Exercise 16-10 (Algo) Calculate income tax amounts under various circumstances; financial statement =ffects [LO16-2, 16-3] Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability a. Income tax payable currently. b. Deferred tax asset-ending balance. c. Deferred tax asset-change. d. Deferred tax liability-ending balance. e. Deferred tax liability-change. f. Income tax expense. 1 $ 128 16 $ $ $ $ $ $ 2 1 260.0 $ 4.0 $ 37.0 $ 5.0 $ 4.0 S 98.0 $ ($ in thousands) Situation 2 2 $ 260 16 8 Situation 3 $ 284 20 16 The enacted tax rate is 25%. Required: For each situation, determine the following: Note: Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "0" wherever applicable. 3 20 98.0 71.0 $ 82.0 $ 18.0 10.0 $ 10.0 6.0 $ 14.0 $ 10.0 4.0 81.0 $ 108.0 2 4 $ 392 4 20 72 4
Exercise 16-10 (Algo) Calculate income tax amounts under various circumstances; financial statement =ffects [LO16-2, 16-3] Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability a. Income tax payable currently. b. Deferred tax asset-ending balance. c. Deferred tax asset-change. d. Deferred tax liability-ending balance. e. Deferred tax liability-change. f. Income tax expense. 1 $ 128 16 $ $ $ $ $ $ 2 1 260.0 $ 4.0 $ 37.0 $ 5.0 $ 4.0 S 98.0 $ ($ in thousands) Situation 2 2 $ 260 16 8 Situation 3 $ 284 20 16 The enacted tax rate is 25%. Required: For each situation, determine the following: Note: Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "0" wherever applicable. 3 20 98.0 71.0 $ 82.0 $ 18.0 10.0 $ 10.0 6.0 $ 14.0 $ 10.0 4.0 81.0 $ 108.0 2 4 $ 392 4 20 72 4
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 1P: Definitions The FASB has defined several terms in regard to accounting for income taxes. Below are...
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