Why is the income tax payable not the same as income tax expense? Why is the income tax expense shown in the income statement same as the income tax paid shown in the cash flow statement?Briefly explain the concepts of temporary difference and permanent difference. Identify any permanent differences that company may have.What do you find interesting, confusing, surprising or difficult to understand about the treatment of taxin your firm’s financial statements? What new insights, if any, have you gained about how companiesaccount for income tax as a result of examining your firm’s tax expense in its accounts?

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Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter15: Shareholders’ Equity: Capital Contributions And Distributions

Section: Chapter Questions

Problem 9Q

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Why is the income tax payable not the same as income tax expense?
Why is the income tax expense shown in the income statement same as the income tax paid shown in the cash flow statement?
Briefly explain the concepts of temporary difference and permanent difference. Identify any permanent differences that company may have.
What do you find interesting, confusing, surprising or difficult to understand about the treatment of tax
in your firm’s financial statements? What new insights, if any, have you gained about how companies
account for income tax as a result of examining your firm’s tax expense in its accounts?

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