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melamori03 [73]
3 years ago
8

Which of the following differences would result in future taxable amounts? Expenses or losses that are tax deductible after they

are recognized in financial income. Revenues or gains that are taxable before they are recognized in financial income. Revenues or gains that are recognized in financial income but are never included in taxable income. Expenses or losses that are tax deductible before they are recognized in financial income.
Business
1 answer:
Ivanshal [37]3 years ago
3 0

Answer: Expenses or losses that are tax deductible before they are recognized in financial income.

Explanation:

Future taxable amounts arise as a result of a difference between the way an asset or liability is recorded due to the company's financial accounting principles and the way it should be recorded due to taxation principles of the government.

When this happens you will find that some things are not taxed as they should be, but rather as the company records them to be. These differences are only temporary though and correct themselves as time goes on.

An example of such are expenses of losses. Some expenses for instance may be taxable immediately but are instead only taxed in the business over the term of the expense.

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Refer to the information above. Assume that in its financial statements, Tilton Products uses the 150%-declining-balance method
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Depreciation expense in 2009 = $8,250

Depreciation expense in 2010 = $14,953.13

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On April 30, 2009, Tilton Products purchased machinery for $88,000. The useful life of this machinery is estimated at 8 years, with an $8,000 residual value.

Refer to the above data. Assume that in its financial statements, Tilton Products uses the 150%-declining-balance method and the half-year convention. Depreciation expense in 2009 and 2010 will be:

The explanation of the answers is now provided as follows:

Depreciation rate = 150% / Estimated useful life = 150% / 8 = 0.1875

Since the half-year convention is assumed, it implies that only half of the first year which is 2009 depreciation will be claimed while the full depreciation will be claimed for the rest of the year. Therefore, we have:

Depreciation expense in 2009 = (Cost of the machinery * Depreciation rate) / 2 = ($88,000 * 0.1875) / 2 = $8,250

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