At the beginning of 2012 elephant inc. had a deferred tax, Ask an Expert

Accounting

At the beginning of 2012; Elephant, Inc. had a deferred tax asset of $8,000 and a deferred tax liability of $12,000. Pretax Accounting income for 2012 was $600,000 and the enacted tax rate is 40%. The following Items are included in Elephant's pretax Income:

Interest Income from Municipal Bonds $48,000
Accrued Warranty Cost, estimated to be paid in 2013 $104,000
Operating Loss Carryforward $76,000
Installment Sales revenue, will be collect in 2013 $52,000
Prepaid Rent Expense, will be used in 2013 $24,000

find out Taxable Income for 2012.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M954534

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