Eight independent situations are described below. Each involves future deductibl

Question

Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by: (S in millions) Temporary Differences Reported First on The Income Statement lhe Tax Return Revenue Expense Revenue Expense $27 $27 2. 4 6 8. $27 $27 27 27 27 27 12 Required For each situation, determine taxable income assuming pretax accounting income is $170 million. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Situations Taxable Income

Explanation / Answer

note:

income stament revenue is to be reduced.

income statement expense is to be added.

tax return revenue is to be added.

tax return expense is to be reduced.

situation and working taxable income 1. ($170 +$27) $197 2.$170 - $27 $143 3.$170+$27 $197 4.$170-$27 $143 5$170+$27-$22 $175 6.$170+$27+$22 $219 7.$170-$22+$27-$17 $158 8.$170-22+27+12-17 $170

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