Cheyenne Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $49,800 in 2021, $54,700 in 2022, and $59,300 in 2023. Cheyenne’s pretax financial income for 2020 is $285,000, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020.
Compute taxable income and income taxes payable for 2020.
Taxable income
$enter a dollar amount
Income taxes payable
$enter a dollar amount
eTextbook and Media
List of Accounts
Question Part Score
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Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
eTextbook and Media
List of Accounts
Question Part Score
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Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income taxes.". (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Cheyenne Corporation
Income Statement (Partial)
choose the accounting period
select an income statement item
$enter a dollar amount
select an opening section name
select an income statement item
$enter a dollar amount
select an income statement item
enter a dollar amount
enter a subtotal of the two previous amounts
select a closing name for this statement
$enter a total net income or loss amount