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Can you please help with this question? Please keep the same format Swifty Corp. reported the following differences between SFP carrying amounts and tax bases
Can you please help with this question? Please keep the same format
Swifty Corp. reported the following differences between SFP carrying amounts and tax bases at December 31 , 2019: The differences between the carrying amounts and tax bases were expected to reverse as follows: Tax rates enacted at December 31,2019 were 31% for 2019,30% for 2020,29% for 2021 , and 28% for 2022 and later years. During 2020, Swifty Corp. made four quarterly tax instalment payments of $7,000 each and reported income before income tax on its income statement of $109,500. Included in this amount were dividends from taxable Canadian corporations of $4,700 (non-taxable income) and $21,000 of expenses related to the executive team's golf dues (non-tax-deductible expenses). There were no changes to the enacted tax rates during the year. As expected, book depreciation in 2020 exceeded the capital cost allowance claimed for tax purposes by $17,000, and there were no additions or disposals of property, plant, and equipment during the year. A review of the 2020 activity in the Warranty Liability account in the ledger indicated the following All warranties are valid for one year only. The Pension Liability account reported the following activity: Pension expenses are deductible for tax purposes, but only as they are paid to the trustee, not as they are accrued for financial reporting purposes. Swifty Corp. reports under IFRS. Calculate the Deferred Tax Asset or Deferred Tax Liability account at December 31, 2019. Deferred tax $ Calculate the Deferred Tax Asset or Deferred Tax Liability account at December 31, 2020. Deferred tax $ Prepare all income tax entries for Swifty Corp. for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Identify the balances of all income tax accounts at December 31. 2020, and show how they will be reported on the comparative statements of financial position at December 31,2020 and 2019, and on the income statement for the year ended December 31 . 2020. (Enter negative amounts using either a negative sign preceding the number eg. - 45 or parentheses e.g. (45).) How would your responses to (a) and (d) change if Swifty Corp. followed the ASPE future/deferred income taxes method? From part (a) How would your responses to (a) and (d) change if Swifty Corp. followed the ASPE future/deferred income taxes method? From part (a) SFP classificationStep by Step Solution
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