Business, 27.04.2021 15:10 voicelesstoxic

The following facts relate to Oriole Corporation. 1. Deferred tax liability, January 1, 2020, $41,600.
2. Deferred tax asset, January 1, 2020, $0.
3. Taxable income for 2020, $98,800.
4. Pretax financial income for 2020, $104,000.
5. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $249,600.
6. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $36,400.
7. Tax rate for all years, 20%.
8. The company is expected to operate profitably in the future.
1. Compute income taxes payable for 2020:
2. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.
3. Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income taxes."

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 20:00

The master manufacturing company has just announced a tender offer for its own common stock. master is offering to buy up to 100% of the company's stock at $20 per share contingent on at least 64% of the outstanding shares being tendered. after the announcement of the offer, the stock closed on the nyse up 2.50 at $18.75. a customer has 100 shares of master stock in his cash account. the customer tells you that he wishes to "cash out" his position. you should recommend that the customer:

Answers: 2

Answer

Business, 22.06.2019 22:30

Aresearcher developing scanners to search for hidden weapons at airports has concluded that a new scanner isis significantly better than the current scanner. he made his decision based on a test using alpha equals 0.025 .α=0.025. would he have made the same decision at alpha equals 0.10 question mark α=0.10? how about alpha equals 0.01 question mark α=0.01? explain

Answers: 3

Answer

Business, 23.06.2019 00:10

Mno corporation uses a job-order costing system with a predetermined overhead rate based on direct labor-hours. the company based its predetermined overhead rate for the current year on the following data: total estimated direct labor-hours 50,000 total estimated fixed manufacturing overhead cost $ 285,000 estimated variable manufacturing overhead per direct labor-hour $ 3.80 recently, job p123 was completed with the following characteristics: total actual direct labor-hours 20 direct materials $ 710 direct labor cost $ 500 the amount of overhead applied to job p123 is closest to:

Answers: 2

Answer

Business, 23.06.2019 01:00

Why does the downward-sloping production possibilities curve imply that factors of production are scarce?

Answers: 1

Answer

You know the right answer?

The following facts relate to Oriole Corporation. 1. Deferred tax liability, January 1, 2020, $41,...

Questions