Alvis Corporation reports pretax accounting income of $360,000, but due to a single temporary difference, taxable income is only $220,000. At the beginning of the year, no temporary differences existed. Required: 1. Assuming a tax rate of 30%, what will be Alvis’s net income? 2. What will Alvis report in the balance sheet pertaining to income taxes?

Assuming a tax rate of 30%, what will be Alvis’s net income?

100-0.30=0.70

360,000 x 0.70 = $252,000.

What will Alvis report in the balance sheet pertaining to income taxes?

Income tax = 360,000 x 0.30 = $ 108,000

Taxable income is only $220,000

Deferred tax liability ([$360,000 – 220,000] × 30%) = 42,000

Account Title                                                     Dr       Cr

Income tax expense                               108,000    

Deferred tax liability                                                         42,000

Income tax payable ($220,000 × 30%)              66,000

prokaryotic cells do not contain a nucleus or any other membrane-bound organelle. eukaryotic cells contain membrane-bound organelles, including a nucleus. so i belive the answer is a : p hope it