In analyzing the temporary differences, you find that $30,000 of the depreciation temporary difference will reverse in 2020, and $120,000 of the temporary difference due to the installment sale will reverse in 2020. The tax rate for all years is 20%. Indicate the manner in which deferred taxes should be presented on Belmont Company’s December 31, 2019, balance sheet.
(Two Temporary Differences, one Rate, Beginning Deferred Taxes, Compute Pretax Financial Income) The following facts relate to Duncan Corporation.
1. Deferred tax liability, January 1, 2017, $60,000.
2. Deferred tax asset, January 1, 2017, $20,000.
3. Taxable income for 2017, $105,000.
4. Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $230,000.
5. Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $95,000.
6. Tax rate for all years, 40%. No permanent differences exist.
7. The company is expected to operate profitably in the future.
Instruction:
A. Compute the amount of pretax financial income for 2017.
B. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017.
C. Prepare the income tax expense section of the income statement for 2017, beginning with the line "Income before income taxes."
D. Compute the effective tax rate for 2017.
(One Difference, Multiple Rates, Effect of Beginning Balance versus No Beginning Deferred Taxes)
At the end of 2016, Lucretia McEvil Company has $180,000 of cumulative temporary differences that will result in reporting the following future taxable amounts.
2017 $60,000
2018 $50,000
2019 $40,000
2020 $30,000

1. revising for conciseness - eliminating flabby expressions, limiting long lead-ins, and dropping unnecessary fillerstime is money in any business environment. people want information communicated quickly and clearly. to make your writing more concise and understandable, avoid flabby expressions, long lead-ins, and unnecessary fillers. your audience will appreciate your brevity.1. if your writing contains a flabby expression like in view of the fact that, replace it with the word because / although / probably .for each of the following two sentences, choose the best revision.2. i am sending you this letter to inform you that we have experienced an unexpected surprise within our expense sheet, but we are positively certain we will solve it.1) we need to inform you that we have experienced an unexpected surprise with our expense sheet, but we are midway to an end result.2) we have identified a problem with our expense sheet, but we will solve it.3) i am sending you this letter to inform you that we have a problem with our expense sheet, but we are positively certain we have a solution.3. it is the user who should contact the center.1) everyone knows that it is the user who should contact the center.2) the user should contact the center.3) if there is a problem, the user should contact the center. read the following passage, and then answer the question.[1] you scheduled seven conference calls for this morning between 10 and 11 a. m. [2] generally, the company limits the number of conference calls to three per hour. [3] i’m letting you know that in the future, we should be more careful about scheduling.4. which revision limits the long lead-in in sentence 3? 1) in the future, we should be more careful about scheduling.2) i’m letting you know so that in the future we are more careful about scheduling calls.3) so that you know in the future, we should be more careful about scheduling.