What deferred tax should be reported on the balance sheet

Assignment Help Financial Accounting

Reference no: EM131202715

During its first year of operation a comany recoreded accured expense totaling $ 375,000 for book purposes. For tax purposes, $ 175,000 of th expense are deductible during the first year of operation and $ 200,000 are dedutible during the second year of operation. The enacted income tax rate was 40% during the first year of operation and 45% during the second year of operation, what deferred tax should be reported on the balance sheet at the end of the first year of operation?

Reference no: EM131202715

Questions Cloud

Find target market to which your social media site cater : From the scenario, suggest two (2) marketing strategy options that Golds Reling, Inc. could implement. Next, select the option that you believe will be most effective for the new product launch. Justify your response.

What is the firms cost of capital with a tax rate : A house is priced at $500,000. If a down payment of $100,000 is made, and a payment of $6,000 every month thereafter is required, how many months will it take to pay for the house? A firm issued two types of stocks: $12M common stock and $10M preferr..

Determine the moment created by the two forces : Treat the problem as two-dimensional. The moment is positive if counterclockwise, negative if clockwise.

What particular polymer might you first consider : What additional information concerning the application and polymer properties do you

What deferred tax should be reported on the balance sheet : During its first year of operation a comany recoreded accured expense totaling $ 375,000 for book purposes. For tax purposes, $ 175,000 of th expense are deductible during the first year of operation and $ 200,000 are dedutible during the second year..

Write a summary of the given article : Read the attached article "The Laboratory idetity crisis that can't be esolved with science".- write a summary of the given article:

Find the time t elapsed during the specified interval : find the value of the design parameter K, which would be a measure of the size and shape of the landing gear vanes that plow through the water. Also find the time t elapsed during the specified interval.

What amount of deffered income tax liability : Simth company reported $ 350,000 in book income before income tex during 2015, its first year of operation. The tax depreciation exceeded its book depreciation by $ 30,000. The tax rate for 2015 and future years was 4%. what amount of deffered income..

Prepare a schedule of cost of goods manufactured : ACC200 Introduction to Management Accounting - Prepare a Schedule of Cost of Goods Manufactured and Cost of Goods Sold. (The schedules may be in the appendix). Explain why some cost items have been excluded from the schedules.

User Account

All Pages