week four individual assingment by Gena Looze

week four individual assingment by Gena Looze - Week Four...

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Unformatted text preview: Week Four Individual Assignment Gena Looze University of Phoenix Online ACC 423 Intermediate Financial Accounting Three Roger Beckstead 11-Mar-11 A Taxable income 2010 $405,000 Tax rate 0.4 Income tax payable 2010 162,000 B Future Years 2011 2012 TOTAL Future taxable amounts $175,000 $175,000 $350,000 Tax rate 0.4 0.4 Deferred tax liability $70,000 $70,000 $140,000 deferred tax liability end of 2010 $140,000 deferred tax liability beginning of 2010 92,000 deferred tax expense 2010 $48,000 current tax expense 2010 162,000 income tax expense 2010 $210,000 Income tax expense 210,000 Income tax payable 162,000 Deferred tax liability $48,000 C Income before taxes $525,000 Income tax expense Current $162,000 Deferred 48,000 $210,000 Net Income $315,000 Pretax income $525,000 Temporary difference-120,000 Taxable income $405,000 A B C D E F G H I J K 3. A permanent difference.3....
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week four individual assingment by Gena Looze - Week Four...

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