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E19-1(LO1,2) (Terminology, Relationships, Computations, Entries)

Instructions

Complete the following statements by filling in the blanks.

(a) In a period in which a taxable temporary difference reverses, the reversal will cause taxable income to be _____ (less than, greater than) pretax financial income.

(b) If a $76,000 balance in Deferred Tax Asset was computed by use of a 40% rate, the underlying cumulative temporary difference amounts to $_____.

(c) Deferred taxes _____ (are, are not) recorded to account for permanent differences.

(d) If a taxable temporary difference originates in 2017, it will cause taxable income for 2017 to be _____ (less than, greater than) pretax financial income for 2017.

(e) If total tax expense is $50,000 and deferred tax expense is $65,000, then the current portion of the expense computation is referred to as current tax _____ (expense, benefit) of $_____.

(f) If a corporations tax return shows taxable income of $100,000 for Year 2 and a tax rate of 40%, how much will appear on the December 31, Year 2, balance sheet for Income taxes payable if the company has made estimated tax payments of $36,500 for Year 2? $_____.

(g) An increase in the Deferred Tax Liability account on the balance sheet is recorded by a _____ (debit, credit) to the Income Tax Expense account.

(h) An income statement that reports current tax expense of $82,000 and deferred tax benefit of $23,000 will report total income tax expense of $_____.

(i) A valuation account is needed whenever it is judged to be _____ that a portion of a deferred tax asset _____ (will be, will not be) realized.

(j) If the tax return shows total taxes due for the period of $75,000 but the income statement shows total income tax expense of $55,000, the difference of $20,000 is referred to as deferred tax _____ (expense, benefit).