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on january 1, 2019, newell industries had a deferred tax liability associated with $450,000 of excess depreciation. in december of 2019, a new income tax act was signed into law that lowered the corporate rate from 20% to 15%, effective january 1, 2021. if taxable amounts related to the temporary difference are scheduled to be reversed by $225,000 for both 2020 and 2021, how much should newell increase or decrease the deferred tax liability amount? increase by $11,250. decrease by $22,500. increase by $22,500. decrease by $11,250.

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Decrease by $22,500. increase by $22,500. decrease by $11,250 Decrease by $11,250.

In which of the following differences would there be taxable amounts in the future?

It is present when the income reported by the taxing authorities is less than the reported income in the financial statements. The tax on the difference in the two sources of income is due in the future.

Which of the following statements best describes how pretax financial income is calculated?

Pretax earnings are computed by deducting operational costs from either revenue or gross margin for the company. Depreciation, insurance, interest, and fines from the government are just a few examples of operating expenses.

Which of the following approaches to tax accounting is deemed by the FASB to be the most reliable approach?

The FASB considers the asset-liability technique to be the most reliable way to account for income taxes. Companies must categorize all deferred taxes as noncurrent under GAAP.

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