Reference no: EM132656047
Zane Inc., a publicly accountable firm. As at December 31, 20X3, it reported accounting income before taxes of $480,000. The accountant completed a reconciliation and determined that taxable income should be $590,000. All of the $110,000 difference relates to a timing difference. The temporary difference will reverse by $45,000 in 20X4, by $30,000 in 20X5, and by $35,000 in 20X6. The tax rates in effect for each year are: 20X3 = 30%, 20X4 = 35%, 20X5 = 30%, 20X6 = 33%. All rates have been enacted as of December 31, 20X3.
Problem 1: What amount should Zane record for deferred taxes as at December 31, 20X3?
a) $33,000 for a deferred tax asset
b) $33,000 for a deferred tax liability
c) $36,300 for a deferred tax asset
d) $36,300 for a deferred tax liability
|
What is the total income tax expense for the year
: Opening net book value of depreciable assets was $100,000 and opening UCC was $65,000. What is the total income tax expense for the year?
|
|
Discuss professional nursing leadership and management roles
: Discuss professional nursing leadership and management roles that have arisen and how they are important in responding to emerging trends and in the promotion.
|
|
Calculate the company total assets
: Net operating income 1,500,000 and Return on investment 25%. Calculate the company's total assets. Show your work
|
|
Determine what successful change leaders do
: 1. Using an online search to determine what successful change leaders do. Identify at least five actions of successful change leaders and briefly discuss each o
|
|
What amount should zane record for deferred taxes
: Zane Inc., a publicly accountable firm. As at December 31, 20X3, What amount should Zane record for deferred taxes as at December 31, 20X3?
|
|
BUS 1177 Entrepreneurship Assignment
: BUS 1177 Entrepreneurship Assignment Help and Solution, Lethbridge College - Assessment Writing Service - What characteristics did my interviewee think are key
|
|
Statements regarding reconciliation of accounting income
: Which statements regarding the reconciliation of accounting income before tax to taxable income is true? Income items that have been added to income
|
|
Calculate the amount of revenue and gross profit
: During 2021, costs of $2,170,000 were incurred, Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years
|
|
American legal system.
: Is there a paradox in the moral ambiguity of legal system that is devoted to protecting individual rights, but enacts laws or rules actions legally permissible
|