Deferred Tax Problems - Worksheet E19-20 not required S SUM Pre-tax accounting income
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1 Deferred Tax Problems - Worksheet E19-20 not required S SUM Pre-tax accounting income THE REGULAR WORKING PAPER DOES NOT WORK NEED TO USE ONE MORE LIKE IN THE PPT SLIDES Book TI 460,000 plug Depreciation (60,000) Warranty 150,000 Taxable income 550,000 Applicable tax rate 34% Income taxes payable/(receivable) 187, SUM Inventory of temporary differences Originate reverse reverse reverse Depreciation (60,000) 20,000 30,000 10,000 - future tax rates 34% 34% 30% - - 6,800 10,200 3,000 20,000 Warranty 150,000 (150,000) future tax rates 34% 34% 30% - - (51,000) - - (51,000) Total net temp differences (per yr) 90,000 (44,200) 10,200 3,000 (31,000) Applicable tax rate multiple Deferred taxes (net) ending 31,000 from total for future years (with opposite sign) Deferred taxes (net) beginning - Change in net deferred taxes 31,000 ending bal less beginning bal Taxes (payable)/receivable from abov (187,000) Income tax expense 156,000 check figure does not work because some future Current deferred tax assets 51,000 rates are different from Noncurrent deferred tax assets current rate used Noncurrent deferred tax liabilities (20,000) Total net deferred tax 31,000 Journal entry for Year 2010 Debit Credit Income tax expense 156,000 Income tax payable 187,000 Net deferred income taxes 31, , ,000
2 Deferred Tax Problems - Worksheet E19-21 not required S SUM Pre-tax accounting income THE REGULAR WORKING PAPER DOES NOT WORK NEED TO USE ONE MORE LIKE IN THE PPT SLIDES Book TI 606,000 plug check figure does not - - because some future Installment sales (240,000) rates are different from Loss contingency 34,000 current rate used Taxable income 400,000 Applicable tax rate 34% Income taxes payable/(receivable) 136, SUM Inventory of temporary differences Originate reverse reverse reverse reverse Installment sales (240,000) 40,000 50,000 60,000 90, ,000 future tax rates 34% 38% 38% 38% ,600 19,000 34,200 66,800 ST & LT def tax Loss contingency 34,000 - (15,000) (19,000) - (34,000) future tax rates 34% 38% 38% 38% (5,700) (7,220) - (12,920) LT def tax Total net temp differences (per yr) (206,000) 13,600 24,700 7,220 34,200 53,880 sum of yellow rows Applicable tax rate multiple Deferred taxes (net) ending (53,880) from total for future years (with opposite sign) Deferred taxes (net) beginning - Change in net deferred taxes (53,880) ending bal less beginning bal Taxes (payable)/receivable from abov (136,000) Income tax expense 189,880 text claims the installment sales are current because Current deferred tax assets the operating cyle "must be" 4 years. Noncurrent deferred tax assets (13,600) I think that only the "next year" is current (40,000 * 34%) Noncurrent deferred tax liabilities (40,280) Rest of the net liability Total net deferred tax (53,880) either answer ok Solution manual: Journal entry for Year 2010 Debit Credit Loss = LT 12,920 Income tax expense 189,880 Installment = ST (66,800) Income tax payable 136,000 (53,880) Net deferred income taxes 53, , ,880
3 Deferred Tax Problems - Worksheet Problem 19-2 KWW-13th Pre-tax accounting income 290, , , ,000 Unnamed nondeductible amount 30,000 30,000 30,000 30,000 Book TI 320, , , ,000 Depreciation (140,000) (125,000) (120,000) 110,000 (this is plug per problem) Taxable income 180, , , ,000 Applicable tax rate 35% 40% 40% 40% Income taxes payable/(receivable) 63,000 90, , ,000 Inventory of temporary differences Depreciation (140,000) (265,000) (385,000) (275,000) Total net temp differences (140,000) (265,000) (385,000) (275,000) Applicable tax rate 35% 40% 40% 40% Deferred taxes (net) ending (49,000) (106,000) (154,000) (110,000) Deferred taxes (net) beginning - (49,000) (106,000) (154,000) Change in net deferred taxes (49,000) (57,000) (48,000) 44,000 Taxes (payable)/receivable from above (63,000) (90,000) (104,000) (224,000) Income tax expense 112, , , ,000 INCOME STATEMENT part b Income before taxes 290, , , ,000 Current 63,000 90, , ,000 Deferred 49,000 57,000 48,000 (44,000) Total income tax expense 112, , , ,000 Net Income 178, , , ,000 Part a answers: For 2010 For 2012 Journal entry for Year 2010 Debit Credit Debit Credit Income tax expense 112, ,000 Income tax payable 63, ,000 Net deferred income taxes 49,000 48, , , , ,000 Combined entry for year For 2011 For 2013 Journal entry for Year 2011 Debit Credit Debit Credit Income tax expense 147, ,000 Income tax payable 90, ,000 Net deferred income taxes 57,000 44, , , , ,000
4 Deferred Tax Problems - Worksheet Problem 19-3 KWW-13th Pre-tax accounting income 1,700,000 1,400,000 Muni-bond interest (60,000) Book TI 1,700,000 1,340, Depreciation 30,000 (90,000) (90,000) (90,000) Taxable income 1,730,000 1,250,000 (90,000) (90,000) Applicable tax rate 35% 35% 35% 35% Income taxes payable/(receivable) 605, ,500 (31,500) (31,500) Inventory of temporary differences Depreciation 30,000 (60,000) (150,000) (240,000) Total net temp differences 30,000 (60,000) (150,000) (240,000) Applicable tax rate 35% 35% 35% 35% Deferred taxes (net) ending 10,500 (21,000) (52,500) (84,000) Deferred taxes (net) beginning 10,500 (21,000) (52,500) Change in net deferred taxes 10,500 (31,500) (31,500) (31,500) Taxes (payable)/receivable from above (605,500) (437,500) 31,500 31,500 Income tax expense 595, , Journal entry for Year 2011 Debit Credit Income tax expense 469,000 Income tax payable 437,500 Net deferred income taxes 31, , ,000 INCOME STATEMENT Extraordinary gain = 200,000 Part c Income before taxes 1,200,000 Current 367,500 Deferred 31,500 Income tax expense 399,000 After tax income before extraordinary item 801,000 Extraordinary item net of tax 70, ,000 Net Income 931,000 BALANCE SHEET Part d Noncurrent liabilities Deferred tax liabilities (21,000) Total net deferred tax
5 Deferred Tax Problems - Worksheet Problem 19-4 KWW-13th 2010 Year 2 Year 3 Year 4 Pre-tax accounting income 750,000 Life insurance premiums 9,000 Fines and penalties 4,200 Municipal bond interest (4,000) Book TI 759, Depreciation expense (30,000) (30,000) (30,000) 30,000 Warranty expense 40,000 (20,000) (20,000) Installment method (25,000) Taxable income 744,200 (50,000) (50,000) 30,000 Applicable tax rate 30% 30% 30% 30% Income taxes payable/(receivable) 223,260 (15,000) (15,000) 9,000 Inventory of temporary differences Depreciation expense (30,000) (60,000) (90,000) (60,000) Warranty expense 40,000 20, Installment method (25,000) (25,000) (25,000) (25,000) Total net temp differences (15,000) (65,000) (115,000) (85,000) Applicable tax rate 30% 30% 30% 30% Deferred taxes (net) ending (4,500) (19,500) (34,500) (25,500) Deferred taxes (net) beginning (4,500) (19,500) (34,500) Change in net deferred taxes (4,500) (15,000) (15,000) 9,000 Taxes (payable)/receivable from above (223,260) 15,000 15,000 (9,000) Income tax expense 227, Current deferred tax assets 4,500 Nothing in "future" columns is Noncurrent deferred tax assets required Noncurrent deferred tax liabilities (9,000) Total net deferred tax (4,500) Journal entry for Year 2010 Debit Credit Income tax expense 227,760 Income tax payable 223,260 Net deferred income taxes 4, , ,760
6 Deferred Tax Problems - Worksheet Problem 19-9 KWW-13th 2011 Year 3 Year 4 Pre-tax accounting income 100,000 Penalties and fines 3,500 Tax exempt interest revenue (1,500) Book TI - 102, Warranty expense ST 5,000 Construction accounting LT (25,000) Depreciation LT (20,000) Taxable income - 62,000 part a - Applicable tax rate 40% Income taxes payable/(receivable) - 24,800 - Inventory of temporary differences part b? Warranty expense 5,000 ST Construction accounting Depreciation (25,000) LT (20,000) LT - - Total net temp differences - (40,000) - - Applicable tax rate 40% Deferred taxes (net) ending - (16,000) - - Deferred taxes (net) beginning - (16,000) - Change in net deferred taxes - (16,000) 16,000 - Taxes (payable)/receivable from abov - (24,800) - - Income tax expense - 40,800 (16,000) - TRUE Current deferred tax assets 2,000 Noncurrent deferred tax assets Noncurrent deferred tax liabilities (18,000) Total net deferred tax (16,000) TRUE INCOME STATEMENT part d Income before taxes 100,000 Current 24,800 Deferred 16,000 Total income tax expense 40,800 Net Income 59,200 part c= Journal entry for Year 2011 Debit Credit Income tax expense 40,800 Income tax payable 24,800 Net deferred income taxes 16,000 40,800 40,800
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