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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.)

image

1 2 3 4 Accounting income Temporary differences: Income statement first Revenue Expense Tax return first: Revenue Expense Taxable income

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