At December 31, 20x1, a company has four temporary
Question # 00422888
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Updated on: 11/13/2016 11:51 PM Due on: 11/14/2016
At December 31, 20x1, a company has four temporary differences. An analysis of these reveals the
followings: The tax rate for all years is 40%. Assume that the company reports pretax financial income at $1,000,000
for 20x1. The installment receivable collectible in 20x3 is classified as non-current assets. The company
made estimated tax payments during 20x1 of $50,000. Fill in the blanks numbered from 1 ~ 10.
<Income statement for 20x1>
Pretax financial income
Current tax
Deferred tax
Net income
Effective tax rate 1.
2.
3.
4.
5. <Balance sheet for 20x1>
Current
Non-current
Income tax payable DTA
6.
8.
10. DTL
7.
9.
followings: The tax rate for all years is 40%. Assume that the company reports pretax financial income at $1,000,000
for 20x1. The installment receivable collectible in 20x3 is classified as non-current assets. The company
made estimated tax payments during 20x1 of $50,000. Fill in the blanks numbered from 1 ~ 10.
<Income statement for 20x1>
Pretax financial income
Current tax
Deferred tax
Net income
Effective tax rate 1.
2.
3.
4.
5. <Balance sheet for 20x1>
Current
Non-current
Income tax payable DTA
6.
8.
10. DTL
7.
9.
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Rating:
/5
Solution: At December 31, 20x1, a company has four temporary