Sep 25, 2017 term paper 2


This paper concentrates on the primary theme of ENERGIZER MANUFACTURING CORPORATION REPORTS TAXABLE INCOME OF $829,000 ON ITS INCOME TAX RETURN… in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.

Energizer Manufacturing Corporation reports taxable income of $829,000 on its income tax return for the year ended December 31, 2013, its first year of operations. Temporary differences between financial accounting income and taxable income for the year are:

Tax depreciation in excess of financial accounting depreciation $80,000

Accrual for product liability claims in excess of actual claims

(only actual claims are deductible for tax purposes) 125,000

Reported installment sales income in excess of taxable installment sales income 265,000

The income tax rate is 40 percent for 2013 and all future years.

1. Compute the amount of income taxes payable for 2013.

2. Determine the amount of deferred tax asset and deferred tax liability to be reported on Energizer’s balance sheet as of December 31, 2013.

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