Listed below are 10 causes of temporary differences. For each temporary difference, indicate (by letter) whether it will create future deductible amounts (D) or future taxable amounts (T).
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- what is the difference between pretax financial income and taxable income? Explain the meaning of temporary and permanent differences. Give at least two unique examples of eachHello!! I need your assitance on the following problem. Problem 5-28 (LO. 1, 2) In each of the following independent situations, indicate the effect on taxable income and E & P, stating the amount of any increase (or decrease) in each as a result of the transaction. Assume that E & P has already been increased by taxable income.Enter a decrease as a negative number by using the minus sign. If there is no effect, enter "0". Transaction Taxable IncomeIncrease (Decrease) E & PIncrease (Decrease) d. Dividends of $20,000 received from 5% owned corporation, together with dividends received deduction (assume that taxable income limit does not apply).Which of the following creates a taxable temporary- difference? I. Prepaid expenseII. Estimated liabilities Ill. Unearned incomeIV. Installment receivable Choices: I, II, and IV II and IV I, II and III I and IV
- For 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 differerence Use the appropriate number to indicate your answer for each. A. For some assets, straight-line depreciation is used for tax purposes while double-declining balance method is used for financial reporting purposes. B. Warranty expenses are accrued when the sale is made, but cannot be deducted until the work is actually C. The company uses the percentage of completion method to record revenue on long-term contracts for financial reporting purposes, but the completed contract method is used for tax purposes. D. Accelerated depreciation is used for tax purposes, and the straight-line depreciation method is used for financial…When the temporary differences result to financial income higher than taxable income, they are known as taxable temporary difference or future deductible amounts. a. TRUE b. FALSEdefine what is taxable temporary difference?
- Describe the types of temporary differences that cause deferred tax assets and determine the amounts needed to record periodic income taxes.When the temporary differences result to financial income higher than taxable income, they are known as taxable temporary difference or future deductible amounts True or false?A purpose of an adjustment to income is to (option: a.reduce gross income? b. help determine gross income? c. reduce tax owed after tax has been determined?). Another purpose of an adjustment to income is to (option: a. help determine adjusted gross income? b. calculate taxable income after agi has been determined? c. be subtracted after agi to help determine taxable income?)
- For each item listed below, indicate whether it involves a: a. permanent difference. b. temporary difference that will result in future deductible amounts (giving rise to deferred tax assets). c. temporary difference that will result in future taxable amounts (giving rise to deferred tax liabilities). 1. Rent is collected in advance from a tenant. Rent is taxable when received. 2. Warranty costs are accrued at the time of sale for accounting purposes, but are not deductible until paid for income tax purposes. 3. Interest revenue is recorded on municipal bonds. 4. Installment sales are recognized at the point of sale for accounting purposes, but when the cash is received for income tax purposes. 5. A loss contingency is expensed for accounting purposes. The…1) Compute for the taxable income 2) Compute for the deferred tax asset. 3) Compute for the net income after tax (round off to the nearest whole number)(Explain Future Taxable and Deductible Amounts, How Carryback and Carryforward Affects Deferred Taxes) Maria Rodriquez and Lynette Kingston are discussing accounting for income taxes. They are currently studying a schedule of taxable and deductible amounts that will arise in the future as a result of existing temporary differences. The schedule is as follows. Check the following image for schedule. Instructions(a) Explain the concept of future taxable amounts and future deductible amounts as illustrated in the schedule.(b) How do the carryback and carryforward provisions affect the reporting of deferred tax assets and deferred tax liabilities?