Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

A reconciliation of Gentry Company's pretax accounting income with its taxable income for 2012, its first year of operations, is as follows:

Pretax accounting income $3,000,000
Excess tax depreciation (180,000)
Taxable income $2,820,000

The excess tax depreciation will result in equal net taxable amounts in each of the next three years. Enacted tax rates are 40% in 2012, 35% in 2013 and 2014, and 30% in 2015. The total deferred tax liability to be reported on Gentry's balance sheet at December 31, 2012, is

a. $72,000.

b. $60,000.

c. $63,000.

d. $54,000.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M946626

Have any Question? 


Related Questions in Accounting Basics

Assume that wal-mart stores inc has decided to surface and

Assume that Wal-Mart Stores, Inc. has decided to surface and maintain for 10 years a vacant lot next to one of its stores to serve as a parking lot for customers. Management is considering the following bids involving tw ...

What is represented by the labeled lines connecting

What is represented by the labeled lines connecting entities in an REA diagram? Why are journals and ledgers not modeled in an REA diagram?

Casedavid sutherland a partner and fraud examiner in rachin

Case David Sutherland, a partner and fraud examiner in Rachin Cohen & Holtz LLP, was driving to a client when he heard a CNN announcement that LucidCom, a newly emerged provider of network infrastructure and connectivity ...

Problem - selected account balances for hulse company at

Problem - Selected account balances for Hulse Company at January 1, 2014, are presented below. Accounts payable $13,376 Accounts Receivable 21,288 Cash 17,093 Inventory 12,796 Hulse's sales journal for January shows a to ...

Principles of accountingthis response must be 150-200 words

PRINCIPLES OF ACCOUNTING This response must be 150-200 words long Explain the difference between cash-basis and accrual-basis accounting. Assume you are a business owner of the type of business you would like to own, wha ...

Classification of liabilities presented below are various

(Classification of Liabilities) Presented below are various account balances of K.D. Lang Inc. (a) Unamortized premium on bonds payable, of which $3,000 will be amortized during the next year. (b) Bank loans payable of a ...

Quantity sold400 units selling price per unit 600 total

Quantity Sold 400 units Selling Price per unit $600 Total variable Costs $160,000 Fixed Costs $50,000 Target Income $90,000 Calculate the following: 1- Contribution margin per unit 2- Total contribution margin 3- Break-e ...

Assignment 1 -scf-indirect method and net cash flow from

Assignment 1 - (SCF-Indirect Method, and Net Cash Flow from Operating Activities, Direct Method) Comparative balance sheet accounts of Marcus Inc. are presented below. MARCUS INC. COMPARATIVE BALANCE SHEET ACCOUNTS AS OF ...

Accounting assignmentyou are a business consultant

Accounting Assignment You are a business consultant providing information and advice to future small business owners. One difficult concept for your clients to understand is the concept of economic substance. Accountants ...

You may have to research more than 1 company to complete

You may have to research more than 1 company to complete the Key Assignment. Plan accordingly. The purpose of this Key Assignment is to get familiar with annual reports and to understand the financial implications of the ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate