accounting hw7 495138

HW7 #1 In 2012, Amirante Corporation had pretax financial income of $177,200 and taxable income of $130,000. The difference is due to the use of different depreciation methods for tax and accounting purposes. The effective tax rate is 40%. Compute the amount to be reported as income taxes payable at December 31, 2012. $ #2 Oxford Corporation began operations in 2012 and reported pretax financial income of $227,500 for the year. Oxford’s tax depreciation exceeded its book depreciation by $41,400. Oxford’s tax rate for 2012 and years thereafter is 30%. In its December 31, 2012 balance sheet, what amount of deferred tax liability should be reported? $ #3 At December 31, 2012, Percheron Inc. had a deferred tax asset of $32,120. At December 31, 2013, the deferred tax asset is $57,570. The corporation’s 2013 current tax expense is $63,630. What amount should Percheron report as total 2013 tax expense? $ #4 Conlin Corporation had the following tax information Year?Taxable Income?Tax Rate?Taxes Paid??2010?$300,000?35%?$105,000???2011?$325,000 ?30%?$97,500???2012?$400,000 ?30%?$120,000???In 2013 Conlin suffered a net operating loss of $460,100, which it elected to carry back. The 2013 enacted tax rate is 29%. Prepare Conlin’s entry to record the effect of the loss carryback. Description/Account?Debit?Credit?????????? #5 Rode Inc. incurred a net operating loss of $580,100 in 2012. Combined income for 2010 and 2011 was $396,100. The tax rate for all years is 40%. Rode elects the carryback option. Prepare the journal entries to record the benefits of the loss carryback and the loss carryforward. Description/Account?Debit?Credit??????????(To record carryback)????????????(To record carryforward)????