The following information is available for Remmers Corporation for 2012. 1. Depr
ID: 2372728 • Letter: T
Question
The following information is available for Remmers Corporation for 2012.1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $136,400. This difference will reverse in equal amounts of $34,100 over the years 2013%u20132016. 2. Interest received on municipal bonds was $16,100. 3. Rent collected in advance on January 1, 2012, totaled $66,600 for a 3-year period. Of this amount, $44,400 was reported as unearned at December 31, 2012, for book purposes. 4. The tax rates are 40% for 2012 and 35% for 2013 and subsequent years. 5. Income taxes of $329,400 are due per the tax return for 2012. 6. No deferred taxes existed at the beginning of 2012. The following information is available for Remmers Corporation for 2012.
1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $136,400. This difference will reverse in equal amounts of $34,100 over the years 2013%u20132016. 2. Interest received on municipal bonds was $16,100. 3. Rent collected in advance on January 1, 2012, totaled $66,600 for a 3-year period. Of this amount, $44,400 was reported as unearned at December 31, 2012, for book purposes. 4. The tax rates are 40% for 2012 and 35% for 2013 and subsequent years. 5. Income taxes of $329,400 are due per the tax return for 2012. 6. No deferred taxes existed at the beginning of 2012. Show List of Accounts Show List of Accounts Show List of Accounts Show Solution Show Solution Show Solution Show Answer Show Answer Show Answer Link to Text Link to Text Link to Text Problem 19-1 The following information is available for Remmers Corporation for 2012.
1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $136,400. This difference will reverse in equal amounts of $34,100 over the years 2013%u20132016. 2. Interest received on municipal bonds was $16,100. 3. Rent collected in advance on January 1, 2012, totaled $66,600 for a 3-year period. Of this amount, $44,400 was reported as unearned at December 31, 2012, for book purposes. 4. The tax rates are 40% for 2012 and 35% for 2013 and subsequent years. 5. Income taxes of $329,400 are due per the tax return for 2012. 6. No deferred taxes existed at the beginning of 2012.
Explanation / Answer
a) X (.40) = $136,400.taxes due for 2010 ============================================================================================================================================================================================= X = $136,400.
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