Question 13HTW Co. reported U.S. GAAP income before taxes of $2,232,000 and taxable income of $1,674,000 for 2022.WThe difference was caused by a temporary difference that will reverse in 2023. How much should HTW Co. report asthe net deferred asset or liability for 2022, assuming the enacted tax rate was 35% in 2022 and 40% in 2023? (NIE 2)DO $195,300 deferred tax liabilityO $223,200 deferred tax asset$223,200 deferred tax liabilityO $195,300 deferred tax assetQuestion 14What does a deferred tax asset represent? (NIE 1)An increase in taxes payable in future years as a result of taxable temporary differences.O A decrease in tax returns in future years as a result of deductible temporary differences.OA decrease in taxes payable in future years as a result of taxable temporary differences.O An increase in tax returns in future years as a result of deductible temporary differences.

To calculate the net deferred tax asset or liability, we need to determine the temporary difference…

HTW Co. reported U.S. GAAP incorne The difference was caused by a temporary difference that will reverse in 20 the net deferred asset or liability for 2022, assuming the enacted tax rate was 35% in 2022 and 40% 4 O $195,300 deferred tax liablity $223,200 deferred tax asset O $223,200 deferred tax liability O $195,300 deferred tax asset Question 14

HTW Co. reported U.S. GAAP incorne The difference was caused by a temporary difference that will reverse in 20 the net deferred asset or liability for 2022, assuming the enacted tax rate was 35% in 2022 and 40% 4 O $195,300 deferred tax liablity $223,200 deferred tax asset O $223,200 deferred tax liability O $195,300 deferred tax asset Question 14

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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