User Account

All Pages

What Trinity report as its deferred income tax liability

Assignment Help Accounting Basics
Reference no: EM132896763

Question - In its first year of operations, Trinity Corporation has the following reconciliation of pretax accounting income to taxable income:

Pretax accounting income $300,000

Permanent difference (15,000)

285,000

Temporary difference-depreciation (20,000)

Taxable income $265,000

Trinity's tax rate is 40%. Assume that no estimated taxes have been paid.

What should Trinity report as its deferred income tax liability as of the end of its first year of operations?

Reference no: EM132896763

Questions Cloud

What steps would you take to conduct your investigation : What steps would you take to conduct your investigation? What information would you need to develop a fraud theory
What examples of advocacy do see in nursing practice : What examples of advocacy do you see in your nursing practice working in the emergency department? List and discuss 2 examples.
What are some of the drawbacks to greed : How can you combat greed is your own personal / business life? What are some of the drawbacks to greed?
What components of the affordable care act do : What components of the Affordable Care Act do you think will have a positive effect on improving health care outcomes and decreasing costs?
What Trinity report as its deferred income tax liability : Trinity's tax rate is 40%. What should Trinity report as its deferred income tax liability as of the end of its first year of operations
Compare the primary care np role with other apn roles : Compare the primary care NP role with other APN roles. What are the similarities among the roles, what are the differences, and how would you communicate
View minimizing cost of employee turnover : View the Minimizing the Cost of Employee Turnover. Which strategies are most costly? Which might maximize staffing outcomes and why?
Explain why is process of self-discovery an important leg : Considering that it is not unusual for a researcher. Why is this process of self-discovery an important leg of your journey of learning in this course?
Company factor all competing responsibilities : How does the company factor all these competing responsibilities and still hold the consumer responsible for their proper product use for safety effectiveness?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Explain the purpose of bank reconciliation what are the

what is the purpose of a bank reconciliation? what are the reasons for differences between the cash reported in the

  Why his use of operating income per mascot was in error

Taking a deep breath, Janice replied, "Sure, Blake. I"d be happy to explain how you made so much more operating income than you were expecting."

  Record the receipt of cash for gift cards

Apple Inc. is the number one online music retailer through its iTunes music store. Record the receipt of cash for gift cards

  Prepare the partnership appropriation account

The profits, which occurred evenly throughout the year and before any adjustments, amounts to ksh150,000. Prepare the partnership's appropriation account

  What are the various types of taxes and the basic components

What are the various types of taxes and the basic components of a tax system. Compare and contrast statutory, administrative, and judicial sources of tax law.

  How much will mahmet employer withhold in social security

How much will Mahmet's employer withhold in social security taxes for the year? Mahmet earned wages of $128,700 during 2018.

  What would the earnings per share

What would the earnings per share be immediately after the rights offering? What would the price-earnings ratio be immediately after the rights offering

  Compute the combined tax liability

Avis's taxable income for the year is $300,000 and Best's taxable income for the year is $425,000. For each of the scenarios provided, (a) state if a control group has been created and, if so, define the controlled and (b) compute the combined tax..

  A 25-room budget motel expects its occupancy next year to

a 25-room budget motel expects its occupancy next year to be 80 percent. the owners investment is 401600. they want an

  Provide balance sheet disclosures of property plant

Find the financial statement of a company U.S. GAAP and another IFRS. Provide a screenshot of their balance sheet disclosures of Property Plant

  Assess the interim financial information of a listed company

Assess the interim financial information of a listed company. Evaluate the accuracy of the company's accounts receivables by agreeing schedule of major customer

  Calculate average-cost per unit

Calculate average-cost per unit. Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.

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