a> assuming the Walmart had no significant permanent differences between book income and taxable income, did...

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Accounting

a> assuming the Walmart had no significant permanentdifferences between book income and taxable income, did incomebefore taxes for financial reporting exceed or fall short oftaxable income for the year ending January 31, 2016(hereafter,fiscal 2015)? explain
b>assuming all current taxes are paid in cash, will theadjustment to net income for deferred taxes to compute cash flowfrom operations tin the statement of cash flows result in anaddition or subtraction for fiscal 2015?
c>walmart reports deferred revenue for sales of giftcertificate and for Sam's club membership fees. These amounts aretaxed when collected, but not recognized in financial reportingincome until tendered at a store. why does the tax effect ofdiffered revenue appear as deferred tax asset ?
d> walmart recognizes a valuation allowance on its deferredtax assets to reflect net operating losses of consolidated foreignsubsidiaries. The valuation allowance decreased over the last year.what effect does this have on net income in the most recent year(fiscal 2015)?

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a If there are no permanent differences then there may exist temporary or timing differences which makes Walmart claim more depreciation as per books of accounts and less as per tax statements Thus profit as per financial See Answer

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a> assuming the Walmart had no significant permanentdifferences between book income and taxable income, did incomebefore taxes for financial reporting exceed or fall short oftaxable income for the year ending January 31, 2016(hereafter,fiscal 2015)? explainb>assuming all current taxes are paid in cash, will theadjustment to net income for deferred taxes to compute cash flowfrom operations tin the statement of cash flows result in anaddition or subtraction for fiscal 2015?c>walmart reports deferred revenue for sales of giftcertificate and for Sam's club membership fees. These amounts aretaxed when collected, but not recognized in financial reportingincome until tendered at a store. why does the tax effect ofdiffered revenue appear as deferred tax asset ?d> walmart recognizes a valuation allowance on its deferredtax assets to reflect net operating losses of consolidated foreignsubsidiaries. The valuation allowance decreased over the last year.what effect does this have on net income in the most recent year(fiscal 2015)?