For the year ended december 31, 2017, tyre company reported pre-tax financial statement income of $750,000. its taxable income was $650,000. the difference was due to the use of accelerated depreciation for income tax purposes and straight-line for financial reporting. tyre’s income tax rate is 35%, and it made estimated tax payments of $90,000 during 2017. required: what amount should tyre report as the current portion of income tax expense for 2017? what amount should tyre report as the deferred portion of income tax expense for 2017? prepare the journal entry tyre would make to record 2017 taxes.
Answers: 2
Other questions on the subject: Business
Business, 22.06.2019 05:00, tipbri6380
The new york stock exchange is an example of what type of stock market?
Answers: 1
Business, 22.06.2019 16:50, mariposa91
In terms of the "great wheel of science", statistics are central to the research process (a) only between the hypothesis phase and the observation phase (b) only between the observation phase and the empirical generalization phase (c) only between the theory phase and the hypothesis phase (d) only between the empirical generalization phase and the theory phase
Answers: 1
You know the right answer?
For the year ended december 31, 2017, tyre company reported pre-tax financial statement income of $7...
Questions in other subjects:
English, 29.09.2019 02:10
Biology, 29.09.2019 02:10
Biology, 29.09.2019 02:10
French, 29.09.2019 02:10
Chemistry, 29.09.2019 02:10
