#1

Pretax Financial Income

Taxable Income
Temp difference orgininating(reversing)
Cumulative temp difference (jan 1)
"
" (dec 31)
Deferred tax liability

2014
250,000
200,000
50,000
0
50,000
17500

2015
200,000
225,000
-25,000
50,000
25,000
7500

2014
Income tax Expense
Income tax payable
Defferred tax liability

87,500
70000
17500
2015

Deferred tax liability

Income tax expense
Income tax expense
Deferred tax liability
Income tax payable

2500
2500
60000
7500
67500
2016

Income tax expense

Dferred tax liability
Income tax payable

54000
7500
61500

2016
180,000
205,000
-25,000
25,000
0
0

#2
2014
Current Liabilities
Deferredtax liability
2015
Current Liabilities
Deferred tax liability
2016
no deferred tax to be reported

17,500

7,500

#3
2014
Income before income taxes
Income tax espense
Current
Deferred
Net income

250,000
70,000
17,500

87,500
162,500

2015
Income before income taxes
Income tax expense
Current
Deferred
Adjustment due to decrease tax r
net income

200,000
60000
7500
2500

57,500
142,500

2016
Income before taxes
Income tax expense
Current
Deferred
net income

180,000
61500
7500

54000
126,000

(a)
Financial income
Difference
Taxable income (loss)
Rate
Income tax

2012-2013
650,000

NOL schedule
Taxable income
carryback
taxable income
rate
(b)
Income tax receivable
Benefit due to loss carryback

2014

650,000 -850,000
30%
30%
195,000

650,000 -850,000

30%

30%

140,000
140,000

Deffered tax asset

Benefit due to loss carry forward

60,000

Benefit due to loss carry forward

Allowance for deffered tax asset

60,000

60,000

60,000

2015