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Complete the following statements by filling in the blanks. The bolded words in between the slashes are options. One will be correct. The bolded $
Complete the following statements by filling in the blanks.
The bolded words in between the slashes are options. One will be correct.
The bolded $ ???? are supposed to be filled in with a numerical value
please show word, i have a test coming up and im very confused!
a. | In a period in which a taxable temporary difference reverses, the reversal will cause taxable income to be less than / greater than pretax financial income. | |
b. | If a $74,900 balance in Deferred Tax Asset was computed by use of a 40% rate, the underlying cumulative temporary difference amounts to $ ???? | |
c. | Deferred taxes are / are 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 than / greater than pretax financial income for 2020. | |
e. | If total tax expense is $49,700 and deferred tax expense is $67,900, then the current portion of the expense computation is referred to as current tax expense / benefit of $ ????. | |
f. | If a corporations tax return shows taxable income of $102,100 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 $37,100 for Year 2? $ ????. | |
g. | An increase in the Deferred Tax Liability account on the balance sheet is recorded by a debit / credit to the Income Tax Expense account. | |
h. | An income statement that reports current tax expense of $82,400 and deferred tax benefit of $22,300 will report total income tax expense of $ ????. | |
i. | A valuation account is needed whenever it is judged to be more likely than not/ equally likely that a portion of a deferred tax asset will be / will not be realized. | |
j. | If the tax return shows total taxes due for the period of $72,300 but the income statement shows total income tax expense of $55,500, the difference of $16,800 is referred to as deferred tax expense / benefit. |
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