Reference no: EM131171100
Pole Co. at the end of 2010, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows:
Pretax financial income $420,000
Extra depreciation taken for tax purposes -1,050,000
Estimated expenses deductible for taxes when paid 840,000
Taxable income $210,000
Use of the depreciable assets will result in taxable amounts of $350,000 in each of the next three years. The estimated litigation expenses of $840,000 will be deductible in 2013 when settlement is expected.
Instructions
(a) Prepare a schedule of future taxable and deductible amounts.
(b) Prepare the journal entry to record income tax expense, deferred taxes, and income taxes payable for 2010, assuming a tax rate of 40% for all years.
|
Determine acceptable tolerance limits for these two gases
: Consult standard thermodynamic tables and determine the mass concentrations for 1 ppm of Freon-12 and ammonia in atmospheric air at 20?C. Consult the references at the end of this chapter (or others) to determine acceptable tolerance limits for th..
|
|
Classified asnoncurrent and the installment accounts
: The estimated liability for litigation is classified asnoncurrent and the installment accounts receivable are classifiedas $800,000 current and $800,000 noncurrent. The income tax rate is30% for all years. The income tax expense is how much?
|
|
Complete the given questions
: After one has been removed as a tutor, can they continue earning money from their uploads when students unlock them for use?
|
|
Which communication channels did each company use
: Prepare a 4,200- to 5,600-word IMC plan based on the product or service selected in the Learning Team Product and Market Identification Paper in Week 2. Determine the optimal combination of marketing tools based on market conditions and a selected..
|
|
Prepare a schedule of future taxable
: (a) Prepare a schedule of future taxable and deductible amounts. (b) Prepare the journal entry to record income tax expense, deferred taxes, and income taxes payable for 2010, assuming a tax rate of 40% for all years.
|
|
Calculate the concentration of water vapor in atmospheric
: Calculate the concentration of water vapor in atmospheric air at 80?F and 50 percent relative humidity. Express in units of ppm and μg/m3.
|
|
Does the ecological and contemporary perspective
: Does the ecological and contemporary perspective on how health behaviors are influenced provide a well-rounded level of reasoning? Discuss your perspective and include supporting details.
|
|
Compute the amount to be reported as income taxes
: The difference is due to the use of different depreciation methods for tax and accounting purposes. The effective tax rate is 40%. Compute the amount to be reported as income taxes payable at December 31, 2010.
|
|
Which statements best describe an aggressive family
: Which of the following statements BEST describe an aggressive family? Which of the following statements is NOT a commonly-held negative view of conflict
|