Home / Expert Answers / Accounting / the-following-facts-relate-to-whispering-corporation-1-deferredtax-liability-january-1-2020-545-pa545

(Solved): The following facts relate to Whispering Corporation. 1. Deferredtax liability. January 1,2020. 545 ...




The following facts relate to Whispering Corporation.
1. Deferredtax liability. January 1,2020. 545,600 .
2. Deferred tax ass
Compute income taxes payable for 2020.
Income taxes payable
The following facts relate to Whispering Corporation. 1. Deferredtax liability. January 1,2020. 545,600 . 2. Deferred tax asset, January \( 1,2020,50 \). 3. Texable income for 2020, \( \$ 108,300 \). 4. Pretax financial income for \( 2020,5114,000 \). 5. Cumulative temporary difference at December 31, 2020. giving rise to future taxabie amount1, \( \$ 273,600 \). 6. Cumulative temparary difference at December 31,2020 , giving rise to future deductible amountk. \( \$ 39,900 \). 7. Taxrate for all years, \( 20 \% \) 8. The company is expected to operate prohtably in the future. (a) Coinpute income taxes payable for 2080. Income taxes payable Compute income taxes payable for 2020. Income taxes payable


We have an Answer from Expert

View Expert Answer

Expert Answer


Step 1 Taxable Income Taxable Income is defined as the income on which tax rates are calculated as per
We have an Answer from Expert

Buy This Answer $5

Place Order

We Provide Services Across The Globe