Accounting for Income Taxes

Uncategorized

1. Whispering Corporation began 2017 with a $42,000 balance in the Deferred Tax Liability account. At the end of 2017, the related cumulativetemporary difference amounts to $188,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2017 is $392,000, the tax rate for all years is 40%, and taxable income for 2017 is $311,000.

The following facts relate to Sarasota Corporation.

1.		Deferred tax liability, January 1, 2017, $84,000.
2.		Deferred tax asset, January 1, 2017, $0.
3.		Taxable income for 2017, $179,000.
4.		Pretax financial income for 2017, $395,000.
5.		Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $463,000.
6.		Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $73,000.
7.		Tax rate for all years, 40%.
8.		The company is expected to operate profitably in the future.

show the solution in a word document

Continue to order Get a quote

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.