Question

Bridgeport Corporation has one temporary difference at the end of 2020 that will reverse and cause...

Bridgeport Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $57,500 in 2021, $62,100 in 2022, and $66,600 in 2023. Bridgeport’s pretax financial income for 2020 is $314,600, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020.

Compute taxable income and income taxes payable for 2020.

Taxable income   

Income taxes payable
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
1.) Pretax Financial Income        314,600
Less: Temporary Difference , taxable in future       -186,200 =57500+62100+66600
Taxable Income        128,400
2.) Taxable Income        128,400
x Tax rate 30%
Income Taxes Payable for 2020           38,520
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Bridgeport Corporation has one temporary difference at the end of 2020 that will reverse and cause...
Bridgeport Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $57,500 in 2021, $62,100 in 2022, and $66,600 in 2023. Bridgeport’s pretax financial income for 2020 is $314,600, and the tax rate is 30% for all years. There are no deferred taxes at the beginningCompute taxable income and income taxes payable for 2020. Taxable income Income taxes payable our answer has been saved and sent for grading. See Gradebook for score...
Shamrock Corporation has one temporary difference at the end of 2020 that will reverse and cause...
Shamrock Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $54,300 in 2021, $59,600 in 2022, and $64,900 in 2023. Shamrock’s pretax financial income for 2020 is $327,400, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020. Compute taxable income and income taxes payable for 2020. Taxable income $enter a dollar amount Income taxes payable $ Prepare the journal entry to...
Sheridan Corporation has one temporary difference at the end of 2020 that will reverse and cause...
Sheridan Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $57,000 in 2021, $61,800 in 2022, and $67,300 in 2023. Sheridan’s pretax financial income for 2020 is $286,600, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020. Compute taxable income and income taxes payable for 2020. Taxable income $enter a dollar amount Income taxes payable $enter a dollar amount Prepare the...
Tamarisk Corporation has one temporary difference at the end of 2017 that will reverse and cause...
Tamarisk Corporation has one temporary difference at the end of 2017 that will reverse and cause taxable amounts of $57,800 in 2018, $62,500 in 2019, and $67,300 in 2020. Tamarisk’s pretax financial income for 2017 is $319,400, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2017. Compute taxable income and income taxes payable for 2017. Taxable income $enter a dollar amount Income taxes payable $enter a dollar amount
Blossom Corporation has one temporary difference at the end of 2020 that will reverse and cause...
Blossom Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $57,800 in 2021, $62,500 in 2022, and $67,300 in 2023. Blossom’s pretax financial income for 2020 is $319,400, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020. Part 1 Compute taxable income and income taxes payable for 2020. Taxable income $enter a dollar amount Income taxes payable $enter a dollar amount...
Conlin Corp. has one temporary difference at the end of 2019 that will reverse and cause...
Conlin Corp. has one temporary difference at the end of 2019 that will reverse and cause taxable amounts as follows: 2020: 40000 2021: 47800 2022: 36100 Stark’s pretax financial income for 2019 is 5,392,000, tax 81% for all years.There are no differed taxes at the beginning of 2019. Instructions 1 Compute taxable income and income tax payable for 2019. 2 Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019. 3 Prepare...
Culver Corporation has one temporary difference at the end of 2020 that will reverse and cause...
Culver Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $50,400 in 2021, $55,900 in 2022, and $61,100 in 2023. Culver’s pretax financial income for 2020 is $311,400, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020. Incorrect answer iconYour answer is incorrect. Compute taxable income and income taxes payable for 2020. Taxable income $enter a dollar amount Income taxes payable...
Oriole Corporation has one temporary difference at the end of 2017 that will reverse and cause...
Oriole Corporation has one temporary difference at the end of 2017 that will reverse and cause taxable amounts of $54,900 in 2018, $60,000 in 2019, and $64,700 in 2020. Oriole’s pretax financial income for 2017 is $324,400, and the tax rate is 40% for all years. There are no deferred taxes at the beginning of 2017. a. Prepare the income tax expense section of the income statement for 2017, beginning with the line “Income before income taxes.”.
Waterway Corporation has one temporary difference at the end of 2020 that will reverse and cause...
Waterway Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $53,900 in 2021, $58,600 in 2022, and $63,900 in 2023. Waterway’s pretax financial income for 2020 is $304,500, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020. Compute taxable income and income taxes payable for 2020. Taxable income $enter a dollar amount Income taxes payable $enter a dollar amount Prepare the...
Tamarisk Corporation has one temporary difference at the end of 2017 that will reverse and cause...
Tamarisk Corporation has one temporary difference at the end of 2017 that will reverse and cause taxable amounts of $58,100 in 2018, $62,900 in 2019, and $68,000 in 2020. Tamarisk’s pretax financial income for 2017 is $320,800, and the tax rate is 40% for all years. There are no deferred taxes at the beginning of 2017. Compute taxable income and income taxes payable for 2017. Taxable income $ Income taxes payable Prepare the journal entry to record income tax expense,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT