DeVry ACCT 312 Week 3 Case Study
DeVry ACCT 312 Week 3 Case Study
BUY HERE⬊
ACCT 312: Intermediate Accounting III Week 3 Case Study
Depreciation deducted on the tax return is $40,000 greater than the depreciation charged on Income Statement.
| ||||||
Estimated Warranties Expenses charged to Income Statement is $30,000 but Warranties expenses deductible on tax return are $20,000
| ||||||
$3,200 appear in the income statement of SuperSports as Fines and penalties paid.
|
Current Year
|
Future taxable amounts
|
Future Deductible amounts
| |||||||||||
SuperSports received $ 6,000 interest from Tax Saving Municipal Bonds.
|
Pretax Accounting Income
|
260 000
| ||||||||||||
Temporary Differences:
| ||||||||||||||
Enacted Tax Rate for the year 2016 is 30% and for 2017 is 35%
|
Depreciation
|
-40 000
|
40 000
| |||||||||||
Warranty expense
|
20 000
|
30 000
| ||||||||||||
Required: For the year 2016, SuperSports Inc. requests you to:
|
Taxable Income
|
240 000
| ||||||||||||
Enacted Tax rate
|
30%
|
30%
|
30%
| |||||||||||
Identify items of permanent and temporary difference from the information given
| ||||||||||||||
What items of temporary difference result in future taxable amounts and what items will result in future deductible amounts
Comments
Post a Comment