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a. In a period in which a taxable temporary difference reverses, the reversal will cause taxable income to be less thangreater than pretax financial income.
a. | In a period in which a taxable temporary difference reverses, the reversal will cause taxable income to be less thangreater than pretax financial income. | |
b. | If a $73,600 balance in Deferred Tax Asset was computed by use of a 40% rate, the underlying cumulative temporary difference amounts to $ . | |
c. | Deferred taxes areare not recorded to account for permanent differences. | |
d. | If a taxable temporary difference originates in 2020, it will cause taxable income for 2020 to be less thangreater than pretax financial income for 2020. | |
e. | If total tax expense is $49,200 and deferred tax expense is $62,600, then the current portion of the expense computation is referred to as current tax expensebenefit of $ . | |
f. | If a corporations tax return shows taxable income of $102,600 for Year 2 and a tax rate of 40%, 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 $37,300 for Year 2? $ . | |
g. | An increase in the Deferred Tax Liability account on the balance sheet is recorded by a debitcredit to the Income Tax Expense account. | |
h. | An income statement that reports current tax expense of $82,600 and deferred tax benefit of $23,100 will report total income tax expense of $ . | |
i. | A valuation account is needed whenever it is judged to be more likely than notequally likely that a portion of a deferred tax asset will bewill not be realized. | |
j. | If the tax return shows total taxes due for the period of $76,100 but the income statement shows total income tax expense of $54,200, the difference of $21,900 is referred to as deferred tax expensebenefit. |
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