Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts...
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Accounting
| Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences reported first on: |
| Income Statement | Tax Return | |||||||||||
| Revenue | Expense | Revenue | Expense | |||||||||
| (1.) | $ | 15,000 | ||||||||||
| (2.) | $ | 15,000 | ||||||||||
| (3.) | $ | 15,000 | $ | 14,000 | ||||||||
| (4.) | $ | 14,000 | $ | 15,000 | $ | 7,000 | $ | 12,000 | ||||
| Required: |
| For each situation, determine the taxable income assuming pretax accounting income is $100,000. (Amounts to be deducted should be indicated by a minus sign.) |
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1 2 3 4 Accounting income Temporary differences: Income statement first Revenue Expense Tax return first: Revenue Expense Taxable income
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