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I have the answers I judt need to know how to solve it /formulas Similar question on Taxable Income: Four independent situations are described below.
I have the answers I judt need to know how to solve it /formulas
Similar question on Taxable Income: 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 Revenue Expense $20,000 Tax Return Revenue Expense $20,000 (1.) (2.) (3.) ) (4.) $20,000 $20,000 $15,000 $5,000 $15,000 $10,000 Required: For each situation, determine the taxable income assuming pretax accounting income is $100,000. Show well-labeled computations. Answer: 1 2 3 41 Accounting income $100,000 $100,000 $100,000 $100.000 Required: For each situation, determine the taxable income assuming pretax accounting income is $100,000. Show well-labeled computations. Answer: 1 2. 3 4 Accounting income $100,000 $100,000 $100,000 $100,000 Temporary diff: Income statement first: Revenue (20,000) (15,000) Expense 20,000 20,000 Tax return first: Revenue 15,000 5,000 Expense (20.000) (10,000) Taxable income $80,000 $80.000 $135,000 $100,000Step by Step Solution
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