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Oksanka [162]
3 years ago
13

As a result of using accelerated depreciation for tax purposes, The Amin Corporation reported $372 million income tax expenses i

n its income statement, while the actual amount of taxes paid by the company was $412 million. How did these tax transactions affect the company's balance sheet?
a) increase deferred tax liability by $40 million

b) decrease deferred tax assets by $372 million

c) decrease retained earnings by $372 million

d) decrease cash by $372 million

e) both c&d
Business
1 answer:
Elena-2011 [213]3 years ago
7 0

Answer:

correct option is c) decrease retained earnings by $372 million

Explanation:

given data

income tax expenses = $372 million

actual amount of taxes paid = $412 million

solution

we know that in deferred tax asset taxable income is higher than the financial income

while in deferred tax liability taxable income is lower than the financial income

and we have given expense report is $372 million

and tax paid is $412 million

so the transaction reduce retained earning with same amount

so here correct option is c) decrease retained earnings by $372 million

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