0O AT&T; 4G 1:50 PM * 29 % . Atrás Test #1 Chapter 19.xlsx for the next three ye

Question

0O AT&T; 4G 1:50 PM * 29 % . Atrás Test #1 Chapter 19.xlsx for the next three years. The respective reversal amounts follow 018 Part 1: One Temporary Difference, Future Taxable Amounts, One Rate, Beginning Defered Tases Other information concerning the company's finangial information follows 327,766.00 outh Carolina'spretax financial income for 2017 Tax rabe for all years 27% There are noe deferred taxes at the beginning of 2017 Instructions (al Compute taxable income and income taxes payable for 2017 t hepare the journal entry to fecord income tax experne, deferred income taxes, and income taxes payable or 2017 Future Years Total hepare the income tax expense section of the income statenent for 2017, bermu with the lie before income taxes. one 4 ]

Explanation / Answer

Answer :

Part-a

Computation of taxable income and Income tax payable for the year 2017

Temporary Diff.

($15,000+$87,000+$21,000)

Part -b

Journal Enrtry to record Income tax expenses, Deferred income tax, and Income tax payable for 2017

Income Tax Expenses                         $88,497

        To Income Tax Payable                             $55,287

        To Deferred Tax Liability                           $33,210

Part-C-: Income Statement 2017

Income before Income Tax                $327,766

Less: Income Tax Expenses

                Income Tax Liability               $55,287

                Deferred Tax Liability             $33,210

Net Income After Tax                        $239,269

Tax Computation statement Financial Income $327,766

Temporary Diff.

($15,000+$87,000+$21,000)

($123,000) Taxable income $204,766 Tax Rate 27% Income Tax ($207,766*27%) $55,287

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