P19-2 - 4/18/11 P192 ClicktoeditMastersubtitlestyle

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Click to edit Master subtitle style 4/18/11 P19-2 By: Shane Potter, Sabrina Slate, Jennifer  Sinches, Samantha Bradley, & Irena  Novruzova
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
4/18/11 Introduction to 19-2 P19-2 (One Temporary Difference, Tracked for 4  Years, One Permanent Difference, Change in Rate) The pretax financial income of Parker-Gregory Company  differs from its taxable income throughout each of 4 years  as follows . Pretax financial income for each year includes a  nondeductible expense of $30,000 Year Pretax Financial  Income Taxable  Income Tax Rate 2007 280,000 180,000 35% 2008 320,000 225,000 40%
Background image of page 2
4/18/11 Instructions   Prepare journal entries to record income taxes in  all 4 years. Assume that the change in the tax  rate to 40% was not enacted until the beginning  of 2008. Prepare the income statement for 2008,  beginning with income before income taxes.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
4/18/11 Part A  
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/17/2011 for the course ACCOUNTING 490 taught by Professor Santos during the Spring '11 term at University of Phoenix.

Page1 / 9

P19-2 - 4/18/11 P192 ClicktoeditMastersubtitlestyle

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online