Computing Effective Tax Rates LOS-4 Below is...Ch. S - Prob. 4PCh. S - Prob. 5PCh. S - Prob. 6PCh. S - Analyzing Starbuckss Lease Disclosures The...Ch. S - Analyzing Disneys Income Tax Disclosures The...
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