Provide journal entries to adjust the carry-forward balances

Assignment Help Accounting Basics
Reference no: EM132563172

Question - B. GYV Ltd has the following deferred tax balances as at 30 June 2019.

Deferred tax asset $9,00,000

Deferred tax liability $7,00,000

The above balances were calculated when the tax rate, was 20 per cent. On 1 December 2019 the government raises the corporate tax rate to 25 per cent.

Required - Provide the journal entries to adjust the carry-forward balances of the deferred tax asset and deferred tax liability.

Reference no: EM132563172

Questions Cloud

Common causes of misunderstandings : How do you know when a colleague is angry Describe three (3) behaviours or signs
Define and describe provisioning : Define and describe provisioning. List factors that make mobile ID management difficult.
Describe the use of webcams for meetings : Describe three advantages of meetings held by teleconference or web conferencing and give an example of a workplace situation
Prepare the balance sheet after the acquisition : Prepare the balance sheet after the acquisition. On December 31, Jose SA acquired Carlos SA by issuing 200,000 common shares with a par value of $10.
Provide journal entries to adjust the carry-forward balances : The above balances were calculated when the tax rate, was 20 per cent. Provide journal entries to adjust the carry-forward balances
Permanent feature in the profession : Do you envision this recent trend as a permanent feature in the profession or only a fleeting phenomenon?
How do workplace policies and procedures : How do workplace policies and procedures impact on chain of responsibility requirements that are relevant to your job role?
Solve gross profit for the month of march : Calculate gross profit for the month of March. Record all transactions, assuming the company uses a perpetual inventory system.
Individual management style : How important is it for a manager to be aware of their individual management style and of the alternatives available?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd