A company has a deferred tax liability of $40,000 at the beginning of the fiscal year relating
Question:
A company has a deferred tax liability of $40,000 at the beginning of the fiscal year relating to a taxable temporary difference of $100,000. The tax rate for the year increased from 40% to 45%.
Required:
Provide the journal entry to reflect the tax rate change.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (6 reviews)
The journal entry to reflect the tax rate change include adj...View the full answer
Answered By
James Warinda
Hi! I’m James Otieno and I'm an experienced professional online tutor with countless hours of success in tutoring many subjects in different disciplines. Specifically, I have handled general management and general business as a tutor in Chegg, Help in Homework and Trans tutor accounts.
I believe that my experience has made me the perfect tutor for students of all ages, so I'm confident I can help you too with finding the solution to your problems. In addition, my approach is compatible with most educational methods and philosophies which means it will be easy for you to find a way in which we can work on things together. In addition, my long experience in the educational field has allowed me to develop a unique approach that is both productive and enjoyable.
I have tutored in course hero for quite some time and was among the top tutors awarded having high helpful rates and reviews. In addition, I have also been lucky enough to be nominated a finalist for the 2nd annual course hero award and the best tutor of the month in may 2022.
I will make sure that any student of yours will have an amazing time at learning with me, because I really care about helping people achieve their goals so if you don't have any worries or concerns whatsoever you should place your trust on me and let me help you get every single thing that you're looking for and more.
In my experience, I have observed that students tend to reach their potential in academics very easily when they are tutored by someone who is extremely dedicated to their academic career not just as a businessman but as a human being in general.
I have successfully tutored many students from different grades and from all sorts of backgrounds, so I'm confident I can help anyone find the solution to their problems and achieve
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
A storage tank acquired at the beginning of the fiscal year at a cost of $86,000 has an estimated residual value of $10,000 and an estimated useful life of eight years. Determine the following: (a)...
-
A company has a deferred tax liability of $29,900 at the beginning of the fiscal year. The companys records show that it had taxable temporary differences totalling $115,000 entering the year. In the...
-
At the beginning of its fiscal year 2006, an analyst made the following forecast for General Mills, Inc., the consumer foods company, for 2006-2009 (in millions of dollars): General Mills reported...
-
Solve the linear equation with the x-intercept method. Check your answer. Approximate the solution to the nearest thousandth whenever appropriate. 2x = -(3x)
-
Describe quality management ideas and practices suggested by quality advocates Deming, Ishikawa, Juran, and Feigenbaum (discussed in this chapter in the Quality Advocates section)?
-
Simplify the given expression. (12+-6)2 Hint: If you need to, you can enter a fraction using the slash "/" symbol. For example, to enter in 2/9. (1/2+ - 6)2= 31-12 20 type
-
Explain the ways that anthropology can play a critical role in evaluating and finding solutions to problems that face the world.
-
1. What does Rawls mean when he states that justice is the first virtue of social institutions? 2. How does he describe what he calls the original position and the veil of ignorance, from behind...
-
Evaluate the definite integral 5 L (8x+6)dz skmistor
-
In a nonmagnetic material, H = 30 cos (2 X 10 8 t 6x) a y , mA/m find: (a) The intrinsic impedance, (b) The Poynting vector, (c) The time-average power crossing the surface x = 1,0 < y < 2, 0 < z <...
-
Vanier Corporation reported the following information at the beginning of its current fiscal year: During the year, Vanier reported the following information: Income before income taxes for the year...
-
RCD Company started operations in 2019. The financial statements of RCD reflected the following pre-tax amounts for its December 31 year-end: RCD had a tax rate of 30% in 2019 and 35% in 2020,...
-
Find the domain of the function. Do not use a graphing calculator. x - t^ - x^ = (x) 4
-
What are the parallels between a standard such as ISO 31000:2018 and the Risk Management Plan?
-
What steps can be taken during negotiation to assist in a constructive outcome for all parties involved?
-
What is the key difference between a fixed price contract and a cost-reimbursable contract?
-
When would a time and materials (T\&M) contract be used?
-
What considerations should be taken into account when contracting in a Scrum (Agile) project?
-
Determine the area of the parallelogram determine by the points (1, 4), (-1, 5), (3, 9), and (5, 8). How can you tell that the quadrilateral determined by the points is actually a parallelogram?
-
Find an equation of the given line. Slope is -2; x-intercept is -2
-
The following selected account balances are taken from the financial statements of Mandrich Inc. at its calendar year end prepared using IFRS: At December 31, 2020, the following information is...
-
Malouin Corp.'s income statement for the year ended December 31, 2020, had the following condensed information: Instructions a. Prepare the operating activities section of the statement of cash flows...
-
The following are the transactions from Izzy Inc. concerning its allowance for doubtful accounts. 1. Write off of accounts receivable........................$5,000 2. Recovery of accounts previously...
-
You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company's interest expense for the year ended December 31, 2021. Your accounting group provided...
-
How do the dynamics change in Calm Down by Selena Gomez ?
-
A company's inventory records report the following: August 1 August 5 August 12 Beginning balance Purchase Purchase 23 units @ $13 18 units $12 22 units @ $13 On August 15, it sold 46 units. Using...
Study smarter with the SolutionInn App