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...

90.2K

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

You are given: (iv) The claim frequency for a single insured follows a Poisson distribution with mean...

Physics
1.2K views

A lightning bolt strikes one end of a steel lightning rod, producing a 14700-A current burst...

Biology
1.2K views

here was recently a scientific article published discussing the higher incidence of skin cancer in...

Physics
1.2K views

3 Assertion Series LCR circuit is a voltage magnifier Reason In series LCR circuit at...

Basic Math
1.2K views

Evaluate the expression.13C513C5 =

Basic Math
1.2K views

The radioactive isotope of lead, Pb-209, decays at a rate proportional to the amount present...

Calculus
1.2K views

1 point If z tan of u and u dz du dz and x u...

Accounting
1.2K views

This question has been posted previously but I need help and to ask some questions...

Accounting
1.2K views

Doliarama Inc, reported the following liabilities (in thousands) in its February 3, 2019, financial statements...

Accounting
1.2K views

Please solve for empty fields and show calculations used AirQual Test Corporation...

Accounting
1.2K views

Explain the use and value of flexible budgets in general.

Accounting
1.2K views

Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have...