The company’s income (loss) be

Note 21 Income Taxes          
           
The company’s income (loss) before income tax provision (benefit) was subject to    
taxes in the following jurisdictions for the following periods:      
           
  20X2 20X1      
Domestic   $205,000      
           
The provision (benefit) for income taxes is as follows:        
           
           
  20X2        
Current tax provision (benefit):          
           United States          
           
Deferred tax expense (benefit):          
            United States    LSM   Student’s initials   
           
Income tax provision (benefit)          
           
Significant components of the Company’s deferred tax assets and liabilities as of December 31, 20X2 and 20X1 are as follows:  
  December 31,      
  20X2 20X1      
Deferred tax assets:          
   Bad debt reserve (accounts receivable) 18,000 10,000      
   Org exp and start up costs          
   Warranty reserve          
   Deferred compensation          
   Capital loss carryforward          
Total deferred tax assets $18,000 $10,000      
Deferred tax liabilities:          
    Fixed assets (property and equipment)          
Net deferred tax assets $18,000 $10,000  LSM   Student’s initials 
           
A reconciliation of the U.S. income tax rate to the company’s effective tax rate is as follows:  
  20X2      
  % $      
Statutory Rate 35% $350,000      
           
Tax exempt interest          
Dividends Received Deduction          
Effective Rate          
   

Note: The tax expense reported on the Income Statement in cell C25 should be the same number reported on the Note 21 Income Taxes tab, cells C42 and B19.

 

  1. Complete the Schedule M-1 template tab in the SAM worksheet student.xls and answer the following questions:

 

  1. What was the journal entry to record current tax expense for 20X2?

 

 

 

 

  1. What was the journal entry to record deferred tax expense for 20X2?

 

 

 

 

 

  1. What is the net DTA/DTL reported on the balance sheet?

 

 

 

 

 

 

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