Jeonbuk Company has two temporary differences between its income tax expense and income taxes payable. The information
Question:
Instructions
(a) Prepare the journal entry to record income tax expense, deferred income taxes, and income tax payable for 2010, 2011, and 2012.
(b) Assuming there were no temporary differences prior to 2010, indicate how deferred taxes will be reported on the 2012 statement of financial position. Jeonbuks product warranty is for 12 months.
(c) Prepare the income tax expense section of the income statement for 2012, beginning with the line Pretax financialincome.
Transcribed Image Text:
2010 2011 2012 Pretax financial income Excess depreciation expense on tax return Excess warranty expense in financial income Taxable income 840,000,000 쀼910,000,000 ₩945,000,000 (30,000,000) (40,000,000) (20,000,000) 10,000,000 830,000,000 \880,000,000 933,000,000 20,000,000 8,000,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
Answered By
Atuga Nichasius
I am a Highly skilled Online Tutor has a Bachelor’s Degree in Engineering as well as seven years of experience tutoring students in high school, bachelors and post graduate levels. I have a solid understanding of all learning styles as well as using asynchronous online platforms for tutoring needs. I individualise tutoring for students according to content tutoring needs assessments.
My strengths include good understanding of all teaching methods and learning styles and I am able to convey material to students in an easy to understand manner. I can also assists students with homework questions and test preparation strategies and I am able to help students in math, gre, business , and statistics
I consider myself to have excellent interpersonal and assessment skills with strong teaching presentation verbal and written communication
I love tutoring. I love doing it. I find it intrinsically satisfying to see the light come on in a student's eyes.
My first math lesson that I taught was when I was 5. My neighbor, still in diapers, kept skipping 4 when counting from 1 to 10. I worked with him until he could get all 10 numbers in a row, and match them up with his fingers.
My students drastically improve under my tutelage, generally seeing a two grade level improvement (F to C, C to A, for example), and all of them get a much clearer understanding!
I am committed to helping my students get the top grades no matter the cost. I will take extra hours with you, repeat myself a thousand times if I have to and guide you to the best of my ability until you understand the concept that I'm teaching you.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0470616314
IFRS edition volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
Jeonbuk Ltd. has two temporary differences between its income tax expense and income taxes payable. The information is shown below. The income tax rate for all years is 40%. Instructions a. Prepare...
-
(Two Temporary Differences, One Rate, 3 Years) Gordon Company has two temporary differences between its income tax expense and income taxes payable. The information is shown below. The income tax...
-
Button Company has two temporary differences between its income tax expense and income taxes payable. The information is shown below. The income tax rate for all years is 40%. Instructions (a)...
-
As purchasing agent for Laurentian Enterprises in Quebec City, you ask your buyer to provide you with a ranking of excellent, good, fair or poor for a variety of characteristics for two potential...
-
A battery may be rated in ampere-hours (Ah). A lead-acid battery is rated at 160 Ah. (a) What is the maximum current it can supply for 40 h? (b) How many days will it last if it is discharged at 1 mA?
-
Pronghorn Design Works generated $315,840 in operating income on sales revenue of $2,632,000. The company had $1,860,000 in assets on January 1 and $2,840,000 in assets on December 31. (a-b) (a)...
-
The CEO of the company asks you to justify the 10 percent increase in sales training expenditures for next year. How would you satisfy this request by the CEO?
-
Can Marta avoid the contract on the ground that both parties made a mistake about the condition of the house? Explain. Chelene had been a caregiver for Martas eighty-year-old mother, Janis, for nine...
-
You are provided with the following summarised information relating to Virgo Limited, a wheel caps and rims distributor: Statement of Financial Position ( balance sheet ) as at 3 1 December 2 0 1 9 :...
-
Sax Co. sells insurance, and it has recently become a listed company. In accordance with corporate governance guidelines, the finance director of Sax is reviewing the companys corporate governance...
-
At December 31, 2010, Takeshi Corporation had a deferred tax liability of 680,000,000 resulting from future taxable amounts of 2,000,000,000 and an enacted tax rate of 34%. In May 2011, a new income...
-
At December 31, 2010, Cascade Company had the following deferred tax items. Resulting Balances Temporary Differences in Deferred Taxes 1. Excess of tax depreciation over book depreciation...
-
Draw the differentiator output in Figure 1559, showing maximum voltages. Vin 4.5 V 0 10 ms 10 ms | 10 ms] C 1 F WWW R 1.0 Vout FIGURE 15-59
-
Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: Average Cost per Unit Direct...
-
Jeters Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $600 12 Purchases 370 6 2,220 23...
-
1. Discount Banners pays $220,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $75,000, the building $162,500, and the...
-
OA upset forging operation is performed in an open die. The initial size of the workpart is: Do = 63 mm, and ho = 100 mm. The part is upset to a diameter = 70 mm. The work metal has a flow curve with...
-
In the EV charging market, Chargepoint sells subscription software enabling bigger customers to manage charging vehicles themselves. This is an example of profit pyramid model O advertising model O...
-
Use Eq. (2) to expand the function in a power series with center c = 0 and determine the interval of convergence. 1-x #=0 for [x] < 1
-
Juanita owns a home in Richardson, TX. She purchases a Homeowners Policy (HO-3) from Farm State Ins. Co. The policy provides $100,000 in liability coverage (coverage E) and $5,000 in Med Pay coverage...
-
Amy contracts to sell her ranch to Bastien, who is to take possession on June
-
Nonmonetary Exchange Alatorre Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to...
-
Nonmonetary Exchange Santana Company exchanged equipment used in its manufacturing operations plus $2,000 in cash for similar equipment used in the operations of Delaware Company. The following...
-
Analysis of Subsequent Expenditures Accardo Resources Group has been in its plant facility for 15 years. Although the plant is quite functional, numerous repair costs are incurred to maintain it in...
-
Hall & Company issues $ 1 0 0 , 0 0 0 , 0 0 0 in 6 % bonds with detachable warrants of 1 0 warrants for each $ 1 , 0 0 0 bond. The bonds are issued at 9 9 . Record the issuance under the following...
-
Assume that hein acquired Dolan Development last year. Hein recorded the following intangible assets on the date of acquisition: Goodwill: $ 1 , 5 0 0 , 0 0 0 Dolan Development trademark: $ 6 0 0 , 0...
-
What is the total amount of interest that will be paid of the loan is carried to term with no extra payments made building cost 3 3 0 0 0 0 . loan started im Dec 2 0 2 3 worh a 7 . 5 % interest rate...
Study smarter with the SolutionInn App