Prepare a schedule showing the reversal of the temporary

Assignment Help Accounting Basics

Reference no: EM13568384

Grizzly Inc. computed a pretax financial income of $40,000 for the first year of its operation ended December 31, 2014. Analysis of the tax and book basis of its liabilities disclosed $360,000 in unearned rent revenue on the books that had been recognized as taxable income in 2014 when the cash was received

the unearned rent is expected to be recognized on the books in the following pattern

2015 90000

2016 160000

2017 70000

2018 40000

the enacted tax rates for this year and the four next years are

2014 40%

2015 36%

2016 33%

2017 30%

2018 32%

1. prepare a schedule showing the reversal of the temporary difference and the computation of income taxes payable and deferred tax assets or liabilities as of December 31, 2014

2. prepare journal entries to record income taxes payable and deferred income taxes

Reference no: EM13568384

Questions Cloud

What is the yield to maturity on a 10-year 9 percent annual : what is the yield to maturity on a 10-year 9 percent annual coupon 1000 par value bond that sells for 887.00? that

An accounting assistant has prepared the detailed : deleon inc. is preparing its annual budgets for the year ending december 31 2014. accounting assistants furnish the

The required rate of return on these projects is 11 what is : yearnbspnbsp project anbspnbspnbspnbspnbsp nbspnbsp project bnbsp 0nbspnbspnbspnbsp -1000000nbspnbspnbsp -100000nbsp 1

In this assignment you will select a program quality : in this assignment you will select a program quality improvement initiative or other project from your place of

Prepare a schedule showing the reversal of the temporary : grizzly inc. computed a pretax financial income of 40000 for the first year of its operation ended december 31 2014.

As you begin your doctoral studies a personal assessment of : doctoral jourory self assement250 words apa formatdetails as you begin your doctoral studies a personal assessment of

Based on the progression of changes how banks are able to : based on the progression of changes how banks are able to adjust their asset portfolios and evaluate whether or not a

When terminating a project for capital budgeting purposees : when terminating a project for capital budgeting purposeesthe working capital outlay required at the initiation of the

Compute the variable overhead rate and efficiency variances : john fleming chief administrator for valley view hospital is concerned about the costs for tests in the hospitals lab.

User Account

All Pages