12 Woodland Hills Company reported income before taxes (pretax financial income) in its income statement of $60,000. Among the items included in the computation of pretax financial income were the following: Non-taxable interest revenue from municipal bonds Warranty expenses (not tax deductible until actually provided; none provided this year) $25,000 10,000 The income tax rate is 40%. Which ONE of the following is reported in Woodland Hills Company's balance sheet at the end of the year? Deferred Tax Asset, $10,000 Deferred Tax Liability, $4,000 Deferred Tax Asset, $4,000 Income Taxes Payable, $14,000

A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance 150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation 100,000Income tax rate 30% Required: 1. How much is the taxable income?2. How much is the accounting income subject to tax?3. How much is the permanent difference?4. How much is the net temporary differences?

A company reported in the income statement for the current year 900,000 income before provision for income tax. Please consider the following information: Rent income received in advance 150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation 100,000Income tax rate 30% What amount should be reported as current provision for income tax or current tax expense for the current year?A. 225,000B. 270,000C. 230,000D. 220,000

1. Faye Faye Corporation's statement of financial performance for the year ended December 31, 20X2, shows pretax income of P 1,000,000. The following items are treated differently on the tax return and in the accounting records.   Tax Return Accounting Records Rent income P 70,000 P 120,000 Depreciation Expense 280,000 220,000 Premiums on officers' life insurance   90,000 Faye Faye's rate for 20X2 is 30%.     How much is the current tax expense for 20X2?

Sneed Corporation reported balances in the following accounts for the current year: Income taxes payable Deferred tax liability Income tax expense was $232 for the year. What was the amount paid for taxes? Beginning $ 53 84 $188. $212. $285. ○ $199. Ending $ 33 148

A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30%   How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000

1. Given the following information, calculate the tax liability for year 1. The Net Operating Income is $97,200. Capital Expenditure is $8,500. Interest is $51,219. Principal is $8,852. Depreciation $21,662. Amortized Financing Costs is 792. Ordinary tax rate is 35%. $26,059 $9,488 $11,209 $27,640

A company reported in the income statement for the current year 900,000 income before provision for income tax. Please consider the following information: Rent income received in advance 150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation 100,000Income tax rate 30% What amount should be reported as current provision for income tax or current tax expense for the current year?

A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30%   1. How much is the taxable income?A. 950,000B. 750,000C. 850,000D. 700,0002. How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000Thank you.

The pre-tax income statements for Moonstone Ltd. for two years (summarized) were as follows: 20X8 20X9 Revenues 266,000 S 330,000 Expenses 181,000 237,000 Pre-tax income s 85,000 $ 93,000 For tax purposes, the following income tax differences existed: a. Revenues on the 20X9 statement of profit and loss include $37,000 rent, which is taxable in 20X8 but was unearned at the end of 20X8 for accounting purposes. b. Expenses on the 20X9 statement of profit and loss include political contributions of $12,500, which are not deductible for income tax purposes. c. Expenses on the 20X8 statement of profit and loss include $20,900 of estimated warranty costs, which are not deductible for income tax purposes until 20X9. Required: 1. What was the accounting carrying value and tax basis for unearned revenue and the warranty liability at the end of 20X8 and 2OX9? 2. Compute (a) income tax payable, (b) deferred income tax, and (c) income tax expense for each period. Assume a tax rate of 30%. (Amounts…