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P2-D2.
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shali12
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state the tax base of each of the following liabilities and any resulting temporary difference.
a) current liabilities include accrued expenses with a carrying amount of $1000. the related expenses will be deducted for tax purposes on a cash basis.
b) current liabilities include interest revenue recieved in advance with a carrying amount of $10000 the related interest revenue was taxed on a cash basis
c) current liabilities include accrued expenses with a carrying amount of $2000 the related expenses has already been deducted for tax purposes
d) current liabilities include accrued fines and penalties with a carrying amount of $100 fines and penalties are not deductible for tax purposes
e) a loan payable has a carrying amount of $1m. the repayment of the loan will have no tax consequences
could you please explain this question and its calculation
P2-D2
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Hi,
I’ll let you explain your answer first and then I’ll correct you. I’m not here to just answer questions for you. It is better for your learning if you think it through first and then I’ll point you in the right direction if you then happen to have made a mistake.
Thanks
shali12
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