Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. #3 answer: (4). a corporation records a $7,000 unr

#3 Answer: (4). A corporation records a $7,000 unrealized gain due to an increase in...

60.1K

Verified Solution

Question

Accounting

image
#3 Answer: (4). A corporation records a $7,000 unrealized gain due to an increase in the value of its short-term investments (FV-NI) at December 31, 2020. Unrealized gains on investments are not taxable for tax purposes until the investment is actually sold. At December 31, 2020, Is this a temporary difference or a permanent difference? Is this gain an example of a deferred tax asset or a deferred tax liability? Type of Difference Deferred Tax A. Temporary Asset B. Permanent Liability C. Temporary Liability D. Permanent Asset #4

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

As a result of certain debt obligation a company must pay $15000 a year for the...

Chemistry
1.2K views

Given the data below for the reaction, 2 A + 2 B + 4 C...

Basic Math
1.2K views

Dole Pineapple Inc. is concerned that the 16-ounce can of sliced pineapple is being overfilled. Assume...

Physics
1.2K views

An astronaut has landed on Planet N 40 and conducts an experiment to determine the...

Physics
1.2K views

A locomotive of mass m starts moving with velocity v a s where a is...

Statistics
1.2K views

A simple random sample of 90 is drawn from a normally distributed population and the...

Algebra
1.2K views

Trapezium ABCD has AB 7cm DC 10cm AD hcm Area 51cm 2 Work out the...

Accounting
1.2K views

3. Which one of the following is NOT a nonfinancial performance measure of customer satisfaction...

Accounting
1.2K views

revenue generated indicates the customer base of it and thus these 2 factors are very...

Accounting
1.2K views

Katie Murphy is preparing for a meeting with her banker. Her business is finishing its...

Finance
1.2K views

Travel Expenses On 31 August 2019, Barry travelled to London to attend...

Finance
1.2K views

Below are summary cash flow statements for three roughly equal-sized companies. a. Calculate each company's...