Maurice Tutor

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

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 11.00

Crosley Corp

Question 1

Crosley Corp. sold an investment on an installment basis. The total gain of $79,800 was reported for financial reporting purposes in the period of sale. The company qualifies to use the installment-sales method for tax purposes. The installment period is 3 years; one-third of the sale price is collected in the period of sale. The tax rate was 40% in 2014, and 35% in 2015 and 2016. The 35% tax rate was not enacted in law until 2015. The accounting and tax data for the 3 years is shown below.
    Financial Accounting   Tax Return
2014 (40% tax rate)        
Income before temporary difference   $93,100   $93,100
Temporary difference   79,800   26,600
Income   $172,900   $119,700
         
2015 (35% tax rate)        
Income before temporary difference   $93,100   $93,100
Temporary difference   –0–   26,600
Income   $93,100   $119,700
         
2016 (35% tax rate)        
Income before temporary difference   $93,100   $93,100
Temporary difference   –0–   26,600
Income   $93,100   $119,700
 
Collapse question part

(a1)

Calculate cumulative temporary differences for years 2014-2016.
    2014   2015   2016
Cumulative temporary difference   $   $   $

Calculate current tax expense for years 2014-2016.
Current tax expensebenefit for 2014   $
Current tax expensebenefit for 2015   $
Current tax expensebenefit for 2016   $

Calculate deferred tax expense for 2014-2016.
Deferred tax expensebenefit for 2014   $
Deferred tax expensebenefit for 2015   $
Deferred tax expensebenefit for 2016   $

 

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 11:08 AM My Price 11.00

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