Exercise 19-8 2014 2015 2016 $841,800 $918,300 $948,600 (36,300 ) (43,200 ) (29,
ID: 2461440 • Letter: E
Question
Exercise 19-8
2014
2015
2016
$841,800
$918,300
$948,600
(36,300
)
(43,200
)
(29,500
)
23,800
14,630
9,650
$829,300
$889,730
$928,750
Warning
Don't show me this message again for the assignment
Ok
Cancel
Account Titles and Explanation
Debit
Credit
2014
2015
2016
Warning
Don't show me this message again for the assignment
Ok
Cancel
Show List of Accounts
Link to Text
Link to Text
Button Company
Balance Sheet
2016
Warning
Don't show me this message again for the assignment
Ok
Cancel
Show List of Accounts
Link to Text
Link to Text
Button Company
Income Statement (Partial)
Year ended December 31, 2016
Warning
Don't show me this message again for the assignment
Ok
Cancel
Show List of Accounts
Link to Text
Link to Text
Exercise 19-8
Button Company has the following two temporary differences between its income tax expense and income taxes payable.2014
2015
2016
Pretax financial income$841,800
$918,300
$948,600
Excess depreciation expense on tax return(36,300
)
(43,200
)
(29,500
)
Excess warranty expense in financial income23,800
14,630
9,650
Taxable income$829,300
$889,730
$928,750
The income tax rate for all years is 40%.
Warning
Don't show me this message again for the assignment
Ok
Cancel
Explanation / Answer
Date Account Title and Explainations Debit Credit 2014 Income Tax Expense 3,36,720.00 Deferred Tax Asset 9,520.00 Income Tax Payable 3,31,720.00 Deferred Tax Liability 14,520.00 2015 Income Tax Expense 3,67,320.00 Deferred Tax Asset 5,852.00 Income Tax Payable 3,55,892.00 Deferred Tax Liability 17,280.00 2016 Income Tax Expense 3,79,440.00 Deferred Tax Asset 3,860.00 Income Tax Payable 3,71,500.00 Deferred Tax Liability 11,800.00 Balance Sheet Presentation 2014 2015 2016 Current Assets Deferred Tax Asset 9,520.00 5,852.00 3,860.00 Long Term Liability Deferred Tax Liability 14,520.00 17,280.00 11,800.00
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.