Name some reasons why the taxable income of a corporation is likely not to be the same as its financial statement net income. aDepreciation expense on the tax return is typically greater than depreciation expense for financial statements.bAccounts payable are usually different.cNet assets are usually larger on the tax return.dales amounts differ because of Internet sales.

Financial income represents a company's earnings as reported in its financial statements according…

Answered: Name some reasons why the taxable…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Name some reasons why the taxable income of a corporation is likely not to be the same as its financial statement net income.

a	Depreciation expense on the tax return is typically greater than depreciation expense for financial statements.
b	Accounts payable are usually different.
c	Net assets are usually larger on the tax return.
d	ales amounts differ because of Internet sales.

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