C11-Chp-14-Text Problems-41-48

C11-Chp-14-Text Problems-41-48 - Prob-41-43

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Unformatted text preview: Prob-41-43 4d164213d18d34be7688d8ff50dfb3a77d3d70b3.xlsx Page 1 of 2 No. 41 Kantner, Inc. is a domestic corp. has this balance sheets at end of current year. Determine net deferred tax asset or net deferred tax liability at year-end. (34% tax rate, no valuation allowance) The differences in book and tax basis of each asset and liability are as follows. Tax Book Assets Debit/(Credit) Debit/(Credit) Difference Cash $1,000 $1,000 $0 Accounts Receivable $9,000 $9,000 $0 Buildings $850,000 $850,000 $0 Acc. Depreciation ($700,000) ($620,000) ($80,000) Furniture & Fixtures $40,000 $40,000 $0 Acc. Depreciation ($10,000) ($8,000) ($2,000) Total Assets $190,000 $272,000 ($82,000) Liabilities Accrued Warranty Expense $0 ($40,000) $40,000 Note Payable ($16,000) ($16,000) $0 Total Liabilities ($16,000) ($56,000) $40,000 Stockholder Equity Paid in Capital ($50,000) ($50,000) Retained Earnings ($124,000) ($166,000) Total Liabilities & Owner Equity ($190,000) ($272,000) Given these basis differences, the gross DTA and gross DTL are calculated as follows, with the net result a DTL of $14,280. Given these basis differences, the gross DTA and gross DTL are calculated as follows, with the net result a DTL of $14,280....
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This note was uploaded on 03/09/2012 for the course ACCT 6120 taught by Professor Godfrey,h during the Spring '08 term at UNC Charlotte.

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C11-Chp-14-Text Problems-41-48 - Prob-41-43

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