chapter 19 part 1 - 14 deferred tax liability 20,000 income...

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6) book basis of assets 900,000 tax basis of assets 700,000 future taxable amounts 200,000 tax rate 34% deferred tax liability 68000 7) Book basis of asset 90,000 tax basis of asset 0 future taxable amounts 900,000 tax rate 34% deferred tax liability ( end 30,600 Deferred tax liability (end of 2011) 30,600 Deferred tax liability (end of 2011) 68,000 deferred tax benefit for 2011 -37,400 income tax payable 2011 230,000 total income tax expense 192,600 10) Deferred tax accounts are reported on the balance sheet as assets and liabilities and should be cl 13) Pretax financial income 550,000 interest income on municipal bonds -70,000 hazardous waste fine 25,000 depreciation 15,000 taxable income 520,000 tax rate 30% income tax payable 156,000
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Unformatted text preview: 14) deferred tax liability 20,000 income tax expense 20,000 16) The loss carryback provision allows a company to carry a net operating loss back two years and re The loss must be applied to the second preceding year first and then to the preceding year. BE1 Taxable income 120,000 tax rate 40% income taxes payable 48000 BE2 Excess depreciation on tax return 40,000 tax rate 30% 6,7,10,13,14,16; Brief Exercises 1,2,3 deferred tax liability 12000 BE3 income tax expense 67500 deferred tax liability 12000 income tax payable 55500 lassified in a net current and a net noncurrent account. receive refunds for income taxes paid in those years....
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