-
Computing, Journalizing and Presenting Deferred Income Taxes
E19-3 One Temporary Difference, Future Taxable Amounts, One Rate, Beginning Deferred Taxes
Bandung Corporation began 2007 with a $92,000 balance in the Deferred Tax Liability account.
-
Bandung Corporation began 2007 with a $92,000 balance in the
444710 Temporary and permanent differences, deferred tax, carryback and carryforward of NOL (One Temporary Difference, Future Taxable Amounts, One Rate, Beginning Deferred Taxes) Bandung Corporation began 2007 with a $92,000 balance in the Deferred Tax
-
Krung Thep Corp: Income Tax Payable & Prepare Journal Entries
280215 Krung Thep Corp: Income Tax Payable & Prepare Journal Entries Two Temporary Differences, One Rate, Beginning Deferred Taxes
The following facts relate to Krung Thep Corporation.
1. Deferred tax liability, January 1, 2007, $40,000.
2.
-
Deferred tax liability
173439 Deferred tax liability . BE19-10. Terminator Corporation has a cumulative temporary difference of $630,000 at December 31,2007. This difference will reserve as follows: 2008, $42,000; 2009, $294,000; and 2010, $294,000.
-
Journal Entry to Record Income Tax
1, 2007, $0
3) Taxable income for 2007, $95,000
4) Pretax financial income for 2007, $200,000
5) Cumulative temporary difference at December 31, 2007, giving rise to future taxable
amounts, $240,000
6) Cumulative temporary difference at
-
P19-7 One Temporary Difference, Change in rates
The 30% tax rate was not enacted in law
until 2007.
-
Reconciling Pretax Income and Taxable Income
2007 (30% tax rate)
Income before temporary difference 70,000.00 70,000.00
Temporary difference 0 20,000.00
Income 70,000.00 90,000.00
2008 (30% tax rate)
Income
-
Journal entries for deferred tax; draft income tax expense section
Financial Accounting Tax Return
2006 (35% tax rate)
Income before temporary difference $ 70,000 $70,000
Temporary difference 60,000 20,000
Income $130,000 $90,000
2007 (30% tax rate)
Income before temporary difference $ 70,000 $70,000
Temporary
-
Geraldo Corporation's audited financial statements
"A book/tax difference resulting from a timing inconsistency is only a temporary difference" (Jones & in Rhodes-Catanach, 2004). An event that happens in one year, but may be reversible in a future year is a temporary difference.
-
Business Structures for CPA Businesses
Shareholders must pay tax on their share of corporate income, regardless of whether it is actually distributed.
2. Why is it important to understand the difference between an originating temporary difference and permanent difference in a company?