ACC423

I need help with this assignment I have answered partial of the question but need help on some. there is three problems on here. I have most of 1st question done, nothing on the second, and the third is all completed just need a percentage at the end.

Exercise 19-4 Zurich Company reports pretax financial income of $70,000 for 2014. The following items cause taxable income to be different than pretax financial income. Depreciation on the tax return is greater than depreciation on the income statement by $16,000. 2. Rent collected on the tax return is greater than rent earned on the income statement by $22,000. 3. Fines for pollution appear as an expense of $11,000 on the income statement. 1. Zurich's tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2014. Your answer is correct. Compute taxable income and income taxes payable for 2014. Taxable income Income taxes payable $ 87000 $ 26100 Your answer is partially correct. Try again. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Deferred T Debit Credit 6600 Deferred T 4800 Income Tax 26100 Income Tax 24300 Your answer is incorrect. Try again. Prepare the income tax expense section of the income statement for 2014, beginning with the line \"Income before income taxes.\". (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Zurich Company Income Statement (Partial) Year ended December 31, 2014 $ $ $ Your answer is incorrect. Try again. Compute the effective income tax rate for 2014. (Round answer to 1 decimal places, e.g. 25.5.) Effective income tax rate % Exercise 19-8 Button Company has the following two temporary differences between its income tax expense and income taxes payable. 2014 Pretax financial income Excess depreciation expense on tax return Excess warranty expense in financial income Taxable income $840,000 (30,000) 20,000 $830,000 2015 $910,000 (40,000) 10,000 $880,000 2016 $945,000 (10,000) 8,000 $943,000 The income tax rate for all years is 40%. Prepare the journal entry to record income tax expense, deferred income taxes, and income tax payable for 2014, 2015, and 2016. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit 2014 Credit 2015 2016 Assuming there were no temporary differences prior to 2014, indicate how deferred taxes will be reported on the 2016 balance sheet. Button's product warranty is for 12 months. Button Company Balance Sheet 2016 $ $ Prepare the income tax expense section of the income statement for 2016, beginning with the line \"Pretax financial income.\" (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Button Company Income Statement (Partial) Year ended December 31, 2016 $ $ Exercise 19-12 The following facts relate to Duncan Corporation. 1. 2. 3. 4. Deferred tax liability, January 1, 2014, $60,000. Deferred tax asset, January 1, 2014, $20,000. Taxable income for 2014, $105,000. Cumulative temporary difference at December 31, 2014, giving rise to future taxable amounts, $230,000. 5. Cumulative temporary difference at December 31, 2014, giving rise to future deductible amounts, $95,000. 6. Tax rate for all years, 40%. No permanent differences exist. 7. The company is expected to operate profitably in the future. Your answer is correct. Compute the amount of pretax financial income for 2014. Pretax financial income $ 140000 Your answer is correct. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Income Tax 56000 Deferred T Credit 18000 Income Tax 42000 Deferred T 32000 Your answer is correct. Prepare the income tax expense section of the income statement for 2014, beginning with the line \"Income before income taxes.\" (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Duncan Corporation Income Statement (Partial) Year ended December 31, 2014 EQAT_13734420 $ 140000 Income before Income Taxes EQAT_13734420 $ 42000 Income Tax Expense-Current EQAT_13734420 14000 Income Tax Expense-Deferred 56000 EQAT_13734420 $ 84000 Net Income / (Loss) Your answer is incorrect. Compute the effective tax rate for 2014. (Round answer to 0 decimal places, e.g. 25%) The effective tax rate 35 %