Ohio corp reported a deferred tax liability of 6000000 for

Assignment Help Financial Accounting

Reference no: EM13370454

Ohio Corp. reported a deferred tax liability of $6,000,000 for year ended 31st December, 2012, when the tax rate was 40%. The deferred tax liability was related to a brief difference of $15,000,000 caused by an installment sale in 2012. The temporary difference is expected to reverse in years 2013 through 2015 as $5,000,000 of installment income is expected to be known as taxable income in each of those years. There are no other temporary differences. A new tax law was passed in 2013 with tax rate remaining 40 percent through 31st December, 2013, then increase to 45% for tax years beginning after December 31, 2013. Taxable income for the year 2013 is $30,000,000. Income tax expense reported by Ohio on its year end 31st December, 2013 income statement is:

Reference no: EM13370454

Questions Cloud

Match each situation with fraud triangle factor opportunity : match each situation with fraud triangle factor opportunity rationalization or financial pressure that best explain

The records of andrews company reflect the subsequent : the records of andrews company reflect the subsequent datawork in process starting of the month - 4500 units 1 3

At 31st december 2012 vermont industries reported three : at 31st december 2012 vermont industries reported three temporary differences between accounting and taxable income

Maine company reported a pre-tax operating loss of 150000 : maine company reported a pre-tax operating loss of 150000 for financial reporting and tax purposes in 2012. the enacted

Ohio corp reported a deferred tax liability of 6000000 for : ohio corp. reported a deferred tax liability of 6000000 for year ended 31st december 2012 when the tax rate was 40. the

On 1st april 2012 seminole company sold 21600 of its 11 : on 1st april 2012 seminole company sold 21600 of its 11 percent 15-year 1000 face value bonds at 97. interest payment

Oectives1 introduce some basic library search tools2 : objectives1. introduce some basic library search tools2. demonstrate the relevance of statistics in this case

1 based on your own research on the use of : 1. based on your own research on the use of e-commercee-procurement in the public and private sectors what are those

1 given the following information on the chinese balance of : 1. given the following information on the chinese balance of payments in billions of u.s. dollars answer the questions

User Account

All Pages