Solution-Prepare the income tax expense section of income

Prepare the income tax expense section of income statement

Assignment Help Cost Accounting

Reference no: EM132738884

The following facts relate to Oriole Corporation.

1. Deferred tax liability, January 1, 2020, $36,000.

2. Deferred tax asset, January 1, 2020, $12,000.

3. Taxable income for 2020, $126,000.

4. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $276,000.

5. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $114,000.

6. Tax rate for all years, 20%. No permanent differences exist.

7. The company is expected to operate profitably in the future.

Problem 1: Compute the amount of pretax financial income for 2020.

Problem 2: Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income taxes."

Reference no: EM132738884

Questions Cloud

Compute the daily beverage cost percent for sniffley : Compute the daily beverage cost percent for Sniffley's Restaurant. Transfer from kitchen to bar = $210. Transfer from bar to kitchen = $110

How much is his salary for the month : An additional 3% commission is for sales beyond PhP 50,000. If his sales is PhP 70,000 for the month, how much is his salary for the month

What is the dominant policing style of each country : What is the dominant policing style of each country? How do the police in each country deal with issues of human rights? Are there any protections in place for.

How much net amount will he receive : Question - Carlo sold his house for PhP8,000,000. The real-estate agent got a 5% commission from the sales. How much net amount will he receive

Prepare the income tax expense section of income statement : Find and Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income taxes."

Politics and social media : The purpose of this assignment is to look at the ways in which politicians and political movements use social media and the effect it has on their cause.

Identify and describe the inherent risk : Identify and describe the inherent risk, control risk and fraud risk factors affecting NWL.

What factors influence an adolescent maturity : What factors influence an adolescent's maturity and ethical development? Explain and provide appropriate reasoning for your answer.

What is the role of percent contribution margin : What is the role of Percent Contribution Margin (%CM) in adopting a particular pricing strategy? What are the benefits associated with the determination

User Account

All Pages

Prepare the income tax expense section of income statement

Reference no: EM132738884

Reference no: EM132738884

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Identify methods of accounting used in financial reporting

Prepare a schedule of variable and fixed cost

Which the last step in preparing the statement of cash flow

What is acmes selection of costing system

What understand by cost accounting

How much is the value of the ending finished goods inventory

Determine the present value index for each proposal

Research a publicly-traded company

Computations involving different cost-flow assumptions

Which statements about standard cost is true

Evaluate the distribution of the proceeds

Determine how many units were started and completed

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT