I NEED ANSWERS TO THE RED BOXES +CALCULATIONS
NOTE: The answers in the red boxes arewrong
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 a 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 31, 2014, are summarized as follows. Future Years 2015 2016 2017 2018 2019 Total Future taxable (deductible) amounts Installment sales $117,900 $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) l Your answer is partially correct. Try again. (a) Complete the schedule below to compute deferred taxes at December 31, 2014. Deferred Tax Future Taxable Liability Temporary Difference Tax Rate (Asset) (Deductible) Amounts Installment sales 40 $117,900 47160 40 38,000 Depreciation 15200 40 41 520 (103,800 Unearned rent 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 a 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 31, 2014, are summarized as follows. Future Years 2015 2016 2017 2018 2019 Total Future taxable (deductible) amounts Installment sales $117,900 $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) l Your answer is partially correct. Try again. (a) Complete the schedule below to compute deferred taxes at December 31, 2014. Deferred Tax Future Taxable Liability Temporary Difference Tax Rate (Asset) (Deductible) Amounts Installment sales 40 $117,900 47160 40 38,000 Depreciation 15200 40 41 520 (103,800 Unearned rent 41520 Totals 52100 62360
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