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Book and Income Tax Differences (Example)

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Book and income tax expense Name Institution Date JOHNNY BRAVO COMPANY BOOK AND INCOME TAX DIFFRENCES FOR THE YEAR ENDED 2015 DEPRECIATION EXPENSE DATE TITLE AMOUNT   FINANCIAL STATEMENT $ 60 000.00   IRS $ 80 000.00   DEPRECIATION EXPENSE $ 20 000.00 It is a deferred liability as a result of expense recognized for tax purpose GROSS PROFIT ON CONSTRUCTION DATE TITLE AMOUNT   FINANCIAL STATEMENT $ 92 000.00   IRS $ 62 000.00   TAX EXPENSE $ 39 280.00     INCOME TAX PAYABLE   $ 21 760.00   DEFERRED TAX LIABILITY   $ 20 080.00 Being a t-account to balance the debits and credits PARTIAL INCOME STATEMENT DATE DESCRIPTION AMOUNT AMOUNT   INCOME BEFORE INCOME TAX   $ 54 400.00   INCOME TAX EXPENSE       CURRENT TAX EXPENSE $ 21 760.00     DEFFERED TAX EXPENSE $ 17 520.00     NET INCOME   $ 15 120.00 [...]

Order Description:

Respond to the following. Submit journal entries in the Excel Template linked at the bottom of this page and any written segments in the comments function in that spreadsheet. Do not submit two separate documents, as only one document can be accepted. For written answers, please make sure your responses are well written, formatted per the CSU-Global Guide to Writing and APA Requirements and have proper citations, if applicable. Johnny Bravo Company began operations in 2015 and has provided the following information. Pretax financial income for 2015 is $100,000. The tax rate enacted for 2015 and future years is 40%. Differences between the 2015 income statement and tax return are listed below. Warranty expense accrued for financial reporting purposes amounts to $5,000. Warranty deductions per the tax return amount to $2,000. Gross profit on construction contracts using the percentage-of-completion method for book purposes amounts to $92,000. Gross profit on construction contracts for tax purposes amounts to $62,000. Depreciation of property, plant, and equipment for financial reporting purposes amounts to $60,000. Depreciation of these assets amounts to $80,000 for the tax return. A $3,500 fine paid for violation of pollution laws was deducted in computing pretax financial income. Interest revenue earned on an investment in tax-exempt municipal bonds amounts to $1,400. Taxable income is expected for the next few years. Use the spreadsheet Journal Entries to prepare the journal entry to record income tax expense, deferred taxes, and income taxes payable for 2015. Draft the income tax expense section of the income statement, beginning with “Income before income taxes” **Note from teacher: Hi all: I hope you are having a GREAT week so far.  I wanted to touch base with you all about the Excel template that goes with this module, it has the space for six entries.  There are not six entries, there is one compound entry with the calculations, and a partial Inome Statement. **Please note that this auction is listed at 1 page for $10. Please complete assignment completely, and make sure you answer all parts completely regardless of the number of pages. You will need to use Microsoft Word and insert the journal entries from excel.

Subject Area: Accounting

Document Type: Paraphrasing

This project has already been completed by one of the Studybay experts. The client rated this project:

Project's rating is 5/5

Price $10

Words 275

Pages 1

Completed in 11 days

Expert Carbide12

Client Review

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