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- Back ....... covers exemptions resulting from the status of the taxpayer and exemptions based on the nature of income. OA. Section 10 OB. Section 8 OC. Section 1 OD. Section 11 Previous page Type here to search 道 ataxation business pass thru entitiesPlease help and show calculationCorporations report which of the following in a separate section of the income statement? O Other revenues and gains. O Cost of goods sold. O Gross profit. O Income tax expense.
- Topic: Accounting for Income TaxCan you please help explain tax bases for assets and liabilities under temporary difference (between accounting income and taxation income)? Would be so helpful if you could simplify what tax bases mean. I'm confused why, in the second page, the tax bases are considered 0 and I'm not sure what that means. Thanks!Which of the following accounts would not be involved in preparing the income statement? Group of answer choices Tax expense All the accounts would be involved in preparing the income statement. Interest income Accumulated depreciation Depreciation expensePROBLEM 3: EXERCISES 1. Park Co. has the following information for the current year: Pretax income 900,000 Penalty on late filing of income tax return Interest on borrowings incurred to acquire tax- 30,000 exempt securities Interest income on government securities Excess of tax depreciation over book depreciation Excess of revenue recognized over taxable income Excess of provision over actual expenditures Advanced rent received (taxable upon receipt) Unrealized loss on change in fair value of investment Temporary differences as at the beginning of the year 3,000 9,000 60,000 45,000 54,000 12,000 18,000 Income tax rate 30%
- Which item, if it exists, is NOT required to be presented as a line item on the face of statement of Profit or Loss and other comprehensive income? Select one: a. Share of the profit or loss of associates b. Revenue c. Income tax payable d. Profit or loss attributable to minority interestsTrue (t) or False (f) ______ The LIFO conformity rule requires that if a company uses LIFO for tax purposes, it must also use LIFO for financial accounting purposes.Under IAS 1 an entity must present a statement of profit or loss and other comprehensive income. Which of the following statements is true in respect of the other comprehensive income section? 1. Items should be grouped into those that may subsequently be reclassified to profit or loss and those that will not subsequently be reclassified to profit or loss. 2. All items must be shown inclusive of income tax 3. Extraordinary items should be listed separately with details of the nature of the item disclosed in the notes. Please select the right answer. All of the above 1 and 2 only 2 only 1 only
- Requirements: Compute for the following: a Income tax expense, Current tax expense and Deferred tax a. expense/benefit b. Current tax liability c Deferred tax liability and Deferred tax asset d. Provide the journal entry. C.Question 1: Which of the following appears on the W-3 Form but does not appear on the W-2 Form? Answer: A. O Federal income tax withheld В. O Kind of payer С. Social Security wages D. Dependent care benefits