Question
Use the following information to answer the remaining questions: The records for Bosh Co show this data form 2015 Gross profit on installments sales recorded
Use the following information to answer the remaining questions:
The records for Bosh Co show this data form 2015
- Gross profit on installments sales recorded on the books was $420,000.Of that amount, $280,000 was reported as taxable income on the 2015 tax return.The remaining amount of $140,000 will be collected and taxed in 2016.
- Life insurance proceeds collected during the year were $3,800.
- Machinery was acquired in January for $300,000.It is being depreciated over a 10 year period using the straight-line method.Depreciation expense on the tax return amount to $42,000 on this piece of equipment.
- Interest received on tax exempt Iowa State bonds was $9,000
- The estimated warranty liability related to 2015 sales was $21,600.Warranty repair costs deducted on the tax return amounted to $13,600.The rest will be deducted in 2016.
- Pretax financial income is $600,000.The tax rate is 30%.
When preparing the Balance Sheet for 2015, how much will be shown as a LONG TERM deferred tax liability?
In preparing the Income Statement for 2015, how much will "Current Income Taxes" be shown for?
In preparing the Income Statement for 2015, how much will "Deferred Income Taxes" be shown for?
In preparing the Income Statement, how much will the after tax Net Income be?
Use the following format: 1,000 for additions and (1,000) for subtractions
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