MC 16.74 – Giada Foods
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Determine the balance in the deferred tax liability section of the company’s balance sheet.
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Determine the balance in the deferred tax liability section of the company’s balance sheet.
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Identify the company’s current income tax payable
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Given pretax income and tax rate they ask you to determine the amount reported as the deferred tax asset for the NOL carryforward.
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Given the pretax accounting income for three years along with the tax rate they ask you to identify the company’s net loss during the year.
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Given pretax accounting income for three years along with the tax rate they ask you to calculate the company’s net income during the year.
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Given pretax income and the tax rate, they ask you to determine the company’s income tax expense for the year.
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Given the pretax accounting income, the taxable income, and the income tax rate … find the cumulative temporary difference along with the deferred tax asset for three years.
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Given the cost of sold land, the amounts collected per year, the pretax income in year one, and the enacted tax rate… prepare journal entries for the income tax along with the deferred tax liability.
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Given the asset cost, the depreciation per year, the accounting income before taxes, and depreciation…. prepare journal entries for the income tax.
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Given the year one pretax accounting incomes for the four-year period, the investment on the sale of the property, and the interest on the sale of the property along with the tax rate… prepare the year-end journal entries to record income taxes for the four years.
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