E19-7B (Terminology, Relationships, Computations, Entries)
Complete the following statements by filling in the blanks.
(a) If a $150,000 balance in Deferred Tax Liability was computed by use of a 30% rate, the underlying cumulative temporary difference amounts to $_______.
(b) An income statement that reports current tax benefit of $63,000 and deferred tax expense of $19,000 will report total income tax ________ of $________.
(d) If the income statement shows total income tax expense of $186,000 and deferred tax expenses of $45,000, the total taxes due on the tax return for the period are _______.
(e) If total tax expense is $225,000 and the current expense is $155,000, then the deferred tax _______ (expense, benefit) is $_______.
(f) In a period in which a deductible temporary difference reverses, the reversal will cause taxable income to be _______ (less than, greater than) pretax financial income.
(g) An decrease in the Deferred Tax Assets account on the balance sheet is recorded by a _______ (debit, credit) to the Income Tax Expense account.
(h) If a corporation’s “Income tax payable” on the balance sheet totals $100,000, the company made estimated payments during the year totaling $40,000, and the tax rate is 40%, taxable income equals $________.
(i) A valuation account _______ the balance reported in the balance sheet for a deferred tax asset to the amount expected to be realized.
(j) Deferred taxes ________ (are, are not) recorded to account for temporary differences.
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