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

Flint Corporation began operations in 2020 and reported pretax financial income of $234,000 for the...

70.2K

Verified Solution

Question

Accounting

Flint Corporation began operations in 2020 and reported pretax financial income of $234,000 for the year. Flint's tax depreciation exceeded its book depreciation by $36,000. Flint's tax rate for 2020 and years thereafter is 30%. Assume this is the only difference between Flint's 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
Show how the deferred tax liability will be classified on the December 31,2020, balance sheet.
Deferred tax liability should be classified as a on the December 31,2020, balance sheet.
image

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

Biology
1.2K views

Look at this diagram Based on your knowledge all of these factors led to Cold...

Biology
1.2K views

Read the given excerpt and answer the question that follows As a graduate of Harvard...

Physics
1.2K views

transparent film of micaand glass are put in the path of two waves If their...

Basic Math
1.2K views

View Policies Current Attempt in Progress Johnson Enterprises uses a computer to handle its sales...

Basic Math
1.2K views

12 A right cylinder has a height of 20 inches and base radius of 5...

Basic Math
1.2K views

Your credit card has a balance of $1,200. Its interest rate is 20.5%. You have...

Accounting
1.2K views

The accounting records of Brigham Foods, Inc, include the following items at December 31, 2018:...

Accounting
1.2K views

Practice Required information [The following information applies to the questions displayed below/ Cane Company manufactures...

Accounting
1.2K views

Wildcat, Inc., has estimated sales in millions) for the next four quarters as follows: Sales...

Accounting
1.2K views

Sundance Systems has the following transactions during July. July 5 Purchases 30 LCD televisions on...

Accounting
1.2K views

Campbell Company has provided the following for the year. Required a. Prepare in good form...

Finance
1.2K views

Question 14 Consider a 5year bond with a 10% coupon rate that has a present...