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Smith company has the following results for its first year of operations, ending 12/31/12

Book income 400,000

The following items were included in the determination of book income:
Tax exempt interest income 20,000
bad debt expenses not actually written off 25,000
goodwill amortization--not deductible for tax 60,000
penalties for EPA violations 45,000

other facts:
tax depreciation in excess of book depreciation 130,000
revenue deferred for book but recognized for tax 55,000
2012 statutory tax rate 40%

1. what is smith's tax expense for the year ending december 31, 2012?
2. what is smith's tax liability for the year ending december 31, 2012?
3. what is the net total permanent differences for Smith's for the period?
4. what is the net total temporary differences for smith for the period?
5. what is the net impact upon its deferred tax assets/liabilities for the period?
6. what is smith's effective tax rate for the year ending december 31, 2012?
7. if the tax rate for 2013 is increased to 45%, what is the net deferred tax asset?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M942890

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