514_633929585256481801_defTaxRuthweb

514_633929585256481801_defTaxRuthweb - 2,758,000 2,775,808...

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Ruth Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Financial Tax Financial Tax Financial Tax Financial Tax Financial Tax Financial Tax 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 Depreciation Expense 60,000 120,000 120,000 192,000 120,000 115,200 120,000 69,120 120,000 69,120 60,000 34,560 Income before Tax 3,940,000 3,880,000 3,880,000 3,808,000 3,880,000 3,884,800 3,880,000 3,930,880 3,880,000 3,930,880 3,940,000 3,965,440 Permanent Differences Taxable Income 3,940,000 3,880,000 3,880,000 3,808,000 3,880,000 3,884,800 3,880,000 3,930,880 3,880,000 3,930,880 3,940,000 3,965,440 Tax 1,182,000 1,164,000 1,164,000 1,142,400 1,164,000 1,165,440 1,164,000 1,179,264 1,164,000 1,179,264 1,182,000 1,189,632 Net Income 2,758,000 2,716,000 2,716,000 2,665,600 2,716,000 2,719,360 2,716,000 2,751,616 2,716,000 2,751,616
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Unformatted text preview: 2,758,000 2,775,808 Journal entries Depreciation Expense 60,000 120,000 120,000 120,000 120,000 60,000 Accumulated Depreciation 60,000 120,000 120,000 120,000 120,000 60,000 To record depreciation for the year Tax Expense 1,182,000 1,164,000 1,164,000 1,164,000 1,164,000 1,182,000 7,020,000 Taxes Payable 1,164,000 1,142,400 1,165,440 1,179,264 1,179,264 1,189,632 7,020,000 Deferred Taxes 18,000 21,600 1,440 15,264 15,264 7,632 To record tax for the year Deferred Taxes Deferred Taxes Deferred Taxes Deferred Taxes Deferred Taxes Deferred Taxes 18,000 18,000 1,440 18,000 1,440 18,000 1,440 18,000 1,440 18,000 21,600 21,600 15,264 21,600 15,264 21,600 15,264 21,600 39,600 1,440 39,600 16,704 39,600 15,264 15,264 38,160 22,896 31,968 39,600 7,632 7,632 39,600 39,600...
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