Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. swingley company uses an accelerated method to dep

Swingley Company uses an accelerated method to depreciate its fixed assets for tax purposes and...

50.1K

Verified Solution

Question

Accounting

Swingley Company uses an accelerated method to depreciate its fixed assets for tax purposes and the straightline method for financial reporting purposes. In 2009, the accelerated method recognized depreciation of $35,000, while the straight-line method recognized depreciation of $20,000. Taxable income and net income before taxes for that year were $65,000 and $75,000, respectively. Assuming a tax rate of 35%, prepare the journal entry Swingley must record to accrue its 2009 tax liability. Swingley also booked a $5,000 fine.

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

Problem 1 This problem will present the same scenario two different ways – the second one...

Physics
1.2K views

A solid cylinder and a hollow cylinder both of the same mass and same external...

Physics
1.2K views

R in R 32 In the situation shown the potential difference across the cell of...

Statistics
1.2K views

Measurement of the waiting time of 40 randomly selected patients at a hospital emergency room...

Algebra
1.2K views

In the following two problems the result will initially be in pseudo scientific notation Find...

Algebra
1.2K views

Describe how to transform x5 into an expression with a rational exponent Make sure you...

Accounting
1.2K views

MSI is considering eliminating a product from its ToddleTown Tours collection. This collection is aimed...

Accounting
1.2K views

URGENT PLEASE ham, Inc., a financial vice...

Accounting
1.2K views

Chang Company has a December 31 year end. In year 7 it bought a piece...

Accounting
1.2K views

Problem II The cash balance per books for Rokary Company on September 30,2018? is...

Accounting
1.2K views

Calculate The first year of depreciation on a residential building costing $250,000, purchased June 2,...

Finance
1.2K views

The following are accounts balance (in thousands) for Malak Company. Calculate Net Income after-tax (show...