Maurice Tutor

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About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 398 Weeks Ago, 2 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > HR Management Posted 07 Jul 2017 My Price 11.00

Johnny Bravo Company

Johnny Bravo Company began operations in 2015 and has provided the following information.

  1. Pretax financial income for 2015 is $100,000.
  2. The tax rate enacted for 2015 and future years is 40%.
  3. Differences between the 2015 income statement and tax return are listed below.
    1. Warranty expense accrued for financial reporting purposes amounts to $5,000. Warranty deductions per the tax return amount to $2,000.
    2. Gross profit on construction contracts using the percentage-of-completion method for book purposes amounts to $92,000. Gross profit on construction contracts for tax purposes amounts to $62,000.
    3. Depreciation of property, plant, and equipment for financial reporting purposes amounts to $60,000.
    4. Depreciation of these assets amounts to $80,000 for the tax return.
    5. A $3,500 fine paid for violation of pollution laws was deducted in computing pretax financial income.
    6. Interest revenue earned on an investment in tax-exempt municipal bonds amounts to $1,400.
  4. Taxable income is expected for the next few years.

Use the spreadsheet Journal Entries to prepare the journal entry to record income tax expense, deferred taxes, and income taxes payable for 2015.

Answers

Maurice Tutor
(5)
Status NEW Posted 07 Jul 2017 09:07 PM My Price 11.00

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