Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. jims wholesale foods had temporary differences rel

Jims Wholesale Foods had temporary differences related to the following future (deductible) or taxable amounts...

80.2K

Verified Solution

Question

Accounting

Jims Wholesale Foods had temporary differences related to the following future (deductible) or taxable amounts on December 31, 2020: a) Prepaid Expenses $15,000 b) Depreciation Expense $80,000 and c) Warranty Expense ($22,000). There were no temporary differences on January 1, 2021. Taxable income was $20,000; Jim's had $100,000 of pretax accounting income. The tax rate is 35%. Prepare the journal entry to record income taxes for 2020.

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

Statistics
1.2K views

(1) Consider the random experiment where three 6-sided dice are rolled and the number that comes...

Physics
1.2K views

Consider an X-ray beam of wavelength 0.1 nm and a gamma ray beam of wavelength 0.00188...

Advance Math
1.2K views

Let A = {a1, a2, a3, . . . , an} be a nonempty set...

Basic Math
1.2K views

The trifecta at most racetracks consists of selecting the first-, second-, and third-place finishers in...

Calculus
1.2K views

If f x 2 arctan 4x find f x Find f 4

Accounting
1.2K views

6 Polarix is a retailer of ATVs (all-terrain...

Accounting
1.2K views

What is the accured wages and the unearned revenue

Accounting
1.2K views

A manufacturing company applies factory overhead based on direct labor hours. At the beginning of...

Accounting
1.2K views

\table[[Balances on Farch 91,,,],[Direct materialn unad (in March),$32,200,$38,260,],[Direct labar used (in March),23,230,21,200,],[Grerhead spplied (Korch),13,200,12,200,],[Costs during...

Accounting
1.2K views

1. A partnership is a(n): I. accounting entity. II. taxable entity. A. I...

Accounting
1.2K views

Brief Exercise 10-14 Pearl Corporation owns machinery that cost $25,600 when purchased on July 1,...

Accounting
1.2K views

Selati ltd' new customer, Sukiri Ltd, purchased inventory, classified as essential goods under the regulations...