Reference no: EM132858897
The following information was available on 30 June 2020:
30 June 2020 total taxable temporary differences $84,000 and total deductible temporary differences $35,000
1 July 2019 deferred tax asset $17,200
1 July 2019 deferred tax liability $21,600
Income tax rate 30%
Problem 1: The journal entry to adjust the deferred tax accounts for 30 June 2020 is:
Select one:
a. DR Deferred Tax Asset $17,800, DR Income Tax Expense (deferred) $44,600, CR Deferred Tax Liability $62,400
b. DR Deferred Tax Asset $6,700, CR Deferred Tax Liability $3,600, CR Income Tax Expense (deferred) $3,100
c. DR Income Tax Expense (deferred) $10,300, CR Deferred Tax Liability $3,600, CR Deferred Tax Asset $6,700
d. DR Deferred Tax Asset $8,000, DR Deferred Tax Liability $11,100 CR Income Tax Expense (deferred) $19,100
What the deferred tax item that will be recorded by melt ltd
: Warranty for the year ended 30 June 2021. If the company tax rate is 30%, the deferred tax item that will be recorded by Melt Ltd at 30 June 2021 is
|
Compute the current transfer price per pound of pastry
: Compute the current transfer price per pound of pastry from Pastry division to Chilled dessert division. Comparing this transfer price
|
What the ending balances for the deferred tax accounts are
: Depreciation for accounting purposes was 10% (straight-line method), In a deferred tax worksheet, the ending balances for the deferred tax accounts are
|
Calculate the Weighted Average Cost of Capital
: Calculate the Weighted Average Cost of Capital on an after-tax basis. What limitations apply to the use of this WACC
|
What the journal entry to adjust the deferred tax accounts
: What the journal entry to adjust the deferred tax accounts for 30 June 2020 is? 30 June 2020 total taxable temporary differences $84,000 and total deductible.
|
What the ending balances for the deferred tax accounts are
: Depreciation for accounting purposes was 10% (straight-line method), In a deferred tax worksheet, the ending balances for the deferred tax accounts are
|
How much is the carrying amount of the patent on December
: During 2019, the entity paid P800,000 for legal fees in a successful defense of the patent. How much is the carrying amount of the patent on December
|
What the deferred tax item to be recognised by ahoy ltd is
: What The deferred tax item to be recognised by Ahoy Ltd is? Ahoy Ltd has an asset with a carrying amount of $80,000. The tax base of this asset is $100,000.
|
Calculate ABCs cash flow from operations
: ABC Shop had a cash flow from investing activities of P2,567,00. Calculate ABC's cash flow from operations for 2019
|