tailieunhanh - Lecture Intermediate accounting (Volume 2, 11th Canadian edition) – Chapter Appendix 18: Income taxes
Chapter Appendix 18 - Income taxes. After studying this chapter, you should be able to apply the temporary difference approach (future income taxes method) of accounting for income taxes in a comprehensive situation. | 1 CHAPTER 18 APPENDIX A: INCOME TAXES 2 2 CHAPTER 18: Income Taxes After studying Appendix 18A, you should be able to: 12. Apply the temporary difference approach (future income taxes method) of accounting for income taxes in a comprehensive situation. 3 LO12 Apply the temporary difference approach (future income taxes method) of accounting for income taxes in a comprehensive situation. 3 Comprehensive Illustration Allteak Corporation began operations in 2017 In 2017, 10 contracts were completed allowing customer payment on an instalment basis $112,000 of gross profit was reported on the 2017 tax return and $560,000 was recognized for financial reporting purposes Future collections will result in taxable amounts of $112,000 in each of the next 4 years 4 LO12 Apply the temporary difference approach (future income taxes method) of accounting for income taxes in a comprehensive situation. 4 Comprehensive Illustration The depreciation and net asset values for depreciable assets are shown below: 5 LO12 Apply the temporary difference approach (future income taxes method) of accounting for income taxes in a comprehensive situation. 5 Comprehensive Illustration In 2017, warranty liability accrued was $200,000 and actual expenditures were $44,000 At year end, the company accrued non-taxable dividends receivable of $28,000 During 2017, non-deductible fines and penalties of $26,000 were paid The 2017 accounting income before taxes is $412,000 The enacted tax rate for 2017 is 30%, and for 2018 and future years it is 20% 6 LO12 Apply the temporary difference approach (future income taxes method) of accounting for income taxes in a comprehensive situation. 6 Calculation of Taxable Income and Taxes Payable—2017 7 LO12 Apply the temporary difference approach (future income taxes method) of accounting for income taxes in a comprehensive situation. 7 Determination of Deferred Tax Assets, Liabilities, and Deferred Tax Expense—2017 8 LO12 Apply the temporary difference approach . | 1 CHAPTER 18 APPENDIX A: INCOME TAXES 2 2 CHAPTER 18: Income Taxes After studying Appendix 18A, you should be able to: 12. Apply the temporary difference approach (future income taxes method) of accounting for income taxes in a comprehensive situation. 3 LO12 Apply the temporary difference approach (future income taxes method) of accounting for income taxes in a comprehensive situation. 3 Comprehensive Illustration Allteak Corporation began operations in 2017 In 2017, 10 contracts were completed allowing customer payment on an instalment basis $112,000 of gross profit was reported on the 2017 tax return and $560,000 was recognized for financial reporting purposes Future collections will result in taxable amounts of $112,000 in each of the next 4 years 4 LO12 Apply the temporary difference approach (future income taxes method) of accounting for income taxes in a comprehensive situation. 4 Comprehensive Illustration The depreciation and net asset values for depreciable assets are shown
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