Question: 21. Wayne Co. had a decrease in deferred tax liability of S25 million, a decrease in deferred tax assets of $15 million, and an increase

21. Wayne Co. had a decrease in deferred tax liability of

21. Wayne Co. had a decrease in deferred tax liability of S25 million, a decrease in deferred tax assets of $15 million, and an increase in tax payable of S105 million. The company is subject to a tax rate of 25%. The total income tax expense for the year was: $140 million $110 million $95 million S115 million. 22. Information for Kent Corp. for the year 2021 Reconciliation of pretax accounting income and taxable income! Pretax accounting income Permanent differences $ 180,900 (15,500) 165,400 (12,900) $ 152,500 Temporary difference-depreciation Taxable income Cumulative future taxable amounts all from depreciation temporary differences As of December 31, 2020 As of December 31, 2021 S 13,400 $ 26,300 The enacted tax rate was 30% for 2020 and thereafter. What should Kent report as the current portion of its income tax expense in the year 2021 None of these answer choices are correct. $45,750. $54,270 $49,620

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

1. Wayne Co. had a decrease in deferred tax liability of $34 million, a decrease in deferred tax assets of $24 million, and an increase in tax payable of $114 million. The company is subject to a tax...

Wayne Co. had a decrease in deferred tax liability of $20 million, a decrease in deferred tax assets of $10 million, and an increase in tax payable of $100 million. The company is subject to a tax...

Wayne Co. had a decrease in deferred tax liability of $26 million, a decrease in deferred tax assets of $16 million, and an increase in tax payable of $106 million. The company is subject to a tax...

Wayne Co. had a decrease in deferred tax liability of $20 million, a decrease in deferred tax assets of $10 million, and an increase in tax payable of $100 million. The company is subject to a tax...

Wayne Co. had a decrease in deferred tax liability of $28 million, a decrease in deferred tax assets of $18 million, and an increase in tax payable of $108 million. The company is subject to a tax...

Wayne Co. had a decrease in deferred tax liability of $33 million, a decrease in deferred tax assets of $23 million, and an increase in tax payable of $113 nillion. The company is subject to a tax...

TB MC Qu. 16-43 (Algo) Wayne Co. had a decrease in deferred tax liability... Wayne Co. had a decrease in deferred tax liability of $32 million, a decrease in deferred tax assets of $22 million, and...

Wayne Corporation had a decrease in deferred tax liability of $24 million, a decrease in deferred tax assets of $14 milion, and an increase in tax payable of $104 million. The company is subject to a...

Wayne Corporation had a decrease in deferred tax liability of $26 million, a decrease in deferred tax assets of $16 million, and an increase in tax payable of $106 million. The company is subject to...

Kelly Gray, production manager, was upset with the latest performance report, which indicated that she was $100,000 over budget. Given the efforts that she and her workers had made, she was confident...

At 27C, the vapor pressure of pure water is 23.76 mmHg and that of an urea solution is 22.98 mmHg. Calculate the molality of solution.

The cash flows associated with common stock are difficult to evaluate due to the uncertainty and variability associated with them.

I want to display the events page in my navbar but it wont work? controllers JS cinemaController.js > Images > models > node_modules > styles Trailers elfTrailer.htm GoodBadUgly.htm views cinema...