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: 307 Weeks Ago, 4 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 > Accounting Posted 30 Jul 2017 My Price 5.00

Wilson’s Software Warehouse

The following journal entry summarizes for the current year the income tax expense of Wilson’s Software Warehouse:

 

Income Tax Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,500,000

 

Cash  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

960,000

Income Tax Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

340,000

Deferred Income Tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

200,000

To record income tax expense for the current year.

 

 

Of the deferred income taxes, only $30,000 is classified as a current liability.

a.      Define the term deferred income tax.

b.      What is the amount of income tax that the company has paid or expects to pay in conjunction with its income tax return for the current year?

c.       Illustrate the allocation of the liabilities shown in the above journal entry between the clas- sifications of current liabilities and long-term liabilities.

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Jul 2017 06:07 PM My Price 5.00

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