. Deferred tax liability, January 1, 2022, $0. 2. Deferred tax asset, January 1, 2022, $0. 3. Pretax financial income for 2022, $345,000. 4. Cumulative temporary difference at December 31, 2022, giving rise to future taxable amounts, $205,500. 5. Cumulative temporary difference at December 31, 2022, giving rise to future deductible amounts, $64,800. 6. Tax rate for all years, 20%. 7. The company is expected to operate profitably in the future. Determine the income taxes payable for 2022.
. Deferred tax liability, January 1, 2022, $0. 2. Deferred tax asset, January 1, 2022, $0. 3. Pretax financial income for 2022, $345,000. 4. Cumulative temporary difference at December 31, 2022, giving rise to future taxable amounts, $205,500. 5. Cumulative temporary difference at December 31, 2022, giving rise to future deductible amounts, $64,800. 6. Tax rate for all years, 20%. 7. The company is expected to operate profitably in the future. Determine the income taxes payable for 2022.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 10E: Multiple Temporary Differences Vickers Company reports taxable income of 4,500 for 2019. Vickers has...
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| 1. | ||
| 2. | ||
| 3. | Pretax financial income for 2022, $345,000. | |
| 4. | Cumulative temporary difference at December 31, 2022, giving rise to future taxable amounts, $205,500. | |
| 5. | Cumulative temporary difference at December 31, 2022, giving rise to future deductible amounts, $64,800. | |
| 6. | Tax rate for all years, 20%. | |
| 7. |
The company is expected to operate profitably in the future. |
Determine the income taxes payable for 2022.
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