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