Reference no: EM131108726
1. (One Difference, Multiple Rates, Effect of Beginning Balance versus No Beginning Deferred Taxes) At the end of 2010, Wasicsko Company has $180,000 of cumulative temporary differences that will result in reporting future taxable amounts as follows.
2011 $ 70,000
2012 50,000
2013 40,000
2014 20,000
$180,000
Tax rates enacted as of the beginning of 2009 are:
2009 and 2010 40%
2011 and 2012 30%
2013 and later 25%
Wasicsko's taxable income for 2010 is $340,000. Taxable income is expected in all future years.
(a) Prepare the journal entry for Wasicsko to record income taxes payable, deferred income taxes, and income tax expense for 2010, assuming that there were no deferred taxes at the end of 2009.
(b) Prepare the journal entry for Wasicsko to record income taxes payable, deferred income taxes, and income tax expense for 2010, assuming that there was a balance of $22,000 in a Deferred Tax Liability account at the end of 2009.
|
What is the overall effectiveness of each screen
: Assuming the analyses are accurate, what do they show about the ratio by weight of each of the three fractions actually obtained? What is the overall effectiveness of each screen?
|
|
Record income tax expense, deferred income taxes
: Assuming that it is more likely than not that $30,000 of the deferred tax asset will not be realized, prepare the journal entry at the end of 2011 to record the valuation account.
|
|
What is the pesticide concentration in the test sample
: What is the pesticide concentration in the test sample assuming no other inhibitors or substrates are present?
|
|
Calculate the gram of calcium carbonate that could be formed
: Calculate the grams of calcium carbonate that could be formed from the reaction of 14.5 g of calcium oxide with 12.0 grams of carbon dioxide. If 15.3 g of calcium carbonate are actually formed, what is the percent yield?
|
|
Prepare the journal entry for wasicsko to record
: Prepare the journal entry for Wasicsko to record income taxes payable, deferred income taxes, and income tax expense for 2010, assuming that there were no deferred taxes at the end of 2009.
|
|
Equilibrium price and quantity of turbines produced
: Assume that the market for wind turbines is a Bertrand oligopoly with two producers: General Electric (an American company) and Nordex (A German company). What will be the equilibrium price and quantity of turbines produced and sold by each company i..
|
|
Middle of the distribution with respect to processing time
: The time it takes to process phone orders in a small gift shop is normally distributed with a mean of 6 minutes and a standard deviation of 1.24 minutes. what cutoff values would separate the 95% of orders that are in the middle of the distribution w..
|
|
The company is expected to operate profitably in the future
: (Two Temporary Differences, One Rate, Beginning Deferred Taxes, Compute Pretax Financial Income) The following facts relate to Mc Kane Corporation.
|
|
Speedy lube for an oil change to changing oil
: Susan switches from going to Speedy Lube for an oil change to changing oil in her own car herself. Which of the following is correct?
|