## Answers

**Solution 1:**

Tax schedule showing reconciliation between pre tax financial income, taxable income, deferred tax account (In millions) - Arndt Inc. | |||

Particulars | Current Year - 2021 | Future Taxable Amount | Future Deductible Amount |

FT - DTL | FD - DTA | ||

Pretax accounting income | $144.00 | ||

Permanent Differences: | |||

Life insurance premium | $2.00 | ||

Temporary Differences: | |||

Casualty insurance expense | -$48.00 | $48.00 | |

Subscriptions - 2021 | -$28.00 | ||

Subscriptions - 2022 | $34.00 | $34.00 | |

Unrealized loss | $32.00 | $32.00 | |

Loss contigency | -$22.00 | ||

Taxable Income | $114.00 | ||

$48.00 | $66.00 | ||

Tax rate | 25% | 25% | 25% |

Tax payable currently | $28.50 | ||

Deferred tax liability | $12.00 | ||

Deferred tax assets | $16.50 | ||

Deferred tax liability | Deferred tax Assets | ||

Ending balances (balances currently needed) | $12.00 | $16.50 | |

Less: Beginning balances | $0.00 | $4.00 | |

Changes needed to achieve desired balances | $12.00 | $12.50 |

**Solution 2:**

Journal Entries | |||

Date | Particulars | Debit | Credit |

31-Dec-21 | Income tax expense Dr | $28.00 | |

Deferred tax Assets Dr | $12.50 | ||

To Income tax payable | $28.50 | ||

To Deferred tax liability | $12.00 | ||

(To record income tax expense and deferred taxes) |

**Solution 3:**

Deferred tax amounts ($ in millions) | |

Classification | Amount |

Deferred tax liability | $12.00 |

Deferred tax assets | $16.50 |

Net Non current deferred tax assets | $4.50 |

#### Similar Solved Questions

1 answer

##### A 25.00 ml sample of a weak acid is titrated with 0.225 M NaOH. a total...

a 25.00 ml sample of a weak acid is titrated with 0.225 M NaOH. a total of 12.20 ml of the NaOH is required to reach the equivalence point where the pH is 9.96. determine the value of pka for this weak acid...

1 answer

##### (1 point) An oceanographic profiling instrument was pressure tested up to 15, 000 psig. After reviewing...

(1 point) An oceanographic profiling instrument was pressure tested up to 15, 000 psig. After reviewing the test chamber pressure data, you notice a slight drop in pressure at a test pressure of 7000 psig, which you surmise is due to the test chamber fluid leaking into the instrument. What is the ma...

1 answer

##### Test the claim that the proportion of children from the low income group that drew the...

Test the claim that the proportion of children from the low income group that drew the nickel too large is greater than the proportion of the high income group that drew the nickel too large. Test at the 0.1 significance level. 19 of 40 children in the low income group drew the nickel too large, and...

1 answer

##### Balance the chemical equation for the following redox reaction under acidic aqueous conditions with the smallest...

Balance the chemical equation for the following redox reaction under acidic aqueous conditions with the smallest whole-number coefficients possible using the half-reaction method. What is the coefficient of Cl? Cl2(g)+S2O3 (aq) Cl(aq)+ SO2(aq)...

1 answer

##### 17. Identify the type of ODE below (ex. Separable, Linear, Exact, etc...) and then solve the...

17. Identify the type of ODE below (ex. Separable, Linear, Exact, etc...) and then solve the equation using the appropriate technique (give an explicit final answer in the form “y = ..."). You may assume x > 0. dy = x3 72 dx = xy - y2...

1 answer

##### 3.(25pts) Which of the following sets of (n,l, mi, m.) quantum numbers for the H atom...

3.(25pts) Which of the following sets of (n,l, mi, m.) quantum numbers for the H atom are correct. If a given set is incorrect state why this is so. (5,3,-2,+1/2) (3,2,-1,- 1/2) (4,4,2,+1/2) (-5,-1,0, -1/2) (6,1,-1, 0)...

1 answer

##### Rhus Toxicodendron extract 10mg/mL Sterile water for inject q.s. 100mL Sig: as directed How many milliliters...

Rhus Toxicodendron extract 10mg/mL Sterile water for inject q.s. 100mL Sig: as directed How many milliliters of a 100mg/mL concentrate of Rhus Toxicodendron extract should be used in preparing the prescription? Know the answer is 0.01mL concentrate but do not know how to get that answer......

1 answer

##### An airplane rises vertically 1000 feet over a horizontal distance of 1 mile

An airplane rises vertically 1000 feet over a horizontal distance of 1 mile. What is the angle of elevation of the airplane's path? (hint: 1 mile = 5280 feet)...

1 answer

##### Question 5 Not yet answered Marked out of 12.50 P Flag question (a) Describe one mechanism...

Question 5 Not yet answered Marked out of 12.50 P Flag question (a) Describe one mechanism for analgesia. (b) Describe one mechanism for hyperalgesia. 1 A В І Question 6 Not yet answered Marked out of 12,50 Flag question The types of fibers that mediate the sense of touch (Aalpha and Abe...

1 answer

##### The following information is available for Marin Inc. for the year ended December 31, 2017: Loss...

The following information is available for Marin Inc. for the year ended December 31, 2017: Loss on discontinued operations $75,000 Retained earnings January 1, 2017 $1,240,000 Rent revenue 87,000 Selling expenses 861,000 Income tax applicable to continuing operations 296,000 Income t...

1 answer

##### Exercise 2. Consider the function (1 if <t< v(t) = -1 if <t<T. 10 if elsewhere...

Exercise 2. Consider the function (1 if <t< v(t) = -1 if <t<T. 10 if elsewhere Compute the following Fourier coef- ficients. a. do b. 01, 02, an c. bı, b2, bn...

1 answer

##### Assign appropriate ICD-10CM code(s) for Dehydration. _____________________ QUESTION 2 Assign appropriate ICD-10CM code(s) for Tularemia ____________________________...

Assign appropriate ICD-10CM code(s) for Dehydration. _____________________ QUESTION 2 Assign appropriate ICD-10CM code(s) for Tularemia ____________________________ QUESTION 3 Assign appropriate ICD-10CM code(s) for Human immunodeficiency virus (HIV). ______________ QUESTION 4 Assign appropria...

1 answer

##### Consider the case of the bicepts muscle acting on a forearm holding a 35 N weight....

Consider the case of the bicepts muscle acting on a forearm holding a 35 N weight. The forearm is 30 below the horizontal and the bicepts muscle inserts at an angle of 45 with the forearm. The muscle insertion is at 5 cm from the elbow joint. The forearm has a weight of 18 N and has its center of gr...

1 answer

##### Please help!!!! with distributed a orbitals. IL A 0 0 0 0 0 0 2) Draw...

please help!!!! with distributed a orbitals. IL A 0 0 0 0 0 0 2) Draw the MOLECULAR ORBITAL (MO) energy diagram for the cyclopentadiene radical and classify the ion as aromatic or antiaromatic. Explain why without using Huckel's rule but rather your MO energy diagram. Use the Polygon method ...

1 answer

##### Key Takeaways -To create 2 groups of 4 students (8 students in total) -NEEDS random GPAs for each student -No arrays ---...

Key Takeaways -To create 2 groups of 4 students (8 students in total) -NEEDS random GPAs for each student -No arrays ------------------------------------- app.java, student.java, and group.java as requested below. Please use the diagram above to help answer the Question: Create a project that: Has...

1 answer

##### R estat a 13% coupon a les current markerer wir bonds Cost of using both methods (YTM and the approximation formula...

r estat a 13% coupon a les current markerer wir bonds Cost of using both methods (YTM and the approximation formula) Currenty, Warren Industries can el 20 year $1.000 par le bonds paying a W e cant bonds for $1.070 Waren will incur Bobiono 125 per bond. The firm is in the 20% wax bracket Find the pr...