Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. flounder corporation began operations in 2020 and

Flounder Corporation began operations in 2020 and reported pretax financial income of $236,000 for the...

70.2K

Verified Solution

Question

Accounting

Flounder Corporation began operations in 2020 and reported pretax financial income of $236,000 for the year. Flounders tax depreciation exceeded its book depreciation by $32,000. Flounders tax rate for 2020 and years thereafter is 30%. Assume this is the only difference between Flounders pretax financial income and taxable income. Prepare the journal entry to record the income tax expense, deferred income taxes, and income taxes payable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

Show how the deferred tax liability will be classified on the December 31, 2020, balance sheet.

Deferred tax liability should be classified as a select a balance sheet section current assetcurrent liabilitynoncurrent assetnoncurrent liability on the December 31, 2020, balance sheet.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

You want to pay off your mortgage on something called an accelerated bi-weekly payment plan (your...

Finance
Q

Trace the path a molecule of water will travel from the renal artery to the toilet...

Medical Sciences
Q

The ability to relate a person's successes and loses to both personal responsibility and the social...

Psychology
Q

A specific genetic trait is selected against What will be the likely impact on an...

Biology
Q

Solve for the indicated segment length Assume that lines which appear tangent are tangent 8...

Geometry
Q

Find each indicated quantity if it exists. Let f(x) = |x-11| / x-11 .Complete parts...

Basic Math
Q

8 Solve for x 18x 1 3x

Algebra
Q

Consider a different version of the Traveling Salesman Problem in which the salesman collects a...

Accounting
Q

please help! 8) fumber of kowess it each of...

Accounting
Q

1. Using the income statement below, develop a common-size statement by filling in the blanks...

Accounting
Q

Pregunta 24 McKinley Company posee 15.000 de las 50.000 acciones ordinarias en circulacin de...

Accounting
Q

Weylie's Wildflowers uses the percentage of credit sales method to estimate bad debt expense. Weylie...

Accounting