please help me find the write answer for rhe ones that are wrong (red boxes)thank you h.An income statement that reports current tax expense of $85,900 and deferred tax benefit of $23,000 will report total incomeof $108900A valuation account is needed whenever it is judged to be more likely than not that a portion of a deferred tax assetwill not be realized.If the tax return shows total taxes due for the period of $75,800 but the income statement shows total income tax expense of $the difference of $18,700 is referred to as deferred tax benefit M Complete the following statements by filling in the blanks.In a period in which a taxable temporary difference reverses, the reversal will cause taxable income to befinancial income.b.C.d.C.f.BhIf a $38,100 balance in Deferred Tax Asset was computed by use of a 20% rate, the underlying cumulative temporary differenceto $190500Deferred taxes are not recorded to account for permanent differences.If a taxable temporary difference originates in 2025, it will cause taxable income for 2025 to beincome for 2025.greater than prgreater than pretax finalIf total tax expense is $49,400 and deferred tax expense is $67,500, then the current portion of the expense computation is refecurrent tax benefit of $16900$If a corporation's tax return shows taxable income of $100,200 for Year 2 and a tax rate of 20%, how much will appear on theDecember 31, Year 2, balance sheet for "Income taxes payable" if the company has made estimated tax payments of $18.400 for1600An increase in the Deferred Tax Liability account on the balance sheet is recorded by a debitto the Income Tax ExpenseAn income statement that reports current tax expense of $85,900 and deferred tax benefit of $23,000 will report total incomeof $108900

Deferred tax accounting deals with recognizing and measuring the temporary differences between…

d. e. t & h. If a taxable temporary difference originates in 2025, it will cause taxable income for 2025 to be income for 2025. greater than pretax final - If total tax expense is $49,400 and deferred tax expense is $67,500, then the current portion of the expense computation is refe current tax benefit of $ 16900 $ If a corporation's tax return shows taxable income of $100,200 for Year 2 and a tax rate of 20 %, how much will appear on the December 31, Year 2, balance sheet for "Income taxes payable" if the company has made estimated tax payments of $18,400 for 1600 An increase in the Deferred Tax Liability account on the balance sheet is recorded by a debit to the Income Tax Expense An income statement that reports current tax expense of $85,900 and deferred tax benefit of $23,000 will report total income of $ 108900

d. e. t & h. If a taxable temporary difference originates in 2025, it will cause taxable income for 2025 to be income for 2025. greater than pretax final - If total tax expense is $49,400 and deferred tax expense is $67,500, then the current portion of the expense computation is refe current tax benefit of $ 16900 $ If a corporation's tax return shows taxable income of $100,200 for Year 2 and a tax rate of 20 %, how much will appear on the December 31, Year 2, balance sheet for "Income taxes payable" if the company has made estimated tax payments of $18,400 for 1600 An increase in the Deferred Tax Liability account on the balance sheet is recorded by a debit to the Income Tax Expense An income statement that reports current tax expense of $85,900 and deferred tax benefit of $23,000 will report total income of $ 108900

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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