Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences reported first on: Income Statement Tax Return Revenue Expense Revenue Expense $24,500 (1.) $24,500 (2.) (3.) $15,900 $24,500 (4.) $15,900 $24,500 Required: For each situation, determine the taxable income assuming pretax accounting income is $100,000. (Amounts to be deducted should be indicated by a minus sign.) Accounting income Temporary differences: Income statement first: Revenue Expense Tax return first: Revenue Expense Taxable income $ EA $10,900 1 0 $ EA 2 0 $ EA 3 0 $ 0

Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences reported first on: Income Statement Tax Return Revenue Expense Revenue Expense $24,500 (1.) $24,500 (2.) (3.) $15,900 $24,500 (4.) $15,900 $24,500 Required: For each situation, determine the taxable income assuming pretax accounting income is $100,000. (Amounts to be deducted should be indicated by a minus sign.) Accounting income Temporary differences: Income statement first: Revenue Expense Tax return first: Revenue Expense Taxable income $ EA $10,900 1 0 $ EA 2 0 $ EA 3 0 $ 0

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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