User Account

All Pages

What is Jenks Inc deferred tax liability on December

Assignment Help Accounting Basics
Reference no: EM133008199

Question - Recording the Impact of TCJA - Assume that at the end of 2017, Jenks Inc's, only temporary difference is a $2,000,000 taxable temporary difference that arose in the prior year and is expected to reverse in 2018 and 2019. The deferred tax liability at the beginning of 2017 is $700,000, reflecting the 35% corporate tax rate in effect at that date. On December 22, 2017, legislation was enacted by Congress and signed by the President that reduced the tax rate to 21%, effective January 1, 2018.

Required -

a. What is Jenks Inc's deferred tax liability on December 2017?

b. By how much did Jenks Inc's tax liability decrease?

c. How is the adjustment in Jenks Inc's tax liability recorded?

Reference no: EM133008199

Questions Cloud

Different types of training and development opportunities : Determines the different types of training and development opportunities that will meet employees' specific needs, justifying determinations
What is the forecast total replacement demand : 1. What is the forecast total change demand for South Ridge Care Residence over the course of this forecast?
What is Jenks Inc deferred tax liability on December : The deferred tax liability at the beginning of 2017 is $700,000, What is Jenks Inc's deferred tax liability on December 2017
Prepare the job description and job specification : As a soon to be graduate of business course, think of a specific job with specific position you want to apply in a specific company. Prepare the job description
What is Jenks Inc deferred tax liability on December : The deferred tax liability at the beginning of 2017 is $700,000, What is Jenks Inc's deferred tax liability on December 2017
Case study of google recruiting : From A Case Study of Google Recruiting by Dr. John Sullivan December 5, 2005
Speak up against the corruption : In the past two decades, a number of very large international corporations have paid large fines for corrupt behavior.
By how much did Jenks Inc tax liability decrease : Jenks Inc's, only temporary difference is a $2,000,000 taxable temporary difference that arose in the prior year. By how much Jenks Inc tax liability decrease
Organizational culture affects disability management : Discuss 1-2 ways you think organizational culture affects disability management, disability culture and return to work

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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