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Category > Business & Finance Posted 18 Aug 2017 My Price 5.00

Hertz Co. prepared the following reconciliation of its pretax financial statement income to taxable income for the year ended December 31, 2013

Hertz Co. prepared the following reconciliation of its pretax financial statement income to taxable income for the year ended December 31, 2013, its first year of operations:

 

Pretax financial income                                                                            $800,000

Nontaxable interest received on municipal securities                       (30,000)

Estimated warranties not deductible for tax purpose in 2013              50,000

Depreciation in excess of financial statement amount                    (70 ,000)

Taxable income                                                                                        $750,000

 

Hertz’s tax rate for Year 2013 and for future years is 30%.

 (a) In its Year 1 income statement, what amount should Hertz report as income tax expense-current portion?

(b) In its December 31, 2013  balance sheet, what amount  should Hertz report as deferred income tax liability/asset?

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Martinakom
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Status NEW Posted 18 Aug 2017 04:08 PM My Price 5.00

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