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Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Situation 1 2 3 4 Taxable income $ 100 $ 232 $ 228 $308. Future deductible amounts 16 0 20 20. Future taxable amounts 0 16 16 44. Balance(s) at beginning of the year: Deferred tax asset 2 0 13 4. Deferred tax liability 0 8 2 0. The enacted tax rate is 25%.
Required:
Question i: For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2).
a. Income tax payable currently.
b. Deferred tax asset-balance.
c. Deferred tax asset-change
d. Deferred tax liability-balance.
e. Deferred tax liability-change
f. Income tax expense.
StuffCo Stores sells greeting cards for 15%, What is StuffCo's gross profi t margin on greeting cards? What is StuffCo's markup percent based on cost?
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Is this acceptable under iGAAP? If so, explain how that treatment could affect comparisons to a U.S. GAAP company.
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