MCPearcy WK3 IND E19-3 & E19-9

MCPearcy WK3 IND E19-3 & E19-9 - 210000 net income...

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Melissa C Pearcy Week 3 IND A) Taxable income for 2007 405,000 enacted tax rate 40% income tax payable for 2007 162000 B) 2008 2009 tatal Future years 175000 175000 350000 future taxable (deductible) amounts 40% 40% tax rates 70000 70000 140000 deferred tax liability(asset) Deferred tax liability at the end of 2007 140000 deferred tax liability at the beginning of 2007 92000 deferred tax expense for 2007 (increase) 48000 current tax expense for 2007 210000 income tax expense for 2007 162000 income tax expense 210000 income tax payable 162000 deferred income taxes 48000 C) Income before income taxes 525000 income tax expense 162000 current 48000 deferred
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Unformatted text preview: 210000 net income 315000 pretax financial income 525000 temportary difference originating giving rise to net future taxable amounts 120000 taxable income 405000 Melissa C Pearcy Week 3 IND 2002 Income tax refund receivable 72000 benefit due to loss carryback 72000 2003 Income tax refund receivable 32000 benefit due to loss carryback 32000 2003 continuation deferred tax asset (start carry forward) 120000 benefit due to loss carryforward 120000 2004 Income tax expense 48000 deferred tax asset 48000 2005 Incoem tax expense 40000 deferred tax asset 40000...
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This note was uploaded on 08/02/2009 for the course ACC 423 ACC423 taught by Professor Fisher during the Summer '09 term at University of Phoenix.

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MCPearcy WK3 IND E19-3 & E19-9 - 210000 net income...

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