Using the information from BE19-2, assume this is the only difference between Oxfords pretax financial income and
Question:
Using the information from BE19-2, assume this is the only difference between Oxford’s pretax financial income and taxable income. Prepare the journal entry to record the income tax expense, deferred income taxes, and income tax payable, and show how the deferred tax liability will be classified on the December 31, 2010, balance sheet.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 38% (18 reviews)
Income Tax Expense Deferred Tax Liability Income Tax Payable 185000 x 30 55500 40000 x 30 1...View the full answer
Answered By
Muhammad Rehan
Enjoy testing and can find bugs easily and help improve the product quality.
4.70+
10+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
Nueve Ltd. had the following pre-tax earnings and losses: Year Pre-tax Earnings (Loss) Tax rate 20x3 $330,000 34% 20x4 $165,000 34% 20x5 $540,000 34% 20x6 $660,000 36% 20x7 ($3,330,000) 36% 20x8...
-
Prepare a journal entry to record each of the following materials transactions: a. Total materials purchased on account during the month amounted to $200,000. b. Direct materials requisitioned for...
-
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
-
A teacher traces a small circle on the palm of a kindergartener's hand to let him know it is time for free play. What type of disability does this child most likely have? A. Traumatic Brain Injury B....
-
Salespeople, whether selling life insurance, automobiles, or pharmaceuticals, typically get paid on commission instead of a straight hourly wage. How does paying a commission help solve the...
-
Find and read a Tax Court regular decision that discusses whether hair transplants are deductible medical expenses. Give the official citation to the case. What did the Tax Court hold? If a case with...
-
Brown Company, a successful efforts company, has a 1/8 royalty interest in an unproved property. Assuming Brown Companys net capitalized cost in the property is $100,000, give the entry to record the...
-
Postal Express has outlets throughout the world. It also keeps funds for transactions purposes in many foreign countries. Assume in 2010 it held 240,000 reals in Brazil worth 170,000 dollars. It drew...
-
Power Company produces two products. Selling price per unit Variable expenses per unit Contribution margin per unit Product A Product B $40 $16 $28 $12 $12 $4 Assume the fixed expenses are $57,200...
-
The position of a particle as a function of time is given by r(vector) = (5.0i + 4.0j)t 2 m, where t is in seconds. a. What is the particles distance from the origin at t = 0, 2, and 5 s? b. Find an...
-
Oxford Corporation began operations in 2010 and reported pretax financial income of $225,000 for the year. Oxfords tax depreciation exceeded its book depreciation by $40,000. Oxfords tax rate for...
-
At December 31, 2010, Appaloosa Corporation had a deferred tax liability of $25,000. At December 31, 2011, the deferred tax liability is $42,000. The corporations 2011 current tax expense is $48,000....
-
Explain why many consider expectancy theory to be the best current explanation of employee motivation.
-
ADRIAN and BLAINE were enthusiastic hobbyists in metal detecting. From time to time they went to sites together and split the costs of transport and accommodation. They did not operate in partnership...
-
Frederic was hired to be the executive head chef for a new, high-end restaurant. He was involved in buying equipment, suggesting menu items, hiring and training staff, and running the kitchen. The...
-
How do advancements in geothermal exploration techniques and enhanced geothermal systems (EGS) technology unlock the potential of geothermal energy as a reliable and sustainable source of baseload...
-
Based on 2017 sales, Rosario Resources Management has forecasted the following monthly growth in sales and monthly cash collection measures for 2018: a. 12-month cash flow budget in Excel using the...
-
Life After High School Around the World In the United States, recent high school graduates have increasingly been focusing on college attendance. In recent years, about two-thirds of high school...
-
Looking at the concept of constructive discharge, is it ever really possible that an employee could be harassed so severely as to be forced to quit? Can you give an example of a situation that you...
-
Funds are separate fiscal and accounting entities, each with its own self-balancing set of accounts. The newly established Society for Ethical Teachings maintains two funds-a general fund for...
-
Compare the error for the scale-up of a reciprocating compressor by a factor of five using the six-tenths rule in place of the cost exponent given in Table 7.3. Table 7.3 Typical Values of Cost...
-
A building that was purchased on December 31, 2000, for $2,500,000 was originally estimated to have a life of 50 years with no salvage value at the end of that time. Depreciation has been recorded...
-
Workman Company purchased a machine on January 2, 2014, for $800,000. The machine has an estimated useful life of 5 years and a salvage value of $100,000. Depreciation was computed by the 150%...
-
Fernandez Corporation purchased a truck at the beginning of 2014 for $50,000. The truck is estimated to have a salvage value of $2,000 and a useful life of 160,000 miles. It was driven 23,000 miles...
-
ZZZ Inc. plans to sell it's business and has used capitalization of earnings as a valuation method. with a stable cash flows of P2Million for the last 5 years. Forecast shows that similar level of...
-
The December 31, 20X1, physical inventory of Snowville Company appropriately included $6,300 of merchandise purchased on account that was not recorded in purchases until January 20X2. What effect...
-
Please notice that each line item has a respective section for Debit and Credit. If found appropriate, please ensure they are filled out. You do not have to give a thorough explanation; however,...
Study smarter with the SolutionInn App