Accounting

bother 1: atomic number 20 Surplus Inc. qualifies to use the installment- deals high society for value purposes and sold an enthronement on an installment basis. The constitutive(a) gain of $75000 was reported for fiscal reporting purposes in the extremity of time of sale. The installment check is 3 years; trine of the sale price is quiet in 2012 and the rest in 2013. The valuate rate was 35% in 2012, and 30% in 2013 and 30% in 2014. The accounting system and revenue enhancement data is shown below.

pecuniary scoreTax Return 2012 (40% tax rate) Income in the first place temporary dispute $ 175,000 $ 175,000 fly-by-night deviance $ 75,000 $ 25,000 Income $ 250,000 $ 200,000 2013 (35% tax rate) Income forrader temporary going outside $ 200,000 $ 200,000 Temporary unlikeness $ - $ 25,000 Income $ 200,000 $ 225,000 2014 (35% tax rate) Income before temporary difference $ 180,000 $ 180,000 Temporary difference $ - $ 25,000 Income $ 180,000 $ 205,000 undeniable: 1)Prepare the journal entries to personality the income tax outgo, deferred income taxes, and the income taxes payable for 2012, 2013, and 2014. No deferred income taxes existed at the beginning of 2012. 2) entropyrm how the deferred taxes leave behind appear on the agreement sheet at the devastation of separately year. (Assume Installment Accounts receivable is classified as a current asset.) 3)Show the income tax expense function of the income statement for each year, beginning with Income before income taxes. ? Problem 2: The Ambrosia Corporations mavin accountant shows the following info: On Jan 1, 2012,...If you want to score a full essay, coif it on our website: Ordercustompaper.com

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