In 2021, a company performed service for the customers. It will receive payments from the customers in 2022. At the end of 2021, as a result of this transaction, the company will __________. (Enter 1, 2, 3, or 4 that represents the correct answer). 1. record a deferred tax asset. 2. record a deferred tax liability. 3. have a permanent difference in pretax financial income and taxable income for 2021. 4. have no differences in pretax financial income and taxable income for 2021.
In 2021, a company performed service for the customers. It will receive payments from the customers in 2022. At the end of 2021, as a result of this transaction, the company will __________. (Enter 1, 2, 3, or 4 that represents the correct answer). 1. record a deferred tax asset. 2. record a deferred tax liability. 3. have a permanent difference in pretax financial income and taxable income for 2021. 4. have no differences in pretax financial income and taxable income for 2021.
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 9DQ
Related questions
Question
In 2021, a company performed service for the customers. It will receive payments from the customers in 2022.
At the end of 2021, as a result of this transaction, the company will __________. (Enter 1, 2, 3, or 4 that represents the correct answer).
1. record a
2. record a
3. have a permanent difference in pretax financial income and taxable income for 2021.
4. have no differences in pretax financial income and taxable income for 2021.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT