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Deferred taxA company may enter into transactions in the current financial period that may result in the firm either paying or saving some tax in the future. The tax that may be paid or saved in the future is called deferred tax that may be paid in the future is called deferred tax liability whereas tax that may be saved in the future is called deferred tax asset.Previously accountants used to compute deferred tax using the income statement approach. Under this approach, the difference between profit before tax and taxable profits was simply referred to as a difference. This difference was classified into permanent and temporary timing differences.Permanent differences related to those items that are adjusted for tax in the current year and will never be adjusted for tax in the future E.g. Donations to political parties.
Q. If a corporation declares a 10% stock dividend on its common stock, the account to be debited on the date of declaration is a. Common Stock Dividends Distributable. b. Common St
XYZ Municipality purifies water before it enters the reticulation network. There are presently 3 purification processes available to the municipality. These processes sre referred
In June 2004, Feltex Carpets Limited raised NZ $254 million in an initial public offering. Twenty seven months later the company was in receivership, its share price having collaps
Q. Evaluate Price Earnings Ratio? The P/E ratio is in general regarded as an important ratio for equity investors. The P/E for a company may be utilizing as a basis for compari
Illustration for company conversion Kamau Maneno and Rotino have carried on partnership for several years, sharing profits and losses equally after allowing for annual salaries
trading a/c,p/l a/c and balace sheet
The purchase of a car needs a $23,410 loan to be repaid in monthly installments for 4years at 12% annual real interest rate. If annual inflation rate is 4%, find the extra amount t
Trade Sources of Information Within for instance the credit card industry it isn't uncommon for information on an individual's credit rating to be shared. In a alike vein withi
During it's first year of operations, Rosa Corp has these transactions pertaining to its common stock. Jan. 10 Issued 30,000 shares for cash at $5 per share July 1 Issued 60,000 sh
In order to enhance sales from their present annual $35 million, ABC Company, a retailer, is considering more liberal credit standards. Presently, the firm has an average collectio
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