PLEASE HELP ME TO ANSWER #7 8. The receipt of which of the following may not give rise toin the revenue reported by a government entity in itsmovement of dutiable goods or services across the135statement of financial performance?undertaking of a taxable activity.b. earning of taxable income.5. Which of the following would result to an increase or decrease4. The taxable event for Value added tax (VAT) is thepersons,a.e to theC.customs boundary.d. any of theseImpairment loss on an amount already recognized asa.revenue.b. Receipt of a pledge.c Receipt of donation in the form of services in kind.d. The repayment of a loan payable is forgiven.ices.and6 It is a type of fund held by a government entity that isdesignated for special purposes.ientAc. Trust funda. General fundb. Special fundd. Fiduciary fund7. The national government receives a foreign grant conditionedon the construction of a public infrastructure. According to theGAM for NGAS, when does the national governmentrecognize revenue from the grant (i.e., credit to the 'Incomefrom Grants and Donations in Cash' account)?atea. Upon receipt of the grant.b. When the grant becomes receivable, provided there isreasonable assurance that the attached condition will besatisfied.d. When the related expenses for which the grant is intendedto compensate are incurred.C. When the condition is met.revenue by a government entity?me

According IAS 20, A government grant is recognised when there is a reasonable assurance The…

Answered: ary fund 7. The national government…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter24: Multistate Corporate Taxation

Section: Chapter Questions

Problem 28P

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(Terminology, Relationships, Computations, Entries)InstructionsComplete the following statements by filling in the blanks.(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 $76,000 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 2017, it will cause taxable income for 2017 to be ________ (less than, greater than) pretax financial income for 2017.(e) If total tax expense is $50,000 and deferred tax expense is $65,000, then the current portion of the expense computation is referred to as current tax _______ (expense, benefit) of $_______.(f) If a corporation’s tax return shows taxable income of $100,000 for Year 2 and a tax rate of 40%, how…
Which of the following statements best describes the income tax expense recognised in an entity’s income statement according to IAS 12? a. The income tax related to the accounting profit (pre-tax) for the period b. The income tax related to the taxable profit for the period c. The income tax paid in cash during the period d. The product of the applicable tax rate and the taxable profit for the period
11. If different tax rates apply to different levels of taxable profit, an SME shall measure its deferred tax liability or asset using a. the tax rates and laws that have been enacted or substantively enacted by the reporting date. b. the tax rate(s) applicable to the period where the transactions that gave rise temporary differences occurred. c. the average enacted or substantively enacted rates. d. any of these.
a.) For the current year temporary differences existed between the financial statement carrying amounts and the tax basis of the following: Carrying Amount Tax Basis Future Taxable or(Deductible)Amount Buildings andequipment $ 50,000,000 $ 36,000,000 $ 14,000,000 Prepaid insurance 3,000,000 0 3,000,000 Liability-losscontingency 12,000,000 0 (12,000,000 ) (b.) No temporary differences existed at the beginning of the year. (c.) Pretax accounting income was $200,000,000 and taxable income was $110,000,000 for the year and the tax rate is 40%. Permanent differences are the cause of any difference between pretax accounting income and taxable income that are not due to temporary differences. Required:Prepare the journal entry to record the tax provision for the current year.
Classify the following items that may cause discrepancy between accounting profit and taxable income, into the following types of differences. Also, provide an explenation why that is their classification. A. Non-deductible expenses B. Non-taxable revenues C. Deductible temporary difference D. Taxable temporary difference Interest earned on investments in tax-exempt government securities. Interest earned on deposits with bank. Excess of profit earned over the profit reported under the installment method for income tax purposes.
P18-1 Definitions The FASB has defined several terms in regard to accounting for income taxes. Below are various code letters (for terms) followed by definitions. Code Letter Term A Future deductible amount B Income tax payable (or refund) C Effective tax rate D Valuation allowance E Deferred tax asset F Operating loss carryforward G Taxable income H Deferred tax consequences I Future taxable amount J Deferred tax liability K Temporary difference L Income tax expense (or benefit) M Deferred tax expense (or benefit) _________1. The deferred tax consequences of future deductible amounts and operating loss carryforwards _________2. A difference between the tax basis of an asset or liability and its reported amount in the financial statements that will result in taxable or deductible amounts in future years when the reported…
Please answer in good accounting form. Thankyou 8. Compute for the deferred tax asset.
Which of the following causes a temporary difference between taxable and pretax accounting income? A. Investment expenses incurred to generate tax-exempt income. B. MACRS used for depreciating equipment. C. The dividends received deduction. D. Life insurance proceeds received due to the death of an executive.
A temporary difference that would not result in a deferred tax asset but not a permanent difference? a. accrual of commission income. b. excess of financial depreciation over tax depreciation. c. interest revenue on government bonds. d. accrued warranty expense.
1. What amount of permanent difference between book income and taxable income existed at year end?a. 520,000b. 360,000c. 800,000d. 280,0002. What amount of current tax expense should be reported? a. 786,000b. 510,000c. 750,000d. 678,0003. What amount of income tax payable should be reported?a. 498,000b. 606,000c. 330,000d. 570,0004. What amount of total tax expense should be reported?a. 714,000b. 726,000c. 642,000d. 594,000
1.Whatare the conditions under Income Tax Act, ACT 896 forexpenditure to be allowed as a deduction when computingbusiness, employment or investment income?2.List5 allowable deductions from the assessable income3.Assumethat the written down value of assets in the pool 2 isGH 100 000 and the repairs and improvements is GH 20 000What will be the tax allowable expenses?4.Giventhat the assessable income for the company isGH 140 000 the finance cost is GH 90 000 and there is nocorresponding finance gain, what is the allowable expense?
(Identify Temporary or Permanent Differences) Listed below are items that are commonly accounted for differently for financial reporting purposes than they are for tax purposes.InstructionsFor each item below, indicate whether it involves:(1) A temporary difference that will result in future deductible amounts and, therefore, will usually give rise to a deferred income tax asset.(2) A temporary difference that will result in future taxable amounts and, therefore, will usually give rise to a deferred income tax liability.(3) A permanent difference.Use the appropriate number to indicate your answer for each.(a) ______ The MACRS depreciation system is used for tax purposes, and the straight-line depreciation method is used for financial reporting purposes for some plant assets.(b) ______ A landlord collects some rents in advance. Rents received are taxable in the period when they are received.(c) ______ Expenses are incurred in obtaining tax-exempt income.(d) ______ Costs of guarantees…

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ary fund 7. The national government receives a foreign grant conditioned on the construction of a public infrastructure. According to the GAM for NGAS, when does the national government recognize revenue from the grant (i.e., credit to the 'Income from Grants and Donations in Cash' account)?