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Use the table below to answer the following questions.
Table 3.5.3
Demand and supply schedules for designer sport t-shirts at CoolU
-Refer to Table 3.5.3.The equilibrium price is $________ and the equilibrium quantity is ________ t-shirts per month.
Deferred Tax Assets
The amounts of income taxes recoverable in future periods in respect of deductible temporary differences, carryforward of unused tax losses, and carryforward of unused tax credits.
Taxable Temporary Difference
The difference between the tax base of an asset or liability and its carrying amount in the financial statements that will result in taxable amounts in future periods.
Deferred Tax Asset
An accounting term that refers to a situation where a company has paid more taxes to the government than it has shown as an expense in its financial statements, leading to future tax savings.
Deferred Tax Liability
A tax obligation that a company owes but is allowed to pay at a later date, often due to timing differences between accounting practices and tax laws.
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