User Account

All Pages

What is the journal entry necessary to adjust deferred taxes

Assignment Help Accounting Basics
Reference no: EM131592356

Question: Addison Co. has one temporary difference at the beginning of 2014 of $500,000. The deferred tax liability established for this amount is $150,000, based on a tax rate of 30%. The temporary difference will provide the following taxable amounts: $100,000 in 2015, $200,000 in 2016, and $200,000 in 2017. If a new tax rate for 2017 of 20% is enacted into law at the end of 2014, what is the journal entry necessary in 2014 (if any) to adjust deferred taxes?

Reference no: EM131592356

Questions Cloud

Change in the purchasing power of your money : If the inflation rate is 4.9% per year, what will be the change in the purchasing power of your money over this period?
Difference between a future taxable and deductible amount : What is the difference between a future taxable amount and a future deductible amount? When is it appropriate to record a valuation account for a deferred.
Objective of profit maximization for the firm : What ethical constraints from the Bible are on the behavioral objective of Profit Maximization for the firm? Be specific.
Most challenging and difficult concept for risk and return : What is the most challenging and difficult concept for risk and return. Which accounting method gives retailers a tax advantage during inflationary times?
What is the journal entry necessary to adjust deferred taxes : Addison Co. has one temporary difference at the beginning of 2014 of $500,000. The deferred tax liability established for this amount is $150,000.
Define health care should be handled in the united states : How do you think health care should be handled in the united states should coverage be universal, that is available to all. to what extent does the Affordable
Fixed expenses and projected sales : Using the fixed expenses and projected sales from the example, what would the break-even price be if unit cost is $35?
What are the authors conclusions or recommendations : What are the author's conclusions or recommendations? What needs to be done? What is your reaction? What are the implications of the article?
Reconciliation-effective tax rate and statutory tax rate : What are some of the reasons that the components of income tax expense should be disclosed and a reconciliation.

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