Reference no: EM132996018
Problem - Felix Inc. has no deferred taxes at the beginning of 2018. During the year, two temporary differences arise at the end of 2018 that will reverse in future years as follows:
Temporary difference (i) will cause taxable amounts of 9,000 in 2019, 5,000 in 2020, and 18,000 in 2021.
Temporary difference (ii) will cause tax-deductible amounts of 4,000 in 2019, 16,000 in 2020, and 11,000 in 2021.
Financial income before income taxes is 110 000 each of these years, and the enacted income tax rate is 40% for 2018 land 2019, and 30% for 2020 and thereafter.
Based on the above information, what are the ending balances of the deferred tax asset and liability accounts for the subsequent year (2019)?
|
Calculate the revised earnings for the period
: Journalize each of the above transactions in general journal form, as needed. Calculate the revised earnings for the period, reflecting the adjustments
|
|
What is the carrying value of the equipment at december
: Ariel's Treasures Limited purchased a piece of equipment on January 1, 2020 for $56,000. What is the carrying value of the equipment at December
|
|
Provide an overview of the issues facing AWS
: Lead and manage organisational change - Provide an overview of the issues facing AWS that have necessitated changes in company operations.
|
|
What should be depreciation expense recorded for equipment
: NCT Company purchased equipment in January of 2011 for P90,000. What should be the depreciation expense recorded for this equipment in 2021?
|
|
What are the ending balances of the deferred tax asset
: Based on the above information, what are the ending balances of the deferred tax asset and liability accounts for the subsequent year (2019)
|
|
Find the probability that the mean amount of work
: The amount of time that chief managers in listed companies devote to their jobs per week is normally distributed, with a mean of 50 hours and a standard deviat
|
|
Find and record payment of interest and redemption of bonds
: The bonds were dated May 1, 2020, and pay interest annually on May 1. Record the payment of interest and redemption of the bonds.
|
|
What will the annual effective borrowing cost be
: Suppose that you just borrowed $300,000 using a 30-year loan with an annual interest rate of 9% with monthly payments and compounding. In order to obtain the lo
|
|
What the income statement will report gain on recovery of
: NCT Inc. purchased equipment with a cost, There is no change in asset's useful life or salvage value. The 2021 income statement will report gain on recovery of?
|