Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 12 Jan 2018 My Price 8.00

Olympus Motors, Inc

Deferred Tax Liability

Olympus Motors, Inc., computed a pretax financial income of $90,000 for its first year of operations ended December 31, 2008. In preparing the income tax return for the year, the tax accountant determined the following differences between 2008 financial income and taxable income.

Nondeductible expenses                                                         

$25,000

Nontaxable revenues                                                           

15,500

Temporary difference—installment sales reported in financial income

 

but not in taxable income                                                        

32,000

The temporary difference is expected to reverse in the following pattern as the cash is collected:

2009                                                                       

$ 7,000

2010                                                                       

16,500

2011                                                                       

8,500 

Total                                                                     

$32,000  

The enacted tax rates for this year and the next three years are as follows:

2008                                                                           

40%

2009                                                                           

35

2010                                                                           

33

2011                                                                            

30

Instructions:

1. Prepare journal entries to record income taxes payable and deferred income taxes.

2. Prepare a partial income statement for Olympus Motors beginning with Income from continuing operations before income taxes for the year ended December 31, 2008.

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Jan 2018 08:01 PM My Price 8.00

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