
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On December 31, 2020 Delta Inc. recorded $28,000 deferred revenue on customer deposits received in advance of the satisfaction of performance obligations. However this amount is taxable in 2020 when cash was received. Assuming tax rate 25% and pretax GAAP income of $160,000 for 2020. Determine the GAAP basis of deferred revenue on December 30, 2020. Determine the tax basis of deferred revenue on December 30, 2020. Determine delta incs
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