Shalom Company reported the following for the year ended December 31, 2021: Accounting income per book...
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Shalom Company reported the following for the year ended December 31, 2021: Accounting income per book Tax penalties Impairment loss on loan receivable Gross income on installment sale included in accounting income but taxable the following year Estimated liability for a court case Interest income on deposits Tax depreciation Accounting depreciation Amounts must be in whole numbers. Example: 101,000 or (101,000) Input our subject code for items with zero answers. 1. What is the taxable income for 2021? 2. Assume that the tax rate is 30%, what is the total income tax expense for the year? 3. What is the deferred tax asset on December 31, 2021? 4. What is the deferred tax liability on December 31, 2021? 3,600,000 90,000 300,000 240,000 210,000 110,000 150,000 100,000 Shalom Company reported the following for the year ended December 31, 2021: Accounting income per book Tax penalties Impairment loss on loan receivable Gross income on installment sale included in accounting income but taxable the following year Estimated liability for a court case Interest income on deposits Tax depreciation Accounting depreciation Amounts must be in whole numbers. Example: 101,000 or (101,000) Input our subject code for items with zero answers. 1. What is the taxable income for 2021? 2. Assume that the tax rate is 30%, what is the total income tax expense for the year? 3. What is the deferred tax asset on December 31, 2021? 4. What is the deferred tax liability on December 31, 2021? 3,600,000 90,000 300,000 240,000 210,000 110,000 150,000 100,000
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1 Taxable income for 2021 is 3450000 2 Income tax expense for the year is 1035000 3450000 x 30 ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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