Vaughn Company has the following two temporary differences between its income tax expense and income taxes payable. Pretax financial income Excess depreciation expense on tax return Excess warranty expense in financial income Taxable income The income tax rate for all years is 20%. 2020 $877,000 (29,500 ) 19,800 $867,300 2021 $932,000 (39,400) 10,400 $903,000 2022 $912,000 (9,800 ) 7,600 $909,800
Vaughn Company has the following two temporary differences between its income tax expense and income taxes payable. Pretax financial income Excess depreciation expense on tax return Excess warranty expense in financial income Taxable income The income tax rate for all years is 20%. 2020 $877,000 (29,500 ) 19,800 $867,300 2021 $932,000 (39,400) 10,400 $903,000 2022 $912,000 (9,800 ) 7,600 $909,800
Chapter6: Analysing And Journalizing Payroll
Section: Chapter Questions
Problem 10PB
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