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10 Cards in this Set
- Front
- Back
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Temporary Differences:
Step 1 |
Adjust pretax book income to arrive at taxable income
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Temporary Differences:
Step 2 |
Use taxable income to determine income taxes payable
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Temporary Differences:
Step 3 |
Schedule temporary differences, i.e., taxable amounts and deductible amounts
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Temporary Differences:
Step 4 |
Determine the deferred income tax liability
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Temporary Differences:
Step 5 |
Determine the change in the deferred income tax liability
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Temporary Differences:
Step 6 |
Determine the deferred income tax asset
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Temporary Differences:
Step 7 |
Determine the change in the deferred income tax asset
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Temporary Differences:
Step 8 |
Determine income tax expense
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Deductible Amount
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When book income is greater than taxable income
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Taxable Income
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When taxable income is greater than book income
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