Question
In: Accounting
The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $...
The DeVille Company reported pretax accounting income on its
income statement as follows:
| 2018 | $ | 360,000 | |
| 2019 | 280,000 | ||
| 2020 | 350,000 | ||
| 2021 | 390,000 | ||
Included in the income of 2018 was an installment sale of property
in the amount of $32,000. However, for tax purposes, DeVille
reported the income in the year cash was collected. Cash collected
on the installment sale was $12,800 in 2019, $16,000 in 2020, and
$3,200 in 2021.
Included in the 2020 income was $11,000 interest from investments
in municipal bonds.
The enacted tax rate for 2018 and 2019 was 30%, but during 2019 new
tax legislation was passed reducing the tax rate to 25% for the
years 2020 and beyond.
Required:
Prepare the year-end journal entries to record income taxes for the
years 2018–2021.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $...
The DeVille Company reported pretax accounting income on its
income statement as follows:
2018
$
445,000
2019
365,000
2020
435,000
2021
475,000
Included in the income of 2018 was an installment sale of property
in the amount of $68,000. However, for tax purposes, DeVille
reported the income in the year cash was collected. Cash collected
on the installment sale was $27,200 in 2019, $34,000 in 2020, and
$6,800 in 2021.
Included in the 2020 income was $29,000 interest...
The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $...
The DeVille Company reported pretax accounting income on its
income statement as follows:
2018
$
440,000
2019
360,000
2020
430,000
2021
470,000
Included in the income of 2018 was an installment sale of property
in the amount of $66,000. However, for tax purposes, DeVille
reported the income in the year cash was collected. Cash collected
on the installment sale was $26,400 in 2019, $33,000 in 2020, and
$6,600 in 2021.
Included in the 2020 income was $28,000 interest...
The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $...
The DeVille Company reported pretax accounting income on its
income statement as follows:
2018
$
390,000
2019
310,000
2020
380,000
2021
420,000
Included in the income of 2018 was an installment sale of property
in the amount of $44,000. However, for tax purposes, DeVille
reported the income in the year cash was collected. Cash collected
on the installment sale was $17,600 in 2019, $22,000 in 2020, and
$4,400 in 2021.
Included in the 2020 income was $18,000 interest...
The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $...
The DeVille Company
reported pretax accounting income on its income statement as
follows:
2018
$
365,000
2019
285,000
2020
355,000
2021
395,000
Included in the income of 2018 was an installment sale of property
in the amount of $34,000. However, for tax purposes, DeVille
reported the income in the year cash was collected. Cash collected
on the installment sale was $13,600 in 2019, $17,000 in 2020, and
$3,400 in 2021.
Included in the 2020 income was $12,000 interest...
The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $...
The DeVille Company reported pretax accounting income on its
income statement as follows:
2018
$
410,000
2019
330,000
2020
400,000
2021
440,000
Included in the income of 2018 was an installment sale of property
in the amount of $54,000. However, for tax purposes, DeVille
reported the income in the year cash was collected. Cash collected
on the installment sale was $21,600 in 2019, $27,000 in 2020, and
$5,400 in 2021.
Included in the 2020 income was $22,000 interest...
The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $ 415,000...
The DeVille Company reported pretax accounting income on its
income statement as follows: 2018 $ 415,000 2019 335,000 2020
405,000 2021 445,000 Included in the income of 2018 was an
installment sale of property in the amount of $56,000. However, for
tax purposes, DeVille reported the income in the year cash was
collected. Cash collected on the installment sale was $22,400 in
2019, $28,000 in 2020, and $5,600 in 2021. Included in the 2020
income was $23,000 interest from investments...
The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $ 355,000...
The DeVille Company reported pretax accounting income on its
income statement as follows: 2018 $ 355,000 2019 275,000 2020
345,000 2021 385,000 Included in the income of 2018 was an
installment sale of property in the amount of $30,000. However, for
tax purposes, DeVille reported the income in the year cash was
collected. Cash collected on the installment sale was $12,000 in
2019, $15,000 in 2020, and $3,000 in 2021. Included in the 2020
income was $10,000 interest from investments...
The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $ 430,000...
The DeVille Company reported pretax accounting income on its
income statement as follows:
2018
$
430,000
2019
350,000
2020
420,000
2021
460,000
Included in the income of 2018 was an installment sale of property
in the amount of $62,000. However, for tax purposes, DeVille
reported the income in the year cash was collected. Cash collected
on the installment sale was $24,800 in 2019, $31,000 in 2020, and
$6,200 in 2021.
Included in the 2020 income was $26,000 interest from...
The DeVille Company reported pretax accounting income on its income statement as follows: 2016 $...
The DeVille Company reported
pretax accounting income on its income statement as follows:
2016
$
390,000
2017
310,000
2018
380,000
2019
420,000
Included in the income of 2016 was an installment sale of
property in the amount of $44,000. However, for tax purposes,
DeVille reported the income in the year cash was collected. Cash
collected on the installment sale was $17,600 in 2017, $22,000 in
2018, and $4,400 in 2019.
Included in the 2018 income was $18,000...
The DeVille Company reported pretax accounting income on its income statement as follows: 2021 $ 385,000...
The DeVille Company reported pretax accounting income on its
income statement as follows:
2021
$
385,000
2022
305,000
2023
375,000
2024
415,000
Included in the income of 2021 was an installment sale of property
in the amount of $42,000. However, for tax purposes, DeVille
reported the income in the year cash was collected. Cash collected
on the installment sale was $16,800 in 2022, $21,000 in 2023, and
$4,200 in 2024.
Included in the 2023 income was $17,000 interest from investments...
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