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HBX CORe financial Accounting Exam questions and answers.
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HBX CORe financial Accounting Exam questions and answers.
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HBX CORefinancial
Accounting Exam
questions and
answers
This is the amount that arises when Taxable
Income exceeds Income Before Taxes due to
a temporary timing difference. - answer
Deferred Tax Asset ,
Tax Expense - answer Tax Expense is the
amount deducted from Income Before Taxes
to get to Net Income for the period.
Taxes Payable is the tax liability due in the
current period. - answer Taxes Payable
, Suppose a piece of plant equipment that
Plexco put into service on January 1, 2010 at
a total cost of $310,000 with an expected
useful life of 5 years and a salvage value of
$70,000 is sold on January 1, 2015 for
$60,000. What would the journal entry look
like to record this sale? - answer This
transaction results in a reduction of the PP&E
account of the initial, gross value of the
equipment (credit of $310,000) offset by
receipt of cash (debit of $60,000), and the
reduction of accumulated depreciation (debit
of $240,000), and loss on the disposal of the
asset (debit of $10,000).
This is the amount that arises when Taxable
Income is less than Income Before Taxes due
to a temporary timing difference. - answer
Deferred Tax Liability
Paying cash for property insurance covering
next 2 years - answer Negative (Decrease)
Suppose Proto Co. issued a long-term bond
and received $350,000 cash from the
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