I NEED ANSWERS TO RED BOXES + CALCULATIONS
Note: the answer to taxable income for 2014 is NOT230060
Exercise 19-18 During 2014, Kate Holmes Co.s first year of operations, the company reports pretax financial income at $250,900. Holmes’s enacted tax rate is 45% for 2014 and 40% for all later years. Holmes expects to have taxable income in each of the next 5 years. The effects on future tax returns of temporary differences existing at December 3 2014, are summarized as follows 1, Future Years 2015 2016 2017 2018 2019 Total Future taxable (deductible) amounts $117,900 Installment sales $39,300 $39,300 $39,300 7,600 7,600 7,600 $7,600 $7,600 38,000 Depreciation (103,800 Unearned rent 51,900 (51,900) Your answer is partially correct. Try again. (a) Complete the schedule below to compute deferred taxes at December 31, 2014. Deferred Tax Future Taxable Temporary Difference (Deductible) Amounts (Asset) Tax Rate Liability 40 47 60 Installment sales $117,900 40 15200 38,000 Depreciation 40 41520 T Unearned rent (103,800 41520 Totals 52100 62360 Show transcribed image text Exercise 19-18 During 2014, Kate Holmes Co.s first year of operations, the company reports pretax financial income at $250,900. Holmes’s enacted tax rate is 45% for 2014 and 40% for all later years. Holmes expects to have taxable income in each of the next 5 years. The effects on future tax returns of temporary differences existing at December 3 2014, are summarized as follows 1, Future Years 2015 2016 2017 2018 2019 Total Future taxable (deductible) amounts $117,900 Installment sales $39,300 $39,300 $39,300 7,600 7,600 7,600 $7,600 $7,600 38,000 Depreciation (103,800 Unearned rent 51,900 (51,900) Your answer is partially correct. Try again. (a) Complete the schedule below to compute deferred taxes at December 31, 2014. Deferred Tax Future Taxable Temporary Difference (Deductible) Amounts (Asset) Tax Rate Liability 40 47 60 Installment sales $117,900 40 15200 38,000 Depreciation 40 41520 T Unearned rent (103,800 41520 Totals 52100 62360
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