Temporary differences arise when there is a difference between the tax base and the carrying amount of assets and liabilities. Permanent differences are differences between the tax and financial reporting of revenue or expense items which will not be reversed in future.
<h3>What do you mean by temporary differences?</h3>
Temporary differences are defined as being differences between the carrying amount of an asset or liability in the statement of financial position and its tax base (ie the amount attributed to that asset or liability for tax purposes).
<h3>What causes a temporary difference?</h3>
Thus, when the tax bases are indexed for inflation, temporary differences arise as a result of the change in tax basis and those differences give rise to deferred taxes under ASC 740-10-25-20(g).
Learn more about temporary differences here:
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Answer:
Bank of America (NYSE:BAC) has had its fair share of missteps over the past decade, but it's also had successes. Topping the list for the latter is the progress it's made in mobile banking, which has enabled the bank to slash operating expenses in its consumer banking segment.
You can get a sense for Bank of America's success in this regard by looking at the number of people who use its mobile application. In the most recent quarter, the bank boasted 19.6 million active mobile users. That's five times the number it had in 2009. To put this in perspective, Bank of America has 60 million total clients within 45 million households.
The impact on Bank of America's transaction mix has been dramatic. Mobile check deposits are up by a factor of 10 since 2012, and now account for 16% of all deposit transactions at the North Carolina-based bank. If you also factor in ATM transactions, two-thirds of Bank of America's deposit transactions are now automated. That compares to only 35% in 2009.
Explanation:
Answer:
$27,400 and $59,600
Explanation:
The computation of the depreciation expense and the book value using the sum of-the-years'-digits method is shown below:
Depreciation expense is
= (Purchase cost - residual value) × useful life ÷ sum of years
= ($87,000 - $4,800) × 5 years ÷ (5 + 4 + 3 + 2 + 1)
= $27,400
And, the book value is
= Purchase cost - depreciation expense
= $87,000 - $27,400
= $59,600
Answer:
1. Explain who in the United States would gain?
The government of the United States will gain from the<em> Import duties </em>that will be charged on the Indian textiles.
2. Who might lose from dismantling trade barriers between the United States and India?
<em>The USA will lose if trade barriers are dismantled.</em>
The United States will lose from dismantling trade barriers because the Indian textile will be massively imported in the country thereby crippling the growth of the local textile manufacturing companies in the United States. India has a comparative advantage over the USA in the manufacturing of textiles, which are in constant demand compared to that of the aircraft which are rarely demanded.
Explanation:
1. The government of the United States will gain from the<em> Import duties </em>that will be charged on the Indian textiles. The government will make huge revenues from the import duties since India will manufacture the textiles at the cheapest costs per unit and influx the USA with affordable and quality clothing.
2. The USA will lose if trade barriers are dismantled.
The United States will lose from dismantling trade barriers because the Indian textile will be massively imported in the country thereby crippling the growth of the local textile manufacturing companies in the United States. India has a comparative advantage over the USA in the manufacturing of textiles, which are in constant demand compared to that of the aircraft which are rarely demanded.
Answer:
attend Eastern State University, if MUE/PE EXCEEDS MUW/PW
Explanation:
A rational individual will always choose the alternative that provides the highest marginal utility per dollar invested.
If MUE and MUW represent the marginal utilities, and PR and PW represent the prices, Ryan should attend the university that provides the highest utility per dollar, i.e. the highest MU and the lowest P.
He should attend Eastern State University if the MUE/PE (marginal utility per dollar of Eastern State University) is higher than MUW/PW (marginal utility per dollar of Western State University).
