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please answer all questions thanks Temporary differences arise when expenses are deductible for tax purposes After They Are Before They Are Recognized in Recognized in
please answer all questions thanks Temporary differences arise when expenses are deductible for tax purposes After They Are Before They Are Recognized in Recognized in Financial Income Financial Income No a. b. No Yes No C. Yes Yes d. Yes No O a. No No O b. No Yes O c. Yes Yes O d. Yes No Northeast Corp.leased a building and received the $36,000 annual rental payment on June 15, Year 4. The beginning of the lease was July 1, Year 4. Rental income is taxable when received. Northeast's tax rates are 30% for Year 4 and 40% thereafter. Northeast had no other permanent or temporary differences. What amount of deferred tax asset should Northeast report in its December 31, Year 4, balance sheet? O a. $5,400. O b. $7,200. O c. $14,400. O d. $10,800. ABC Corp. received cash of $20,000 that was included in revenues in its Year 1 financial statements, of which $12,000 will not be taxable until Year 2. ABC's enacted tax rate is 30% for Year 1, and 25% for Year 2. What amount should ABC report in its Year 1 balance sheet for deferred income tax liability? O a. $3,000 O b. $3,600 O c. $2,000 O d. $2,400 Taxable income of a corporation differs from pretax financial income because of Permanent Differences Temporary Differences a. b. No No Yes Yes No Yes Yes c. d. No O a. No No O b. No Yes O c. Yes Yes O d. Yes No
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