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NINJA Question –
NINJA simulation #69-Accounting for deferred taxes
On the description of temporary differences
Should be Accumulated depreciation, excess of tax over GAAP, but, It says Accumulated depreciation, excess of GAAP over Tax. I believe is an error, because in the problem the depreciation taken for tax is higher than the F/S.
On the description of temporary differences
Unrealized gain(loss) on trading securities. In the explanation says that the amount of $ 2,640 is a deferred tax assets and I believe is a deferred tax liability, because will be taxable in future years.
Revenues & gains included in the Financial Statements (F/S) first is a future taxable amount (FTA) and create and deferred tax liability (DTL).
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