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Neo, Bachelor's Degree
Category: Multiple Problems
Satisfied Customers: 12101
Experience:  BS Accounting
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I need help with the following problems.Can this be done before

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I need help with the following problems.Can this be done before 10pm EST? (1)The pretax financial income(or loss) figures for Synergetics Company are as follows. 2006 $160,000, 2007 $250,000, 2008 $90,000, 2009 ($160,000), 2010 ($350,000), 2011 $120,000, 2012 $100,000. Pretax financial income (or loss) were the same for all years involved. Assume 45% tax rate for 2006 & 2007 and a 40% tax rate for the remaining years. Prepare the journal entries for the years 2008 to 2012 to record income tax expense and the effects of the net operating loss carrybacks and carryforwards assuming Synergetics uses the carryback provision. All income and losses relate to normal operations.(2) The following info is available for Remmers Corporation for 2010. 1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $120,000. This difference will reverse in equal amts of $30,000 over the yrs. 2011-2014. 2. Interest received on municipal bonds was $10,000. 3. Rent collected in advance on Jan 1, 2010, totaled $60,000 for a 3yr period. Of this amount $40,000 was reported as unearned at Dec. 31, for book purposes. 4. The tax rates are 40% for 2010 & 35% for 2011 and subsequent yrs. 5. Income taxes of $320,000 are due per the tax return for 2010. 6. No deferred taxes existed at the beginning of 2010. Compute taxable income for 2010. Compute pretax financial income for 2010. Prepare the journal entries to record income tax expense, deferred income taxes,and income taxes payable for 2010 & 2011. Assume taxable income was $980,000 in 2011.Prepare the income tax expense section of the income statement for 2010, beginning with "Income before income taxes". The following information has been obtained for the Gocker Corp. 1. Prior to 2010, taxable incm and pretax financial incm were identical. 2. Pretax financial incm is 1,700,000 in 2010 & 1,400,000 in 2011. 3. On Jan 1, 2010 equipment costing $1,200,000 is purchased. It is to be depreciated on a straight line basis over 5yrs for tax purposes and over 8yrs for financial reporting purposes. 4. Interest of $60,000 on tax exempt muni obligations in 2011.5. Included in 2011 pretax financial income is an extraordinary gain of $200,000, which is fully taxable.6. Tax rate is 35% for all periods.Taxable income is expected in all future yrs. Compute taxable income and income tax payable for 2011. Prepare jnl entry to record incm tax expense,incm tax payabale,and deferred taxes. Prepare the bottom portion of Gockers incm stmt,beginning with "income before income taxes and extraordinary item". Indicate how deferred income taxes should be presented on the Dec.31,2011 balance sheet.

Good day!

Which edition of the book are you using?

Customer: replied 3 years ago.
I am using 13th edition, 2010, kieso, weygandt, warfield
Please let me know the problem numbers.

Customer: replied 3 years ago.

E19-9, P19-1 and P 19-3

Customer: replied 3 years ago.

Do you have an ETA to provide me this information?

Please download HERE.

Thank you so much! :)
Neo, Bachelor's Degree
Satisfied Customers: 12101
Experience: BS Accounting
Neo and other Multiple Problems Specialists are ready to help you
Customer: replied 3 years ago.

Im still confused on P19-3. bottom portion of Gockers 2011 incm stmt beginning with "income before income taxes and extraordinary items" and then the section on "indicate how deferred income taxes should be presented on the Dec 31 2011 balance sheet

Please let me know what makes it confusing or what do you need to know.

Customer: replied 3 years ago.

I think I finally figured it out. Thanks.

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