1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Klio2033 [76]
3 years ago
12

(Identify Temporary Differences and Classification Criteria) The asset-liability approach for recording deferred income taxes is

an integral part of generally accepted accounting principles.
Instructions
(a) Indicate whether each of the following independent situations should be treated as a temporary difference or as a permanent difference, and explain why.
(1) Estimated warranty costs (covering a 3-year warranty) are expensed for financial reporting purposes at the time of sale but deducted for income tax purposes when paid.
(2) Depreciation for book and income tax purposes differs because of different bases of carrying the related property, which was acquired in a trade-in. The different bases are a result of different rules used for book and tax purposes to compute the basis of property acquired in a trade-in.
(3) A company properly uses the equity method to account for its 30% investment in another company. The investee pays dividends that are about 10% of its annual earnings.
(4) A company reports a gain on an involuntary conversion of a nonmonetary asset to a monetary asset. The company elects to replace the property within the statutory period using the total proceeds so the gain is not reported on the current year’s tax return.
(b) Discuss the nature of the deferred income tax accounts and the manner in which these accounts are to be reported on the balance sheet.
Business
1 answer:
Leona [35]3 years ago
7 0

Answer:

Your question is very complicated pal

You might be interested in
Select one or more of the choices below that would properly complete the following statement.When a nation runs a trade deficit,
castortr0y [4]

Answer: it experiences a capital inflow.

Explanation:

A trade deficit is a situation that occurs when the imports of a country is greater than the exports of the country. This is usually measured in monetary terms. For example, let's say in a certain year, the United States exported $3 trillion in goods and it imported goods worth $4 trillion, th n the trade deficit will be ($4 trillion - $3 trillion) = $1 trillion.

Trade deficit can be caused because of capital deficiency. This will then lead to capital flowing into the country that is experiencing the trade deficit.

3 0
3 years ago
What is networking?
Step2247 [10]
I believe that it is D, or the last choice.
3 0
4 years ago
Soar Incorporated is considering eliminating its mountain bike division, which reported an operating loss for the recent year of
makvit [3.9K]

Answer:

$133,000 decrease

Explanation:

The computation of the impact on the operating income is shown below:

Sales for the year    $1,052,000

Less:

Variable cost -$862,000

Contribution margin $190,000

Less:

Fixed cost for 30% of $190,000   -$57,000

Impact on the operating income $133,000

This amount reflects the decrease in the operating income

5 0
3 years ago
952-924-8308 Hj8w6i join plz
____ [38]

Answer:

Whats it about?

Explanation:

4 0
3 years ago
Consistency of behavior is an asset to an organization when the organization Group of answer choices Has an aggressive culture E
user100 [1]

Correct question: Consistency of behavior is an asset to an organization when the organization ________.

A) has an aggressive culture

B) encourages innovation and risk taking

C) is highly departmentalized

D) has an employee oriented culture

E) operates in a stable environment

Answer:

E, operates in a stable environment

Explanation:

Consistency of behavior is the tendency of a individual to behave in a way or manner that they are known to behave from the past.

This consistency of behavior helps to ensure that the individual makes the best decisions which optimally ensures success of organization. THe consistency of an indidvidual's behiour is dependent on the environment created by the ogranization. A stable environment ensures behavioural consistency while an unstable condition within an organization could bring about the opposite.

Cheers.

3 0
4 years ago
Other questions:
  • If the attention-getter of a sales message does not introduce a product, _____
    6·1 answer
  • In year 1, Stone, a cash basis taxpayer, incorporated her CPA practice. No liabilities were transferred. The following assets we
    8·1 answer
  • Ahnberg Corporation had 680,000 shares of common stock issued and outstanding at January 1. No common shares were issued during
    15·1 answer
  • The makers of Breyers ice cream have come up with a new line called Breyers Blasts! This line of ice cream combines Breyers ice
    5·1 answer
  • When Mary Lynn went to the grocery store last week, she took with her several coupons she had received in the mail that week. Wh
    11·1 answer
  • Alejandro purchased a building in​ 1985, which he uses in his manufacturing business. Alejandro used the ACRS statutory rates to
    9·2 answers
  • Are the following statements true or false? The difference between savings and investments is that savings is money set aside fo
    6·2 answers
  • Large corporations collect vast amounts of information about their customers' shopping habits, including how, when, why, where,
    14·1 answer
  • You win the million-dollar lottery and decide to quit working. How can you explain this decision using economics
    12·1 answer
  • A government-set price floor on a product rev: 05_07_2018 Multiple Choice will drive resources away from the production of the p
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!