In December 2024, a company collected $40,000 in rent for future tenant occupancy. The rent revenue...

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In December 2024, a company collected $40,000 in rent for future tenant occupancy. The rent revenue will be earned evenly over the next 2 years (2025-2026). Tax rates during the period (all known in 2024) are provided below. There are no other differences between accounting income and taxable income in any year. Year 2024 2025 2026 Required: 1. Tax rate 25% 25% 30% Assume that taxable income in 2024 is $64,000. What is pretax accounting income for 2024? 2. What is the balance of the deferred tax account at the end of 2024? 3. The journal entry to record income taxes in 2025 will include a: (Click to select) www (Click to select) (Click to select) A company reports pretax accounting income of $148,000, but due to a single temporary difference, taxable income is $166,000. At the beginning of the year, no temporary differences existed. The tax rate for all years is 30%. Required: 1. What will the company report in the income statement pertaining to income taxes? 2. What will the company report in the balance sheet pertaining to income taxes? 3. What is net income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What will the company report in the income statement pertaining to income taxes? (Enter as a positive value.) Income Statement Account Reported Income tax expense Amount < Required 1 Required 2 > Required 1 Required 2 Required 3 What will the company report in the balance sheet pertaining to income taxes? (Enter as positive values.) Balance Sheet Account Reported Amount < Required 1 Required 3 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is net income? Net income Required 3 < Required 2 Required 3 > In December 2024, a company collected $40,000 in rent for future tenant occupancy. The rent revenue will be earned evenly over the next 2 years (2025-2026). Tax rates during the period (all known in 2024) are provided below. There are no other differences between accounting income and taxable income in any year. Year 2024 2025 2026 Required: 1. Tax rate 25% 25% 30% Assume that taxable income in 2024 is $64,000. What is pretax accounting income for 2024? 2. What is the balance of the deferred tax account at the end of 2024? 3. The journal entry to record income taxes in 2025 will include a: (Click to select) www (Click to select) (Click to select) A company reports pretax accounting income of $148,000, but due to a single temporary difference, taxable income is $166,000. At the beginning of the year, no temporary differences existed. The tax rate for all years is 30%. Required: 1. What will the company report in the income statement pertaining to income taxes? 2. What will the company report in the balance sheet pertaining to income taxes? 3. What is net income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What will the company report in the income statement pertaining to income taxes? (Enter as a positive value.) Income Statement Account Reported Income tax expense Amount < Required 1 Required 2 > Required 1 Required 2 Required 3 What will the company report in the balance sheet pertaining to income taxes? (Enter as positive values.) Balance Sheet Account Reported Amount < Required 1 Required 3 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is net income? Net income Required 3 < Required 2 Required 3 >

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1 Assume that taxable income in 2024 is 64000 What is pretax accounting income for 2024 Pretax Accou... View the full answer