Scribd Logo
Upload

Welcome to Scribd!

  • 172 views

    Soal Acc Income Tax

    Uploaded by

    Vidya Intani
    PT Sukses had pretax financial income of Rp1,400 million in 2013. Various permanent differences resulted in taxable income of Rp1,260 million. With prepaid taxes of Rp80 million and Rp120 million, there was a tax underpayment of Rp30 million. Deferred tax liability was Rp20 million for higher fiscal depreciation. Journal entries were made to record income tax expense, tax underpayment, and deferred tax liability. Hunt Co. had pretax income of $750,000 in 2012. Taxable income was $600,000 due to estimated deductible expenses of $1,200,000 and extra depreciation of $1,350,

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Soal Acc Income Tax

    Uploaded by

    Vidya Intani
    172 views2 pages
    PT Sukses had pretax financial income of Rp1,400 million in 2013. Various permanent differences resulted in taxable income of Rp1,260 million. With prepaid taxes of Rp80 million and Rp120 million, there was a tax underpayment of Rp30 million. Deferred tax liability was Rp20 million for higher fiscal depreciation. Journal entries were made to record income tax expense, tax underpayment, and deferred tax liability. Hunt Co. had pretax income of $750,000 in 2012. Taxable income was $600,000 due to estimated deductible expenses of $1,200,000 and extra depreciation of $1,350,

    Original Title

    Soal Acc Income Tax.docx

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    PT Sukses had pretax financial income of Rp1,400 million in 2013. Various permanent differences resulted in taxable income of Rp1,260 million. With prepaid taxes of Rp80 million and Rp120 million, there was a tax underpayment of Rp30 million. Deferred tax liability was Rp20 million for higher fiscal depreciation. Journal entries were made to record income tax expense, tax underpayment, and deferred tax liability. Hunt Co. had pretax income of $750,000 in 2012. Taxable income was $600,000 due to estimated deductible expenses of $1,200,000 and extra depreciation of $1,350,

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    172 views2 pages

    Soal Acc Income Tax

    Uploaded by

    Vidya Intani
    PT Sukses had pretax financial income of Rp1,400 million in 2013. Various permanent differences resulted in taxable income of Rp1,260 million. With prepaid taxes of Rp80 million and Rp120 million, there was a tax underpayment of Rp30 million. Deferred tax liability was Rp20 million for higher fiscal depreciation. Journal entries were made to record income tax expense, tax underpayment, and deferred tax liability. Hunt Co. had pretax income of $750,000 in 2012. Taxable income was $600,000 due to estimated deductible expenses of $1,200,000 and extra depreciation of $1,350,

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Tutor Financial Accounting 2

    Accounting for Income Taxes

    Problem 1
    The following facts relate to PT Sukses:
    a) Pretax financial income for 2013 is Rp1.400 million.
    b) Income from rent of building is Rp100,000,000 (permanent difference)
    c) Tax penalties is Rp20,000,000 (permanent difference)
    d) Benefits in kind for company’s employee is Rp80 million (permanent difference)
    e) Depreciation expenses reported on the income statement exceed depreciation on the
    tax return by Rp20 million.
    f) Interest Income from time deposit is Rp40,000,000 (permanent difference)
    g) Tax Provision is Rp10,000,000 (permanent difference)
    h) Amortization expense according to fiscal is Rp30 million higher than the amortization
    according to commercial.
    i) Prepaid tax of article 23 withheld/collected by other party is Rp80 million
    j) Prepaid tax of article 25 (monthly installment) is Rp120 million
    k) Tax rate is 25%

    Instructions:
    1) Determine the Taxable Income for PT Sukses!
    2) Determine the amount of Tax Underpayment/Overpayment after considering the prepaid tax
    of article 23 and 25!
    3) Determine the Deferred Tax Asset and Deferred Tax Liability!
    4) Prepare the necessary journal entry!
    5) Present the transactions in the Income Statement of PT Sukses!
    Problem 2
    Hunt Co. at the end of 2012, its first year of operations, prepared a reconciliation between pretax
    financial income and taxable income as follows:

    Pretax financial income $ 750,000


    Estimated expenses deductible for taxes when paid $1,200,000
    Extra depreciation $(1,350,000)
    Taxable income $ 600,000

    Estimated warranty expense of $800,000 will be deductible in 2013, $300,000 in 2014, and
    $100,000 in 2015. The use of the depreciable assets will result in taxable amounts of $450,000 in
    each of the next three years.
    Instructions
    (a) Prepare a table of future taxable and deductible amounts.
    (b) Prepare the journal entry to record income tax expense, deferred income taxes, and income
    taxes payable for 2012, assuming an income tax rate of 40% for all years.

    You might also like