Ch2- The Balance Sheet-8

Ch2- The Balance Sheet-8 - Deferred Federal Income Taxes...

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Deferred Federal Income Taxes (cont.) Objective is to take advantage of all available tax deferrals in order to reduce ________ _____ __________, while showing the highest possible amount of reported ______ ___________ 2-1
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2-2 Current Liabilities Deferred Federal Income Taxes Classified as current or noncurrent on the balance sheet Can appear on the balance sheet as a current asset, current liability, noncurrent asset, or noncurrent liability
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Deferred Federal Income Taxes (cont.) When the total amount of expense and revenue recognized will eventually be the ________ for tax and financial reporting purposes 2-3 Temporary Differences/Timing Differences
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Unformatted text preview: Deferred Federal Income Taxes (cont.) Do not affect deferred taxes because a tax will never be paid on the income or the expense will _________ be deducted on the tax return 2-4 Permanent Differences Noncurrent Liabilities Long-Term Debt Capital Lease Obligations Postretirement Benefits Other Than Pensions Commitments and Contingencies Hybrid Securities 2-5 Obligations with maturities beyond ___ _____ Noncurrent Liabilities (cont.) _________ Long-Term Notes Payable (Loans) ______________ Obligations under _________ Pension Liabilities 2-6 Long-Term Debt...
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This note was uploaded on 02/10/2011 for the course AEB 3103 taught by Professor Cazanova during the Spring '08 term at University of Florida.

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Ch2- The Balance Sheet-8 - Deferred Federal Income Taxes...

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