The following information was taken from the records of Bramble Inc. for the year 2023: Gain from expropriation Loss from operation of discontinued Rochelle Division Administrative expenses Rent revenue Loss from flood damage $345,000 251,000 780,000 180,000 200,000 Cash dividends declared Retained earnings, January 1, 2023 Cost of goods sold Selling expenses Sales revenue $230,000 1,860,000 2,670,000 930,000 6,600,000 The following additional information was also available: income tax applicable to income from continuing operations, $467,000; income tax recovery applicable to loss from operation of discontinued Rochelle Division, $55,000. The company has elected to adopt ASPE.

Q: How is ARR calculated?

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Q: What are the four basic assumptions underlie GAAP?

A:

Q: ansawer

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Q: Define direct quote

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.