Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Chapter 18, Problem 20E
Required:
Show how the preceding deferred tax items are reported on Thiel’s December 31, 2019, balance sheet.
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Thiel Company reports the following deferred tax items at the end of 2019:
Deferred TaxItem #
AccountBalance
Related Asset or LiabilityCreating the Deferred Tax Item
1
$6,300
debit
Current asset
2
7,800
credit
Current liability
3
10,500
debit
Noncurrent asset
4
15,300
credit
Noncurrent liability
Required:
Show how the preceding deferred tax items are reported on Thiel's December 31, 2019, balance sheet.
THIEL COMPANYBalance Sheet (Tax Items)December 31, 2019
Noncurrent Liabilities
$- Select -
Balance Sheet Presentation
Thiel Company reports the following deferred tax items at the end of 2019:
Deferred TaxItem #
AccountBalance
Related Asset or LiabilityCreating the Deferred Tax Item
1
$6,700
debit
Current asset
2
7,200
credit
Current liability
3
10,600
debit
Noncurrent asset
4
15,500
credit
Noncurrent liability
Required:
Show how the preceding deferred tax items are reported on Thiel's December 31, 2019, balance sheet.
THIEL COMPANYBalance Sheet (Tax Items)December 31, 2019
Noncurrent Liabilities
Deferred Tax asset or liability
$
Current Attempt in Progress
Sheridan Inc. reports the following pretax income Doss) for both financial reporting purposes and tax purposes.
Year
2018
2019
2020
2021
The tax rates listed were all enacted by the beginning of 2018.
(c)
Prepare the journal entries for the years 2018-2021 to record income tax expense (benefit) and income taxes payable
(refundable) and the tax effects of the loss carryforward, assuming that at the end of 2020 the benefits of the loss carryforward
are judged more likely than not to be realized in the future. (Credit account titles are automatically indented when amount is entered
Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts)
2018
Pretax Income
(Loss)
$128.000
96.000
(214.000)
310.000
2019
Date Account Titles and Explanation
2020
2021
Tax Rate
17 %
17%
19 %
19 %
List of Accounts
Safor Later
Debit
Credit
Attempts:0 of 4 used Sub
(b)
The parts of this question must be completed in order. This…
Chapter 18 Solutions
Intermediate Accounting: Reporting And Analysis
Ch. 18 - What source is used to determine income tax...Ch. 18 - Prob. 2GICh. 18 - Prob. 3GICh. 18 - Prob. 4GICh. 18 - Prob. 5GICh. 18 - Prob. 6GICh. 18 - What are the three characteristics of a liability,...Ch. 18 - Prob. 8GICh. 18 - When does a corporation establish a valuation...Ch. 18 - List the steps necessary to measure and record a...
Ch. 18 - Prob. 11GICh. 18 - Prob. 12GICh. 18 - Prob. 13GICh. 18 - Prob. 14GICh. 18 - Prob. 15GICh. 18 - Describe an operating loss carryforward. List the...Ch. 18 - Prob. 17GICh. 18 - Prob. 18GICh. 18 - Prob. 19GICh. 18 - Prob. 20GICh. 18 - Prob. 21GICh. 18 - Prob. 22GICh. 18 - Prob. 23GICh. 18 - Which of the following is not a cause of a...Ch. 18 - Which of the following is an argument in favor of...Ch. 18 - Prob. 3MCCh. 18 - Prior to and during 2019, Shadrach Company...Ch. 18 - At the beginning of 2019, Conley Company purchased...Ch. 18 - Oliver Company earned taxable income of 7,500...Ch. 18 - Prob. 7MCCh. 18 - Prob. 8MCCh. 18 - Brooks Company reported a prior period adjustment...Ch. 18 - Which component of current income is not disclosed...Ch. 18 - Parker Company identifies depreciation as the only...Ch. 18 - Refer to RE18-1. Assume that Parkers taxable...Ch. 18 - In the current year, Madison Corporation had...Ch. 18 - Refer to RE18-3. Prepare the additional journal...Ch. 18 - Turnip Company purchased an asset at a cost of...Ch. 18 - Prob. 6RECh. 18 - Compute Radish Companys taxable income given the...Ch. 18 - Sky Company reports a pretax operating loss of...Ch. 18 - Prob. 9RECh. 18 - Kline Company has the following items of pretax...Ch. 18 - Barth James Inc. has the following deferred tax...Ch. 18 - Cole Company had a deferred tax liability of 1,000...Ch. 18 - Future Taxable Amount Arrow Company began...Ch. 18 - Change in Tax Rates At the end of 2019, Sentry...Ch. 18 - Temporary Difference At the end of 2019, its first...Ch. 18 - Single Temporary Difference: Multiple Rates At the...Ch. 18 - Prob. 5ECh. 18 - Valuation Account At the end of 2019, its first...Ch. 18 - Deferred Tax Asset and Valuation Account Zeta...Ch. 18 - Incomc Taxes Then Company has been in operation...Ch. 18 - Prob. 9ECh. 18 - Multiple Temporary Differences Vickers Company...Ch. 18 - Multiple Tax Rates For the year ended December 31,...Ch. 18 - Temporary and Permanent Differences Lin has just...Ch. 18 - Temporary and Permanent Differences Assume the...Ch. 18 - Operating Loss At the end of 2019, Keil Company...Ch. 18 - Operating Loss At the end of 2019, its first year...Ch. 18 - Operating Loss Baxter Company began operations in...Ch. 18 - Intraperiod Tax Allocation Wright Company reports...Ch. 18 - Prob. 18ECh. 18 - Prob. 19ECh. 18 - Balance Sheet Presentation Thiel Company reports...Ch. 18 - Uncertain Tax Position At the end of the current...Ch. 18 - Definitions The FASB has defined several terms in...Ch. 18 - Temporary and Permanent Differences In the current...Ch. 18 - Multiple Temporary Differences Wilcox Company has...Ch. 18 - Interperiod Tax Allocation Klerk Company had four...Ch. 18 - Prob. 5PCh. 18 - Interperiod Tax Allocation Quick Company reports...Ch. 18 - Deferred Tax Liability: Depreciation At the...Ch. 18 - Deferred Tax Liability: Depreciation Gire Company...Ch. 18 - Interperiod Tax Allocation Peterson Company has...Ch. 18 - Operating Loss Ross Company has been in business...Ch. 18 - Prob. 11PCh. 18 - Comprehensive Colt Company reports pretax...Ch. 18 - Prob. 13PCh. 18 - Comprehensive Jayryan Company sells products in a...Ch. 18 - Prob. 1CCh. 18 - Prob. 2CCh. 18 - Prob. 3CCh. 18 - Interperiod and Intraperiod Tax Allocation Income...Ch. 18 - Prob. 5CCh. 18 - Intel-period Tax Allocation Chris Green, CPA, is...Ch. 18 - Prob. 7CCh. 18 - Analyzing Coca-Colas Income Tax Disclosures Obtain...Ch. 18 - Prob. 9C
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