Presentation is loading. Please wait.

Presentation is loading. Please wait.

On the next slide, Revenue of $100,000 consists of municipal bond interest of $10,000 and service revenue of $90,000. 1. What is taxable income? 2. What.

Published byDeirdre Hampton Modified over 8 years ago

Similar presentations

Presentation on theme: "On the next slide, Revenue of $100,000 consists of municipal bond interest of $10,000 and service revenue of $90,000. 1. What is taxable income? 2. What."— Presentation transcript:

1 On the next slide, Revenue of $100,000 consists of municipal bond interest of $10,000 and service revenue of $90,000. 1. What is taxable income? 2. What is the amount of income tax payable currently? 3. What is GAAP net income before taxes? 4. What is current income tax expense? 5. What is the amount of the deferred income tax asset or liability? 6. What is your journal entry to record income tax?

2

3

4 See complete file on webpage for a list of 24 common items resulting in book-tax differences. T0-Chp-14-5-Schedule-M- Items

Download ppt "On the next slide, Revenue of $100,000 consists of municipal bond interest of $10,000 and service revenue of $90,000. 1. What is taxable income? 2. What."

Similar presentations

McGraw-Hill /Irwin© 2009 The McGraw-Hill Companies, Inc. ACCOUNTING FOR INCOME TAXES Chapter 16.

McGraw-Hill /Irwin© 2009 The McGraw-Hill Companies, Inc. ACCOUNTING FOR INCOME TAXES Chapter 16.
1 © 1999 by Robert F. Halsey Accounting for Income Taxes Items to be covered ¶Deferred taxes l Temporary vs. permanent differences l deferred tax liabilities.

1 © 1999 by Robert F. Halsey Accounting for Income Taxes Items to be covered ¶Deferred taxes l Temporary vs. permanent differences l deferred tax liabilities.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 22-1 Preparing a Work Sheet for a Corporation.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 22-1 Preparing a Work Sheet for a Corporation.
1 Deferred Tax Examples Nice to have on paper as we work problems during class Problems from 12 th Ed PPT Acct 414.

1 Deferred Tax Examples Nice to have on paper as we work problems during class Problems from 12 th Ed PPT Acct 414.
© 2004 The McGraw-Hill Companies, Inc. McGraw-Hill/Irwin Chapter 16 Accounting for Income Taxes.

© 2004 The McGraw-Hill Companies, Inc. McGraw-Hill/Irwin Chapter 16 Accounting for Income Taxes.
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. Accounting for Income Taxes 16.

Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. Accounting for Income Taxes 16.
Deferred Taxes. Definitions Definitions Income taxes payable (current taxes payable) – amount due for taxes in the current year as a result of filing.

Deferred Taxes. Definitions Definitions Income taxes payable (current taxes payable) – amount due for taxes in the current year as a result of filing.
1 CASH vs. ACCRUAL BASIS OF ACCOUNTING Maggie Whitlow 855-2822

1 CASH vs. ACCRUAL BASIS OF ACCOUNTING Maggie Whitlow
Accounting for Income Taxes Sid Glandon, DBA, CPA Assistant Professor of Accounting The University of Texas at El Paso.

Accounting for Income Taxes Sid Glandon, DBA, CPA Assistant Professor of Accounting The University of Texas at El Paso.
Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Slide 16-1 Chapter Sixteen Accounting for Income Taxes.

Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Slide 16-1 Chapter Sixteen Accounting for Income Taxes.
Module 5, Part 2: Deferred Income Taxes 1. 2 IT Expense and Deferred Income Taxes Financial versus tax accounting – Financial income based on GAAP. –

Module 5, Part 2: Deferred Income Taxes 1. 2 IT Expense and Deferred Income Taxes Financial versus tax accounting – Financial income based on GAAP. –
Chapter 11 Summary.  Major Categories  Operating Income Before Other Gains/Losses and Tax Expense  Income from Continuing Operations +/- Gains or Losses.

Chapter 11 Summary.  Major Categories  Operating Income Before Other Gains/Losses and Tax Expense  Income from Continuing Operations +/- Gains or Losses.
Accounting for Income Taxes

Accounting for Income Taxes
Five Keys to Accounting Doug Shackelford University of North Carolina.

Five Keys to Accounting Doug Shackelford University of North Carolina.
1 Deferred Tax Examples Nice to have on paper as we work problems during class Acct 414.

1 Deferred Tax Examples Nice to have on paper as we work problems during class Acct 414.
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. Accounting for Income Taxes 16.

Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. Accounting for Income Taxes 16.
Chapter 3 In-Class Notes. Background on Taxes Taxes are a source of revenue for our federal, provincial, and municipal governments. We pay taxes on personal.

Chapter 3 In-Class Notes. Background on Taxes Taxes are a source of revenue for our federal, provincial, and municipal governments. We pay taxes on personal.
Chapter 14 Income Taxes Chapter 14 Income Taxes Mark Higgins.

Chapter 14 Income Taxes Chapter 14 Income Taxes Mark Higgins.
LESSON 13-2 RECORDING EMPLOYER PAYROLL TAXES. Employee vs. Employer Taxes Employee Taxes ◦Federal Income Tax ◦Social Security Tax ◦Medicare Tax Employer.

LESSON 13-2 RECORDING EMPLOYER PAYROLL TAXES. Employee vs. Employer Taxes Employee Taxes ◦Federal Income Tax ◦Social Security Tax ◦Medicare Tax Employer.
COMPUTING INCOME TAX EXPENSE A SIX STEP PROGRAM. STEP 1 IDENTIFY TEMPORARY DIFFERENCES IDENTIFY PERMANENT DIFFERENCES.

COMPUTING INCOME TAX EXPENSE A SIX STEP PROGRAM. STEP 1 IDENTIFY TEMPORARY DIFFERENCES IDENTIFY PERMANENT DIFFERENCES.

Similar presentations

Ads by Google