# Intermediate Accounting

Paper, Order, or Assignment Requirements

Income tax
Instructions:
1. work the following exercises of chapter 19 of E-book Kieso, DE, Weygandt, JJ, & Warfield, TD (2010). Intermediate accounting (13th ed.). Hoboken, NJ: Wiley.
a. Questions 1, 2 and 3 (p.1029) (Income tax, 8 points)
b. BE19-1 (p.1030) (Determination of taxes payable, 4 points)
c. BE19-2 (p.1030) (tax deferred, 4 points)
d. BE19-3 (p.1030) (Entries wages – taxes, 14 points)
e. BE19-4 (p.1030) (amount of tax report, 4 points)
2. You must submit answers to the exercises in full.
3. Save the task in Excel format
Income tax
Instructions:
1. work the following exercises of chapter 19 of E-book Kieso, DE, Weygandt, JJ, & Warfield, TD (2010). Intermediate accounting (13th ed.). Hoboken, NJ: Wiley.
a. Questions 1, 2 and 3 (p.1029) (Income tax, 8 points)
b. BE19-1 (p.1030) (Determination of taxes payable, 4 points)
c. BE19-2 (p.1030) (tax deferred, 4 points)
d. BE19-3 (p.1030) (Entries wages – taxes, 14 points)
e. BE19-4 (p.1030) (amount of tax report, 4 points)
2. You must submit answers to the exercises in full.
3. Save the task in Excel format
Exercises:

Explain the difference between pretax financial income and taxable income.
What are the two objectives of accounting for income taxes?
Explain the meaning of a temporary difference as it relates to deferred tax computations, and give three examples.

BE19-1 In 2010, Amirante Corporation had pretax financial income of \$168,000 and taxable income of \$120,000. The difference is due to the use of different depreciation methods for tax and accounting purposes. The effective tax rate is 40%. Compute the amount to be reported as income taxes payable at December 31, 2010.
BE19-2 Oxford Corporation began operations in 2010 and reported pretax financial income of \$225,000 for the year. Oxford’s tax depreciation exceeded its book depreciation by \$40,000. Oxford’s tax rate for 2010 and years thereafter is 30%. In its December 31, 2010 balance sheet, what amount of deferred tax liability should be reported?
BE19-3 Using the information from BE19-2, assume this is the only difference between Oxford’s pretax financial income and taxable income. Prepare the journal entry to record the income tax expense, deferred income taxes, and income tax payable, and show how the deferred tax liability will be classified on the December 31, 2010, balance sheet.
BE19-4 At December 31, 2010, Appaloosa Corporation had a deferred tax liability of \$25,000. At December 31, 2011, the deferred tax liability is \$42,000. The corporation’s 2011 current tax expense is \$48,000. What amount should Appaloosa report as total 2011 tax expense?

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