Chapter 19 Homework - C hapter 19: Accounting for Income...

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Chapter 19: Accounting for Income Taxes Tiffany Watt Homework March 30, 2011 AC 302 – 01 Exercises E19-3 a. 2007 Taxable income $405,00 0 Income tax payable (40%) $162,00 0 b . Book basis $350,0 00 Tax basis -0- Cumulative temporary difference at the end of 2007 350,00 0 Tax rate 40% Deferred tax liability at the end of 2007 $140,0 00 Deferred tax liability at end of 2007 $140,0 00 Deferred tax liability at beginning of 2007 92,000 Deferred tax expense for 2007 48,000 Current tax expense for 2007 (Income tax payable) 162,00 0 Income tax expense (total) for 2007 $210,0 00 Account Titles Debit Credit Income Tax Expense $210,00 0 Income Tax Payable $162,00 0 Deferred Tax Liability 48,000 c . Income before income taxes $525,00 0 Income tax expense:
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Chapter 19: Accounting for Income Taxes Tiffany Watt Homework March 30, 2011 AC 302 – 01 Current $162,0 00 Deferred 48,000 210,000 Net Income $315,00 0
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Chapter 19: Accounting for Income Taxes Tiffany Watt Homework March 30, 2011 AC 302 – 01 E19-5 a. 2007
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This note was uploaded on 09/01/2011 for the course BUSINESS 101 taught by Professor - during the Spring '11 term at Mississippi Valley State University.

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Chapter 19 Homework - C hapter 19: Accounting for Income...

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