calculate: PERIOD CHANGE M1 AND PERIOD CHANGE IN DTA/DTL THE CALCULATE THE capital loss carryforward and deferred tax provision.
Deferred Tax Provision Template Tax rate DTA/(DTU) Balance Period Change M-1 Period Change in DTA/DTL DTD or TTD 35% 10,000 22858 8,000 35% (1,716) 35% 12,903 4 20x2 20X1 5 Tax Difference Tax DTA (OT) Book Tax Difference 5 20X2 20x2 DTD or TTD rate Balance 20X1 20X1 20X1 7 Assets 8 Current assets: 9 Cash $ 172,289 S 69,840 $ 69,840 10 Accounts Receivable 452,629 51429 35% 18,000 265,300 293 871 28,571 11 Inventories 478,300 329,852 329,852 12 Other 42,700 32,900 32,900 13 Total current assets $ 1,145,918 $ 697,892 $ 726,463 14 Noncurrent assets: 15 Investment securities 315,000 315,000 315,000 16 Land held for investment 65,000 90,000 90,000 17 Property and equipment, net 1,722 258 (62,408) 35% (21843) 810,510 805,606 (4,904) 18 Deferred tax asset net (33,139) 57,187 (57,187) 19 Org. Exp. and Start up costs 34 233 34 233 35% 11.982 36,866 36,866 20 Other noncurrent assets 31.600 34,300 34,300 21 Total noncurrent assets: $ 2,168 091 $ 1,306,992 S 1,281,272 22 Total assets $ 3,314,009 $ 2,004,889 $ 2,008,235 23 24 Liabilities 25 Current liabilities: 26 Accounts payable $ 253,200 S 245,300 S 245,300 27 Federal income taxes payable (81953) N/A 28 Current portion of long-term debt 39,600 50,000 50,000 29 Total current liabilities S 292.800 $ 295 300 s 295,300 30 Noncurrent liabilities: 31 Warranty Payable $ 17143 35% 6,000 $ 31,429 $ 31429 32 Deferred Compensation 34,285 35% 12,000 71,429 71,429 33 Notes payable 1.488,974 (1) 875.991 825.991 34 Total noncurrent liabilities $ 1488,974 $ 978,849 $875.991 35 Total liabilities S. 1.781,774 S 1,274,149 S 1,171,291 36 37 Stockholders' Equity 38 Common Stock Not applicable for tax $225,000 Not applicable for tax 39 Additional paid-in capital Not applicable for tax 370,000 Not applicable for tax 40 Retained earnings Not applicable for tax 135,740 Not applicable for tax 41 Total labilities and stockholders' equity $ $ 2,004,889 42 43 *Note that any amount in the difference coumulative book - tax difference associated with the corresponding balance sheet account. 44 **Identify Temporary Differences as eithorary (DTD) or Taxable Temporary (TTD) 45 Federal income taxes payable does nce or taxable temporary difference because federalincome taxes are never deductible for federal income tax purposes. 46 35% 35% 11.000 25.000 - Capital Loss Camry forward Deferred Tax Provision Deferred Tax Provision Template Tax rate DTA/(DTU) Balance Period Change M-1 Period Change in DTA/DTL DTD or TTD 35% 10,000 22858 8,000 35% (1,716) 35% 12,903 4 20x2 20X1 5 Tax Difference Tax DTA (OT) Book Tax Difference 5 20X2 20x2 DTD or TTD rate Balance 20X1 20X1 20X1 7 Assets 8 Current assets: 9 Cash $ 172,289 S 69,840 $ 69,840 10 Accounts Receivable 452,629 51429 35% 18,000 265,300 293 871 28,571 11 Inventories 478,300 329,852 329,852 12 Other 42,700 32,900 32,900 13 Total current assets $ 1,145,918 $ 697,892 $ 726,463 14 Noncurrent assets: 15 Investment securities 315,000 315,000 315,000 16 Land held for investment 65,000 90,000 90,000 17 Property and equipment, net 1,722 258 (62,408) 35% (21843) 810,510 805,606 (4,904) 18 Deferred tax asset net (33,139) 57,187 (57,187) 19 Org. Exp. and Start up costs 34 233 34 233 35% 11.982 36,866 36,866 20 Other noncurrent assets 31.600 34,300 34,300 21 Total noncurrent assets: $ 2,168 091 $ 1,306,992 S 1,281,272 22 Total assets $ 3,314,009 $ 2,004,889 $ 2,008,235 23 24 Liabilities 25 Current liabilities: 26 Accounts payable $ 253,200 S 245,300 S 245,300 27 Federal income taxes payable (81953) N/A 28 Current portion of long-term debt 39,600 50,000 50,000 29 Total current liabilities S 292.800 $ 295 300 s 295,300 30 Noncurrent liabilities: 31 Warranty Payable $ 17143 35% 6,000 $ 31,429 $ 31429 32 Deferred Compensation 34,285 35% 12,000 71,429 71,429 33 Notes payable 1.488,974 (1) 875.991 825.991 34 Total noncurrent liabilities $ 1488,974 $ 978,849 $875.991 35 Total liabilities S. 1.781,774 S 1,274,149 S 1,171,291 36 37 Stockholders' Equity 38 Common Stock Not applicable for tax $225,000 Not applicable for tax 39 Additional paid-in capital Not applicable for tax 370,000 Not applicable for tax 40 Retained earnings Not applicable for tax 135,740 Not applicable for tax 41 Total labilities and stockholders' equity $ $ 2,004,889 42 43 *Note that any amount in the difference coumulative book - tax difference associated with the corresponding balance sheet account. 44 **Identify Temporary Differences as eithorary (DTD) or Taxable Temporary (TTD) 45 Federal income taxes payable does nce or taxable temporary difference because federalincome taxes are never deductible for federal income tax purposes. 46 35% 35% 11.000 25.000 - Capital Loss Camry forward Deferred Tax Provision
