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(Solved) (Latest ver. Aug 2020) - Nepomuzeno, Inc. Temporary Permanent Differences, Deferred

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1.The records of Nepomuzeno, Inc. provided the following information
2012201320142015
Pretax income90,00092,00095,00098,000
Taxable income63,000101,000104,000107,000

Income Tax rate 30% for all years
The above amounts include only two temporary differences;
a.Installment sales for accounting purposes in 2012, $30,000 included in tax return, $10,000 each year from 2013 to 2015
b.Cost of warranties for accounting purposes, $4,000 in 2012, deducted for income tax $1,000 each year from 2012 to 2015
Required
1.Prepare schedule to reconcile accounting and taxable income and to compute taxes payable
2.Prepare a schedule of temporary differences and deferred income taxes
3.Prepare Journal entry for each year
4.Show how income tax expenses, deferred income tax asset or liability and income taxes payable should be reported on the financial statements for each year

 







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This question was answered on: Sep 16, 2020

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