Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone help me with this question, please? I know the would-be classified as a Deferred tax asset but what would be the answer be?

image text in transcribed

image text in transcribed

Can someone help me with this question, please? I know the would-be classified as a Deferred tax asset but what would be the answer be? how would we calculate? please show your work and thanks in advance!

I already calculated the deferred tax asset for 12/31/2013 ---> 18,000- 4500=13,500 x30%=4050 but how would i calculate for 12/31/2014?

DTL Abbreviations and meanings TextReaderImpl.Throw Exception e) DTA Deferred tax asset (balance sheet account)tream String name, Deferred tax liability (balance sheet account) Errors schemaErrors) ITE Income tax expense NOL Net operating loss BaseConfiguration Record. InitConfig FromFile PTFI Pretax financial income stack trace TI Taxable income articulation schema Errors ThrowErrors Boolea Account titles related to NOL carryback and carryforward journal entries. You won't need all of these. Allowance to Reduce Deferred Tax Asset to Expected Realizable Value Benefit Due to Loss Carryforward (ITE) guration System.OnConfigRemovedo Benefit Due to Loss Carryback (ITE)entArgs e) Deferred Tax Asset nner exception stack traces Deferred Tax Liability Income Tax Payable guration. Configuration Manager Prepare config System Income Tax Refund Receivable configuration Manager Refresh Section String at System.Configuration.ClientsettingsStore Read Settings String **************Information for multiple choice questions 8 through 12. Values Setti In its 2013 financial accounting income, Jasper Inc. reports municipal bond interest income of $5,000 and warranty expense of $18,000. For tax purposes, the municipal bond interest is non- taxable and the warranty costs are deducted at the rate of $4,500 per year as the costs are incurred. Jasper has no other differences between PTFI and Tl over the four year period. The table below summarizes tax and financial income for Jasper from 2013 to 2016: at System.Configuration Settings Base.get_ItemString property Name) Tax reporting 2013 2014 2015 2016 Revenues over deductions cations $25,000 $17,000 $18,000 $19,000 Warranty costs incurred (4.500 (4.500) (4.500 (4.500) Taxable income 20,500 12,500 1 3,500 14,500 Financial reporting Properties. Setti 2013 out 2014 ero 2015 2016 Revenues over expenses $25,000 $17,000 $18,000 $19,000 Municipal interest income 5,000 -O- Warranty expense accrued (18.000) -0- Pretax financial income 12,000 17,000 18,000 19,000 -0- -0. sectionName, Boolean isuserScoped) Assume an enacted tax rate of 30% for all years. The rates are known on 1/1/2013. The dollar amount reported as deferred taxes on the 12/31/2014 balance sheet isings 4 4 1 DTL Abbreviations and meanings TextReaderImpl.Throw Exception e) DTA Deferred tax asset (balance sheet account)tream String name, Deferred tax liability (balance sheet account) Errors schemaErrors) ITE Income tax expense NOL Net operating loss BaseConfiguration Record. InitConfig FromFile PTFI Pretax financial income stack trace TI Taxable income articulation schema Errors ThrowErrors Boolea Account titles related to NOL carryback and carryforward journal entries. You won't need all of these. Allowance to Reduce Deferred Tax Asset to Expected Realizable Value Benefit Due to Loss Carryforward (ITE) guration System.OnConfigRemovedo Benefit Due to Loss Carryback (ITE)entArgs e) Deferred Tax Asset nner exception stack traces Deferred Tax Liability Income Tax Payable guration. Configuration Manager Prepare config System Income Tax Refund Receivable configuration Manager Refresh Section String at System.Configuration.ClientsettingsStore Read Settings String **************Information for multiple choice questions 8 through 12. Values Setti In its 2013 financial accounting income, Jasper Inc. reports municipal bond interest income of $5,000 and warranty expense of $18,000. For tax purposes, the municipal bond interest is non- taxable and the warranty costs are deducted at the rate of $4,500 per year as the costs are incurred. Jasper has no other differences between PTFI and Tl over the four year period. The table below summarizes tax and financial income for Jasper from 2013 to 2016: at System.Configuration Settings Base.get_ItemString property Name) Tax reporting 2013 2014 2015 2016 Revenues over deductions cations $25,000 $17,000 $18,000 $19,000 Warranty costs incurred (4.500 (4.500) (4.500 (4.500) Taxable income 20,500 12,500 1 3,500 14,500 Financial reporting Properties. Setti 2013 out 2014 ero 2015 2016 Revenues over expenses $25,000 $17,000 $18,000 $19,000 Municipal interest income 5,000 -O- Warranty expense accrued (18.000) -0- Pretax financial income 12,000 17,000 18,000 19,000 -0- -0. sectionName, Boolean isuserScoped) Assume an enacted tax rate of 30% for all years. The rates are known on 1/1/2013. The dollar amount reported as deferred taxes on the 12/31/2014 balance sheet isings 4 4 1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Project Management Accounting Budgeting Tracking And Reporting Costs And Profitability

Authors: Kevin R. Callahan, Gary S. Stetz, Lynn M. Brooks

1st Edition

0470044691, 978-0470044698

More Books

Students also viewed these Accounting questions

Question

When do I give in to my bad habit?

Answered: 1 week ago